High Times Takes Step Into the Future by Accepting Cryptocurrencies
On Thursday, the well-known cannabis culture brand and publication High Times announced it’s holding an initial public offering (IPO) and that it will be the 1st regulated A+ stock offering to accept cryptocurrencies.
High Times Becomes the First IPO to Accept Cryptocurrencies
The firm High Times is a popular cannabis-focused monthly magazine that was founded in 1974. On August 2, 2018, the legacy company announced it is holding an IPO so people can invest in the company by buying shares. The publication founded by Tom Forcade reviews on the marijuana counterculture and the legalization of cannabis. In an unusual twist, the company has also revealed it is the first A+ stock offering to accept BTC and ETH.
According to High Times, the firm filed its Reg. A report which detailed “$29 million in a reduction of negative equity, significant decreases in operating losses, and a debt reduction — with the U.S. Securities & Exchange Commission.” High Times CEO Adam Levin believes adding cryptocurrency acceptance will allow a bigger audience to participate in the IPO.
“High Times has been at the forefront of well-known culture for more than four decades,” Levin explained through the announcement. Now we’re taking another step into the future, not only among the first cannabis-related brands to go public on the Nasdaq but also as the first to allow bitcoin and ethereum as part of our public capital raise.
No Initial Coin Offering But Including Crypto Investors
Investors can buy shares at $11 a piece at the website Hightimesinvestor.com, and the company says with the firm’s strong online presence many will be interested in doing so. High Times says the publication is an “important beacon in the legalization activism game.” Furthermore, High Times has been trending a lot higher nowadays, as the US and other countries worldwide have been more lenient and even legalizing marijuana use. Levin details that they didn’t believe in using the new crowdfunding procedure called initial coin offerings (ICO), but felt they needed to tend to these types of investors.
“Cryptocurrencies have created a new investor base over the world-we’re just giving them more stable possibilities for investment,” Levin notes. Beginning with our Reg. A+ crowdfunding, we’ve been focused on providing everyone from retail investors to long-time fans more ways to own a piece of High Times. While we didn’t believe that the ICO procedure was the right move for our brand, it would’ve been foolish to leave this emerging investor base out as we continue to transform into a diversified media, events, merchandise giant.