Glenn Ballman, an internet entrepreneur from the DotBomb days, has launched a new company called düber Technologies. Düber is described as a SaaS provider for the Cannabis industry, an emerging sector of business that has been ready to boom for years.
Düber recently announced a deal with Vacone Real Estate that allegedly was for a $50 million funding agreement for the acquisition, fit out and master lease for 15 Cannabis distribution centers. Note, we Googled Vacone Real Estate and came up with zero – which is a bit odd.
The düber token (DBR) is described as incentivizing and improving information exchange in the Cannabis community, including consumers, retailers, labs, processors and growers. Examples are rewarding community members for providing product information and photos, submitting product reviews, participation in loyalty programs and interaction with advertising and other communication channels. The DBR is an Ethereum (ETH) based cryptocurrency that may also be used within the network to pay for goods and services provided by licensed cannabis businesses. The forthcoming Initial Coin Offering (ICO) is scheduled to kick off on October 11th with a Pre-Sale. The company is issuing the Tokenized offering under Reg D 506c and thus is for accredited investors only. DBR starts with an exchange rate of 1 ETH per 3000 DBR
Ballman, founder of düber, said they believe they have an opportunity to transform the Cannabis business.
“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.”
Nick Antonie, owner of Herban Legends in Seattle, said they implemented düber’s tech last year and claim orders and sales have increased because of the service.
“We believe in the vision düber has for the future of the industry and appreciate how its technology allows us to deliver a superior customer experience.”
In certain respects, the DBR Token offering sounds a bit like Paragon that is raising money now.
As for Ballman, he has an interesting backstory. Onvia (NASDAQ:ONVI) was one of those internet companies from back in the day that rocketed to stratospheric valuations only to come tumbling down later. In 2000, Onvia was labeled the “Hottest Startup in Canada”. It raised $235 million in an NASDAQ listed IPO (just making it before the crash) and still trades today but is far smaller. Ballman was reportedly once worth $944 million. In 2001, his equity stake was worth closer to $6 million.
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