ParagonCoin (PRG) Crypto Project Abandons Plans of a Cannabis Co-Working Space


The cryptocurrency startup ParagonCoin announced that it will be selling a property that was going to be used as a cannabis co-working space.

The information was released by ParagonCoin in a recent SEC filing. The company was previously sanctioned by the U.S. Securities and Exchange Commission (SEC).

ParagonCoin Abandons Cannabis Co-Working Space

According to the filing presented by ParagonCoin to the SEC at the end of March, they are selling their co-working space for $4.2 million after being purchased for $3.75 million. Nonetheless, the company ended up paying $4.02 million as of May 2018.

As per the filing, ParagonCoin does not have plans to renovate, improve or develop other properties. At the same time, they informed that they will not make further investments in real estate or make investments in real estate mortgages.

At the moment, the firm is planning to focus on developing a blockchain computer software that would be offering track and trace services for the cannabis business. The firm is also required to report to the U.S. SEC periodically after selling its tokens in an Initial Coin Offering (ICO).

The company failed to register these tokens as securities, so it had to pay $250,000 in penalties and reimburse investors for the tokens. Moreover, they had to register the token as a security.

Another Initial Coin Offering called Airfox has also been reached by the SEC and had also to pay a penalty. Both ICOs faced similar consequences after selling unregistered securities.

At the time of writing this article, Paragon (PRG) is being traded around $0.118 and it has a market capitalization of $7.6 million. The coin is ranked in the 388h position according to CoinMarketCap.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide