Lucid Green

About Lucid Green

Lucid Green, established in 2018, provides a technology platform focused on enhancing efficiency and transparency within the cannabis supply chain. The company was co-founded by CEO Larry Levy, a serial entrepreneur with a background in computational linguistics, IoT, and SaaS platforms, and President Paul Botto, a data and analytics veteran who previously worked at Google after it acquired his company, Urchin Software Corp. Botto's entry into the cannabis industry was influenced by a personal experience using cannabis for pain management after a severe injury, which highlighted the need for greater product transparency and information.

The company's core offering is the LucidID platform, an intelligent UPC system that utilizes unique QR codes on cannabis products. This platform serves brands, distributors, retailers, and consumers by automating inventory management, ensuring regulatory compliance, and providing a direct-to-consumer communication channel. For businesses in the supply chain, this technology reduces manual data entry and processing time from truck-to-shelf, aiming to lower operational costs. The business model appears to be B2B, offering its platform to cannabis companies, with various pricing tiers available for brands of different sizes.

For consumers, scanning a LucidID provides access to detailed product information, including a certificate of analysis (COA), dosage recommendations, and brand details, which fosters product authentication and trust. The platform also incorporates a loyalty program, allowing consumers to earn points and rewards from brands. Lucid Green has steadily raised capital to support its growth, including a $10 million Series B round in 2022 and an additional $1.4 million in 2024 to expand its capabilities, including a feature set called InventoryAI. The company partners with over 400 brands and has more than 80 million LucidIDs in circulation.