Popular cannabis brand High Times announced yesterday that it would accept investments made with Bitcoin and Ethereum in its upcoming initial public offering (IPO). The company aims to use the appeal of cryptocurrency to attract a broader investment pool. In recent times, there has been a fair amount of melding between the cannabis and cryptocurrency industry.
First Equity Crowdfunding to Accept Bitcoin and Ethereum
According to the press release on Globe Newswire, High Times becomes the first company to accept cryptocurrency investments in a traditional stock offering. Usually, virtual currency investments are restricted to the initial coin offering (ICO) market.
“High Times has been at the forefront of popular culture for more than four decades. Now we’re taking another step into the future, as not only 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.”
Details of the IPO
High Times, a cannabis culture media organization, filed a Regulation A+ report with the United States Securities and Exchange Commission (SEC). Due to an SEC rule change in 2015, a Regulation A+ enables small and medium scale companies to conduct IPOs that can attract equity from the general investment public. According to Levin:
“Beginning with our Reg. A+ crowdfunding, we’ve been focused on giving 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 process 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 and merchandise giant. Cryptocurrencies have created a new investor base across the world – we’re just giving them more stable opportunities for investment.”
Cryptocurrency and Cannabis
High Times’ plan to accept Bitcoin and Ethereum in their upcoming IPO isn’t the first intersection of cryptocurrency and cannabis. In recent times, there has been an observable melding of the interests of both industries, with cryptocurrency tokens designed for the cannabis ecosystem like PotCoin, CannabisCoin, DopeCoin, etc. Apart from cryptocurrencies, blockchain technology might offer useful benefits to the cannabis supply chain.
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