Marijuana Company High Times Backtracks on Accepting Bitcoin in IPO

The company High Times Holding, the New York flagship media outlet of the marijuana culture, has now decided against accepting Bitcoin in its Initial Public Offering (IPO), according to a filing with the Security Exchange Commision (SEC) on the 13th of August. 

A few weeks ago Toshi Times announced that High Times would accept Bitcoin in their IPO. That would have made the company the first to accept digital assets as investments. According to SEC, the message was distributed “in error”. 

According to the initial report, the public offering was compliant with the A+ regulation act, which allows small startups to use ‘mini IPOs’ to attract potential investors and receive up to $50 million of funding from the general public. It also stated that High Times had started to receive cryptocurrency investments. 

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Two weeks ago, when the file was released, the CEO, Adam Levin, said;  High Times has been at the forefront of popular culture for more than four decades. Now we’re taking another step into the future, not only as one of 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.”

This new filing, on August 13, contradicts the statement and the previous message. The company has now withdrawn the statement and is not accepting Bitcoin as a form of payment from investors for stocks in the company.

The new filing states, “On August 3, 2018, the Company published a press release relating to its Regulation A+ offering stating that it would accept Bitcoin as a form of payment for subscription to the Company’s shares. This press release was distributed in error as the Company will not be accepting Bitcoin as payment for shares. As provided in the Company’s subscription agreement related to the offering, the Company will only be accepting check, credit card, ACH or wire transfer as payment for subscription to shares”.

The cannabis-industry suffers from resentment from banks and cryptocurrencies are therefore an option for the industry. Cannabis cryptocurrencies, like Potcoin, has sponsored Dennis Rodman on trips and are trying to gain attention through celebrities. Even though an IPO is not accepting the digital cryptocurrencies the cannabis-related companies in the crypto space are trying to give cannabis companies, that face restrictions due to regulations, access to banking.   

Image Source: “Flickr”

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