Come summertime, Los Angeles will be home to one of the first cannabis coworking spaces in the country. Set to open on July 1st, Paragon Space will be a cannabis coworking space dedicated to small companies and freelancers working in the cannabis industry, focusing specifically on entrepreneurs working in the medical marijuana field.
Renters will be able to rent either desk or office space in Paragon Space, located just off of Sunset Blvd. in Hollywood. Paragon Space is similar in concept to WeWork, the massive coworking enterprise that now boasts over 200 locations all around the world.
Cannabis Coworking Space as a Cannabusiness Lifeline
The current state of legalization in the United States makes it difficult for cannabusiness startups to rent office space, a challenge that has frustrated new players in the industry who are looking to grow their enterprise. Not every building or office space is 420-friendly, and financial transactions are an omnipresent obstacle for an industry that is still illegal at the federal level, severely limiting its options for banking.
Addressing these challenges, Paragon hopes to offer an accessible, affordable cannabis working space that allows companies and individuals in the nascent industry to set down their roots, exchange advice, collaborate with one another, and eventually flourish. The coworking model seems to be a natural fit for cannabusiness.
Perhaps more importantly, by renting a desk or office at Paragon Space, companies and individuals in the cannabis industry will have access to conference spaces and even an in-house lab, making it a solid functional headquarters for medical cannabis startups.
In Denver, a coworking group called Cultivated Synergy describes itself as a dynamic community of friendly, knowledgeable, creative, and experienced individuals who roll up their sleeves and work side-by-side members to accelerate their businesses. They’re looking into a Seattle expansion, which can only mean the trend is on an uptick.
Cannabis and Cryptocurrency
The only caveat to Paragon Space, albeit an exciting one, is that it is only open to companies and individuals who own PRG Coin, Paragon’s cryptocurrency. The whole coworking space, including its café and even vending machines, will operate exclusively on PRG Coin. In fact, the owners of the space acquired the coworking space through PRG Coin.
It’s worth noting that PRG Coin cannot be used to purchase cannabis — it’s illegal to do so. Our business is not touching the substance itself in any way,” Egor Lavrov told Forbes last fall. “So even though we are a cannabis-related startup, we’re not buying, not selling, not creating a market for cannabis itself.” Lavrov is one of the main financial backers of Paragon, which was created by CEO Jessica Versteeg.
Members of the general public are welcome in public and certain communal areas at Paragon Space, but again, they will only be able to carry out any financial transactions there if they own PRG Coin. This collaboration of cannabis and blockchain technology places Paragon Space at the cutting edge of burgeoning new industries.
Paragon Space is currently accepting applications through April 20th, which should be an easy enough deadline to remember.
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