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High Times Becomes First Ever IPO To Accept Cryptocurrencies
Georgi Georgiev | Aug 03, 2018 | 12:30
Legacy cannabis culture media High Times Holding Corporation will be accepting Bitcoin (BTC) and Ethereum (ETH) during its Initial Public Offering (IPO). By doing so, it will purportedly become the “first traditional stock offering ever to accept investments” through cryptocurrencies.
Cryptocurrencies Enter IPOs
High Times Magazine will take advantage of Regulation A+ crowdfunding, which is designated to allow small companies to take advantage of IPO procedures to crowdsource up to $50 million in a public offering, reports CNBC.
Interestingly enough, the company’s IPO will supposedly become the very first one to accept cryptocurrencies as a means of participation in the process.
Speaking on the matter, Adam Levin, High Times CEO, 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, 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.
Leaving Cryptocurrencies Out is “Foolish”
The CEO of High Times also pointed out that they didn’t see an ICO process as an appropriate move. Nevertheless, he also said leaving out an emerging investor base of the kind would be “foolish”:
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.
By allowing investments in Bitcoin 00 and Ethereum, High Times should be able to enjoy a larger group of participants. In the words of Levin:
Cryptocurrencies have created a new investor base across the world – we’re just giving them more stable opportunities for investment.
According to CNBC, investors will be able to purchase shares for $11, giving them a 10 percent discount on the anticipated listing price of NASDAQ.
What do you think of High Time’s decision to accept cryptocurrencies in its IPO? Don’t hesitate to let us know in the comments below!
Images courtesy of Bitcoinist Archives; Shutterstock
