Cannabis Media Brand ‘High Times’ Won’t be Accepting Bitcoin in Upcoming IPO

Popular Cannabis media brand High Times has clarified an earlier announcement which stated that it would accept investments made with Bitcoin and Ethereum in its upcoming initial public offering (IPO).

High Times Not Accepting Bitcoin Payments for IPO

Two weeks ago, High Times, a cannabis advocacy group, said that it would accept cryptocurrency payments for its upcoming $50 million IPO. At the time, company CEO, Adam Levin described the move as part of High Times’ efforts to be more forward-thinking—combining cryptocurrency adoption with its mainstream investment drive.

However, in an SEC filing on Monday, the company retracted the earlier announcement, saying:

“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 filing, however, didn’t say anything about Ethereum, the other cryptocurrency mentioned in the initial press release.

Suggested Reading: Learn more about Bitcoin in our ‘What is Bitcoin‘ beginner’s guide.

Updated IPO Details

Apart from the removal of cryptocurrency payments, most of the other IPO details remained unchanged from the press release published last week. The Regulation A+ exemption still holds. Thus, the IPO will be made available to the public, allowing the company to attract investment from retail investors.

According to the updated details of the IPO, the High Times stock sale will end when the company reaches its hard cap of $50 million or on September 12, 2018–the planned closing date of the IPO.

If successful, High Times will become the first cannabis-related brand to be listed on the Nasdaq.

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