Cannabis and Lending Firm Seeks SEC Permission to Raise $50M in Crypto Sale

Nasdaq are reporting that….

Chicago-based firm Ceres wants to build a “seed to sale” transaction network for cannabis on the blockchain using its dollar-backed stablecoin – if the digital security is approved for sale by the U.S. Securities and Exchange Commission (SEC).Â

Launched in 2017 by West Point graduates and former U.S. soldiers Greg Anderson and Charlie Uchill, Ceres recently filed paperwork with the SEC to conduct a Reg. A sale, seeking permission to sell both a token and a coin. The token would represent an equity holding in the company, but the firm plans to use the coins as an actual transaction tool in its payments network. According to the application, the firm plans to sell up to $30 million worth of its tokens and $20 million in Ceres coins.Â

In addition to its plans to build a payments network, Ceres also markets itself as a lender for legal cannabis businesses, though Uchill – the company’s chief operating officer – said Ceres has yet to disburse any loans, and is counting on the digital securities sale to raise capital.Â

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