ICOs appear to be taking over the business world these days, with the new fundraising method being used by a very broad spectrum of ventures – which also includes the emerging American legal cannabis market.
Software-as-a-service (SaaS) provider düber Technologies has announced that its upcoming token sale will use the SAFT (Simple Agreement for Future Tokens) structure conducted under the US Securities Act, which accredits token buyers as investors.
The düber token (DBR) is an Ethereum (ETH) blockchain cryptocurrency that can be used within the network to pay for goods and services provided by licensed cannabis businesses.
“At düber, we believe that we have the unique opportunity to transform the cannabis industry through incentivizing the creation and sharing of information, which benefits all patients, consumers and businesses,” said Glenn Ballman, founder of düber. “We have chosen the SAFT ICO structure, and combined it with a broad-based seeding program to enable a wide distribution of the tokens to members of the cannabis community.”
Back in the days of the dot-com bubble, Ballman founded Onvia (NASDAQ: ONVI) and led it through a $240 million IPO – making it a $6 billion business. The company, which provides an online database of US government procurement opportunities to companies, is still around and worth about $65 million by market cap these days.
The ICO news comes a month after düber’s announcement that it had signed a $50 million dollar funding agreement with Vacone Real Estate for the acquisition, fitting and master lease of fifteen cannabis distribution centers in Washington, Oregon, California, Nevada and Arizona. The deal is said to allow düber to expand operations to include 400,000 square feet of distribution space.