In the City of Angels, the moment cannabis entrepreneurs have been waiting for is finally here. The first cannabis co-working space in Los Angeles is set to open. The office, named Paragon Space, will officially open on July 1st, though the facility should be in operation by 4/20.

The Co-Working Space’s Design

Paragon Space of 1463 Tamarind Avenue is 4,364 square feet of co-working space reserved for members of the cannabis industry. You can sign up for an office, desk, conference room, or lounge area through their website.

There will also be outside space and a café serving an array of food and drinks. The space design includes a communal area for networking amongst cannabis professionals.

The cannabis industry is uncommonly fragmented due to government opposition and disparities in state legislation. Paragon Space hopes to unite members of this up-and-coming field.

How To Become A Member

Renting space will be available through their website, though renters can only pay using Paragon’s own cryptocurrency. In the U.S., banking follows federal law. Since the federal government still classifies marijuana as a Schedule I drug, banks will not risk managing the finances of cannabis entrepreneurs.

To get around the banking industry, Paragon exclusively accepts payments in their own cryptocurrency for everything from rent to smaller purchases at the café.

According to Paragon Space’s own calculations, 10,000 people already hold paragon’s currency already. These people voted for the co-working space’s location in Hollywood.

The Mission Behind Paragon Space

Paragon has labeled itself the “leading blockchain tech platform for the cannabis industry.” In other words, they’re attempting to facilitate legitimate cannabis business in a federal climate that makes it increasingly difficult.

In addition to developing a cryptocurrency, Paragon and CEO Jessica Versteeg saw an opportunity in popular working space culture and took it.

Paragon Space has officially stated, “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.”

With a host of difficulties, and opportunities facing California’s weed industry, the state could benefit from a communal space that facilitates weed innovation.

Final Hit: First Cannabis Co-Working Space in Los Angeles Set To Open

Though this may be Los Angeles’ first co-working space, Paragon Space is a few years behind our nation’s first.

Back in 2014, Colorado cannabis innovators Michael Looney and David Pike founded Green Labs in Denver.

Within the first two months of opening, Green Labs had a wait list for an office and was almost at full capacity. The legal weed market is big business.

For many cannabis innovators, the benefit of such a co-working space is its specificity. Though today, cannabis appears less stigmatized than even in 2014, spaces like Green Labs and Paragon Space offer a unique opportunity for cannabis innovation.

With California’s booming weed market, the state’s population hub is ideal for its first cannabis co-working space.