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New Hollywood coworking space is exclusively for cannabis companies

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You might call it a WeedWork

The building at 1463 Tamarind Avenue is just off Sunset.
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A Hollywood office building is being converted into the city’s first coworking space exclusively for startups and freelancers working in the cannabis industry.

The Paragon Space, which is located at 1452 Tamarind Avenue is being funded by Paragon, which calls itself the “leading blockchain technology platform for the cannabis industry.” In fact, the building is being fully paid for using cryptocurrency.

The Paragon Space will be one of the more exclusive coworking spaces in the Hollywood area, as amenities like desks and offices will only be accessible to holders of PRG Coin, Paragon’s own form of cryptocurrency. Members of the greater cannabis community will have access to public spaces, meeting rooms, and a communal area that includes a cafe (although it looks like you’ll have to use their cryptocurrency to pay for food and drink).

One of the benefits of such a space, according to Paragon, is that it may be difficult for cannabis companies to access office space from traditional developers or property owners. “We know how hard it is for those in the cannabis industry to rent office or desk space,” it says on Paragon’s website, “so we are providing you a helping hand.”

There’s also an interesting crowdsourcing element to the coworking space’s location. Paragon put the call out to its coin holders to choose where the space should be, and created a voting system where community members used PRG Coin to vote.

Paragon is working with designers at PITCH Concepts to build out the space, which should be open by July of 2018.

Recreational sales of marijuana began in the state of California on January 1, 2018.

Correction: An earlier version of this story stated that the building was purchased using PRG Coin. In fact, it was purchased using a separate form of cryptocurrency.