Tropizen, InPortal Partner for Puerto Rico’s First Cannabis STO
Tropizen, a cannabis producer from Puerto Rico, partnered with STO provider InPortal to hold a security token offering event.
Puerto Rico-based TPZ Ventures, the parent of Tropizen, a company that cultivates and makes medical cannabis, plans to issue equity via a Security Token Offering (STO). For this, Tropizen partnered with InPortal to use its security token-oriented InPortal INPR protocol.
Tropizen will issue the Tropizen Series A Token, which will represent a blockchain-based security issued via the Securities and Exchange Commission’s (SEC) Regulation D 506 (c) exemption to accredited investors.
Tropizen was founded less than a year ago and is now ready for its fourth harvest. It is already delivering high-quality cannabis plants to various dispensaries. The firm plans to provide a wide range of infused cannabis products, such as tinctures, concentrates, topical, and edibles. This variety of products should cover the different needs of patients.
The company’s facility in Canovanas, Puerto Rico, comprises 22,000 square feet and comprises indoor cultivation areas, a commercial kitchen, and a high purity CO2 extraction lab. The company plans to raise capital to fund the expansion of the facility, including the creation of more cultivation rooms.
Tropizen’s co-founder and COO Marni Meistrell commented:
“With our focus on creating the safest, highest quality products for Puerto Rico’s medical patients, we strive toward innovation every day, while keeping our feet grounded in traditional remedies that have been passed down for generations. We could not be happier to launch this STO in partnership with InPortal to bring this innovation to investing in Puerto Rico’s growing medical cannabis industry.”
InPortal is a Puerto Rico-based STO provider and private market firm. The company offers a full palette of security token-related services, from issuance to settlement and reporting.
InPortal CEO Stephen Inglis stated:
“Tropizen’s issuance of programmable digital equity shares through an STO, will provide investors with the security and liquidity associated with on-chain transactions. We expect that this form of equity will soon become the norm for private company funding.”