A New York based publication ‘High Times’ that advocates use of cannabis has finally decided to break the shackles and try something new in the digital era. The company has decided to break new ground by accepting crypto during the IPO session. With this, High Times become the first company dealing in cannabis to accept cryptocurrencies during its IPO session.
The IPO offering has already begun accepting investments in cryptocurrencies and it is compliant with SEC Regulation A+. The SEC regulation A+ offering opens up the IPO for more people as it removes the barriers for crowdfunding to be accessible earlier for only wealthy accredited investors.
Adam Levin, the CEO of High Times mentioned in a statement, “From more than four decades, High Times has been the front line for the popular cannabis culture”. He further mentioned, “This time the company has decided to take a step ahead into the future by not just becoming the first cannabis-related brand to get listed on NASDAQ but also becoming the first to accept payments in major cryptocurrencies (Bitcoin & Ethereum) as the part of our crowdfunding process.”
“A new investor base is created by cryptocurrencies across the world and by accepting major cryptocurrencies in the IPO; we are providing investors more stable opportunities to make further investment. Our company is fully focused towards giving everyone i.e. from long-time fans to retail investors more opportunities to own more pieces of High Times.”
The company was successful to convince SEC by filing a report that describes why the company is in a strong position to sell its securities. The Regulation A+ report showed a significant decreased operational costs and reduction in negative equity of $29 million.
The CEO through the publication stated that cryptocurrency is the future currency which would open up more opportunities for different firms. Adam also mentioned that the accessibility of Regulation A+ form has allowed people to invest in IPO with greater ease.
High Times is not the only company to go in favor of IPO by avoiding the process of ICO though it has been continuously offering its publication services since 1974. Earlier this year in June, Argo Blockchain, a crypto-mining firm opted for an initial public offering instead for an initial crowd offering on the London Stock Exchange. It became the first crypto firm to accept ICO and get listed on the stock exchange to attract a large number of investors.
With more stringent regulations being introduced in favor of ICO’s in the market, the craze for the same has begun to die down. However, it will be interesting to see how the cryptocurrency market and the world of traditional finance will take it from here.
