Dear Paragonians,

Our purpose was to construct a much-needed decentralized answer for the hashish {industry}, nevertheless, our plans have been inconceivable to realize as a result of a number of authorized errors.

We by no means thought of ourselves specialists in the matter of US securities, subsequently we sought out the steering of extremely really useful attorneys that have been supposed to assist, sadly they misguided and failed us.

We did our greatest to launch the product, however most of our sources have been allotted to authorized battles and compliance necessities.

After a powerful consideration and analysis of the present scenario, we’re sorry to announce that we’re submitting for chapter.

We wish to thank everybody who believed in us, thank all the staff members that have been with us, and to ship our deepest apologies to our beloved neighborhood.

Truthfully yours,
Team Paragon.

SEC-Fined Crypto Project Abandons Cannabis Co-Working Venture

A cryptocurrency mission beforehand sanctioned by the U.S. Securities and Exchange Commission (SEC) is promoting a property that it had meant to make use of as a hashish co-working house.

The agency, ParagonCoin, revealed the information in a filing with the SEC late final month, stating that, whereas it had anticipated that its native PRG token may very well be utilized by marijuana-industry startups to pay hire for the shared workplace house, the property is now beneath contract on the market.

ParagonCoin has put a price ticket of $4.2 million on the house, which was bought for $3.75 million by way of a $2.45 million mortgage and money holdings. The whole quantity paid for the property was $4.02 million as of May 2018, together with curiosity.

The agency mentioned in the submitting:

“We currently do not intend to renovate, improve, or develop other properties. We currently do not intend to make further investments in real estate or acquire any interests in real estate and do not intend to make investments in real estate mortgages.

ParagonCoin explained it will now focus on the continued development of its blockchain “track and trace” software program product to be used in the hashish enterprise and doubtlessly different industries. Transactions on the system are paid for with PRGs.

Last November, the SEC agreed to register the tokens as securities after the agency settled fees regarding its 2017 ICO. The agency raised $12 million in the sale in order to “develop and implement its business plan to add blockchain technology to the cannabis industry and work toward legalization of cannabis.”

However, the regulator contended that the startup ought to have registered its tokens as securities choices and that it didn’t qualify for a registration exemption. As a outcome, ParagonCoin was pressured to refund buyers, in addition to file periodic experiences to the SEC and pay a penalty of $250,000.

The token is presently buying and selling at round $0.11, in response to data from CoinMarketCap.


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