High Times Is First To Accept Cryptocurrencies For IPO
High Times Holding Corp., the publisher of High Times cannabis magazine, is set to become the first ever company to accept cryptocurrencies in initial public offering or ICO.
The prominent cannabis brand announced that it will become the first IPO on Nasdaq public stock exchange to accept investments through Bitcoin and Ethereum.
Ahead of the IPO, the company has filed a Regulation A+ report with the U.S. Securities and Exchange Commission.
According to CNBC, the company has begun accepting the cryptocurrencies during its current equity-crowdfunding process under Regulation A+ of the JOBS Act. Under the Act, High Times could crowdsource up to $50 million in both fiat and digital currencies for shares in the company.
In an interview, CEO Adam Levin said, “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.”
New York-based High Times, which provides daily cannabis news, weed information, and marijuana culture since 1974, is expected to start trading on the NASDAQ in the third quarter. As per the report, shares will be available to investors for a discounted $11 per share prior to its listing on public markets later this year.
by RTTNews Staff Writer
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