John SchroyerCannabis tech company Lucid Green pulled off another successful fundraising round, gaining access to $1.4 million in new capital with which to enhance its suite of products and services for plant-touching marijuana businesses.
The new capital raise follows an earlier $10 million Series B round that Lucid Green closed in 2022, the company said in a press release. The helped Lucid Green grow its client list to 400 marijuana brands across the country that have utilized its inventory tracking platform for more than 80 million products.
“Securing $1.4 million marks a key moment in our journey,” CEO Larry Levy said in a statement. “Year-to-date, we’re experiencing exceptional growth, averaging 10-15% growth month over month. This funding drives us towards profitability and ubiquity in the markets we operate in.”
The extra cash injection will help the company further refine its InventoryAI within the LucidID ecosystem, the company said, further driving up its value to cannabis companies as the industry continues to grow.
The capital raise is arguably something of a feat in today’s climate for marijuana-related investing, which has become tougher in recent years despite the fact that more U.S. state cannabis markets continue to come online.
