ParagonCoin– A Model of Cryptocurrency and Cannabis Excellence
October 17, 2018
ParagonCoin– A Model of Cryptocurrency and Cannabis Excellence
Cryptocurrency and cannabis, two topics that the government seem to truly despise. Cannabis is a plant they have tried to eradicate for decades. Thankfully, due to the efforts of patients and advocates, they’ve been unsuccessful. Cryptocurrency is another topic that government isn’t fond of. Cryptocurrency and cannabis are cultivating budding success together.
The success of these two are coming into light thanks to innovative thinkers and individuals. Ones looking to revolutionize the way we pay for products and services moving into the future. One company is bringing cryptocurrency and cannabis together for the greater good of all. That company is ParagonCoin.
Paragon can be defined as “a person or thing viewed as a model of excellence.” ParagonCoin which was founded by Jessica VerSteeg in 2017 represents this definition well.
The idea of ParagonCoin came about while Jessica was focused on her first cannabis-related endeavor known as the AuBox. AuBox delivers high-end luxury medical cannabis products to patients in the San Francisco area via a monthly subscription.
While curating products for her subscribers, Jessica realized that some “suppliers were being disingenuous about their product information. Some were submitting photoshopped lab results that claimed their products were 100% organic. Some suppliers would even claim their products were 90% CBD while clearly lacking any verifiable results.”
This was when Jessica knew what had to be done. She had a love for blockchain technology and a passion for filling the need for transparency in the cannabis space from seed to sale. With these passions, Jessica set out to create a supply chain tracking tool that “could not be hacked, altered, or manipulated.” Through the tool she created for AuBox, she was able to input data from various suppliers and labs. This information would essentially help her track and compare data from other sources. It was then that the idea for ParagonCoin came to fruition.
“I realized it was a good system that I had created for AuBox. I figured I should build it out with smart contracts and different user profiles, so labs and farmers could plug in their own data to share with suppliers, dispensaries, governments, and patients.”
“Paragon is a compliant supply chain tracking tool that encompasses everything the industry direly needs” stated Jessica in our interview. Through Paragon, users can verify and review the source of their cannabis products from seed to sale. This includes everything from cloning and harvesting to the point of purchase and delivery. These are all aspects that are registered in smart-contracts on the blockchain in which ParagonCoin operates.
Every batch of product that is listed on Paragon also undergoes lab testing to verify that the lab results also match the harvest data that was input by the provider. According to Jessica, “this method of tracking renders the data immutable - ensuring that nobody can alter or remove any data.”
ParagonCoin is Much More than a Supply Chain Tracking System.
ParagonCoin isn’t just a supply chain tracking system. In fact, it is an all-in-one solution to multiple problems that are being presented to entrepreneurs and businesses in the cannabis space. While running AuBox Jessica noted how she often had a hard time finding affordable and safe office space.
“The moment I mentioned I was running a cannabis company they either denied me because they did not want to rent to a cannabis company or they gave their approval but said they would need to charge me five to seven times more because of the risk they would be taking or because they just thought all cannabis companies are all millionaires with an unlimited budget.” She also knew firsthand the other difficulties that came with trying to be productive in a co-working space in a non-cannabis specific setting.
Introducing Paragon Space – A Co-Working Environment for Cannabis Professionals
Jessica enjoyed working out of WeWork, but she realized that this space was not the best for cannabis businesses. This was because it did not allow for things such as discussing new cannabis regulations, gaining feedback on new products, or even networking with other professionals. This was when she concluded, “a niche-specific affordable coworking space for cannabis companies was drastically needed, so ParagonSpace was born.”
ParagonSpace is located at 1462 Tamarind Ave. in Hollywood California, and offers a comfortable, inviting co-working space for those in the cannabis sector.
“ParagonSpace will allow cannabis-related people and businesses to network, collaborate and have a regulatory-approved work environment that is not charging a premium price just because it’s cannabis. It’s a co-working space where cannabis companies can network, build their teams, and grow together as an industry.”
ParagonCoin – Who and How it Helps
Now that you know more about ParagonCoin and ParagonSpace let’s look at how it works and who can benefit from their blockchain based solutions for the cannabis sector.
Paragon’s solutions for the cannabis industry are built upon a blockchain. Through this solution government entities, cannabis businesses, and consumers all benefit. According to Jessica, here’s how.
• The government will be able to receive independently verified information for fair and efficient regulation.
• Businesses will have a much cheaper and easier to use reporting tools than the existing solutions. Not only reporting for the government but the quality and environmental reporting to the end customer.
• End consumers will have access to the entire history of the product from seed to sale to be able to make educated decisions when choosing a product: how it was grown, where it was grown, how sustainable and humane the manufacturing process is, what the lab results show regarding pesticides and mold, etc.
• There are also a lot of B2B benefits — from the ease of finding the right partner to transparency and smart contracts on the Blockchain.
The value of the ParagonCoin (also known as a token) is in its utility on the blockchain. Fees to operate on and access the blockchain are minimal but in return prevents hacking, bogus transactions, and provides an operational manner that is less likely to become unusable. The fees are paid in PRG which is the ParagonCoin token. While a small portion of the fee does go to ParagonCoin, it allows them to maintain and further develop the platform.
I had the opportunity to ask Jessica from her expert standpoint to elaborate on where she sees the relationship between crypto/blockchains and the cannabis space evolving in the coming years. Here is what she had to say in regard.
“Blockchain is a superior technology to the existing mechanism for seed to sale tracking, it will gradually win in every industry, but cannabis has the luxury of being able to implement it from the very beginning since regulations are being formed as we speak. I believe blockchain will be the default platform and Paragon is playing an important role in this development.”
With companies such as ParagonCoin leading the way, the future of cannabis and its relationship with innovative industries like cryptocurrency and blockchain are sure to be a success.
Do you have a question about cannabis and cryptocurrency? Could your business benefit from the solutions offered by ParagonCoin or ParagonSpace? If so, we would love to hear from you in the comments below.