The Chicago based Crypto firm; Ceres filed paperwork to build a “seed sale transaction network for cannabis on the blockchain. Ceres plans to use the dollar-backed stablecoin. Purchasing a token would represent an equity holding in the company, but the firm designed its blockchain in a way that the payment network will use the coins as an actual transaction tool. In addition, Ceres also markets itself as a lender for legal cannabis businesses. According to the application with the Securities and Exchange Commission, the firm “plans to sell up to $30 million worth of its tokens and $20 million in Ceres coins”.
– Coindesk, July 9th, 2020
Open article: https://www.coindesk.com/cannabis-and-lending-firm-seeks-sec-permission-to-raise-50m-in-crypto-sale