Paragon is a blockchain company known for introducing the Paragon coin. The company has made great strides aimed at bringing the cannabis sector to the mainstream population. It recently released an announcement to inform the general public that it had opened a co-working space known as ParagonSpace in the Los Angeles area.
Its co-working space is located between Tamarind Avenue and Sunset Boulevard, which is right at the heart of Hollywood. A big party was held at the complex to celebrate this momentous occasion, which was attended by celebrities such as Channel West Coast (the rapper) and Matt Barnes (a former NBA player) among many others.
This event was seen as a huge milestone for the crypto and cannabis industries: these are two industries that have for long walked together as they tried to define the boundaries between what was right in the eyes of the law, and what was considered illegal.
Paragon has without a doubt, come to help legitimize the numerous transactions carried out between cannabis buyers, retailers, and manufacturers. However, there are still many people who are undecided whether a company such as Paragon—which is well known in the crypto industry is out to do more harm to the crypto and blockchain industries than good.
Should Cryptocurrencies Start Distancing Themselves from Paragon
It is public knowledge that the rise of the cryptocurrency industry, more so that of Bitcoin, was largely in part due to the many sketchy transactions that it helped facilitate. Companies, organizations, and individuals who normally operated outside the boundaries set by the law saw the emergence and rise of cryptocurrencies as an opportunity to carry out larger transactions.
Many of these businesses were dedicated to selling outlawed substances, e.g., hard drugs and prescription medicine. It is this belief that cryptocurrencies provide a great avenue to circumvent the law that has seen some countries like China ban their use. It is a factor that initially gave a huge blow to crypto developers, as the Chinese market at the time was deemed to be the most productive.
The business World Still Frowns Up the Use of Cannabis
A good example to showcase this point was when Elon Musk lit a joint on a radio show broadcasted live on the web. The results of his actions were that Tesla stocks took a hit, and they started to plummet.
Putting personal opinions aside, the business world is yet to fully embrace the use of cannabis. In short, it has not yet become cannabis friendly. Although the steps that are being taken by companies such as Paragon to try and make the use of cannabis more acceptable to the public are a welcome move, this may hamper the efforts being made to get banks to legitimize cryptocurrencies.
This is more so, when you consider countries where the production and use of drugs is still considered illegal. Blockchain technology and cryptocurrencies by themselves provide a reflection of a new and promising world, but they might not be able to derive many advantages from their association with the use and sale of recreational drugs.