ParagonCoin decided to sell a property that it intended to use as a joint workspace with the cannabis industry.
ParagonCoin revealed the news in a filing with the US Securities and Exchange Commission (SEC) late last month, stating that, although it had been anticipated that its native PRG token could be used by companies in the marijuana industry to pay rent for shared office space, the property is now under contract of sale.
ParagonCoin put a price of $ 4.2 million on the property, which was purchased for $ 3.75 million through a $ 2.45 million loan and own money. The total amount paid for the property was $ 4.02 million as of May 2018, with interest included.
The firm said in the presentation that: "Currently we do not intend to renovate, improve or develop other properties. Currently, we do not intend to make more real estate investments or acquire any real estate interest and we do not intend to make investments in real estate mortgages."
ParagonCoin explained that it will now focus on the continued development of its tracking chain software product for use in the cannabis business and potentially in other industries. These transactions in the system will be paid with PRGs.
In August of last year, ParagonCoin announced its partnership with Civic Technologies Inc., a digital identity company, to provide security and confidence to users of the Paragon digital community.
Also last year, the SEC agreed to register the PRG tokens as securities after the company liquidated the charges related to its 2017 ICO. The firm raised $ 12 million in the sale for "develop and implement your business plan to add blockchain technology to the cannabis industry and work for the legalization of cannabis"