Cryptocurrency project ParagonCoin has abandoned its idea for a co-working space for cannabis-related businesses and is selling the property for $4,200,000, according to ParagonCoin’s SEC filing. The company planned for its token to be used by cannabis-firms renting out its office spaces. Now, the property consisting of three detached buildings and a garage is for sale, having bought the property for $3,750,000 with a $2,450,000 loan. As of May 1, 2018, ParagonCoin paid $4,015,624.76 for it.
In the filing, ParagonCoin writes, “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. Further, we do not intend to make investments in securities of or interests in persons primarily engaged in real estate activities.” The company added that it had “determined not to pursue this aspect of our initial business plan at this time.”