HOLLYWOOD—Paragon Space, which refers to itself as the “leading blockchain tech platform for the cannabis industry” will be launching a co-working cannabis space in Hollywood. Their self-financed venture, Paragon Space, officially leased 4,364 square feet of office space located at 1463 Tamarind Avenue. Paragon CEO Jessica Versteeg says that they are planning to roll out operations by April 20, with an official opening on July 1.

“The concept for a Paragon Space was derived from the persistent lack of working spaces for entrepreneurs and employees working in and for the cannabis industry” said Paragon in a statement.

Those looking to rent will have to utilize Paragon’s cryptocurrency. The company notes the approach is necessary because federal law keeps national banks away from the industry.

The Paragon Space will be available to anyone who is part of the Paragon community, but services will only be available to PRG coin holders. According to the company’s website, sign-ups to use the space will be available to companies, startups and freelancers within the cannabis industry. Offerings include flex desks, lounging areas and offices will be available to rent based on several different plans using PRG exclusively. Members of the community will also have access to conference rooms to host their own events and meetings. The cost of renting the space will be calculated based on the floor plan and capacity, but the average price to rent should be much more affordable when compared to the wider market.

The lounge and outside area of the building will function as an additional space for meetings, events, and a communal area for members to relax and network. Additionally there will be a Paragon Café with food and drinks available for purchase in PRG.

As with all cryptocurrency based platforms, financial experts recommend caution and research when looking to invest in the new market.