On August 2, High Times Holding Corp., an advertising medium for the legalization of marijuana in the United States, announced that it would accept Bitcoin and Ethereum in its new IPO upon SEC approval of Regulation A+. This regulation allows the collection of capital by means of a more accessible crowdfunding, thus allowing the participation of people from all over the world.
Adam Levin, CEO of High Times announced that this step is because they want to have a large group of investors from all over the world. Levin explains that they are taking “one more step into the future, not only as one of the first cannabis-related brands to be published on the Nasdaq, but also as the first to allow Bitcoin and Ethereum as part of our public capital increase”.
High Times IPO Data
To obtain approval of Regulation A+ from the SEC, the Corporation has submitted a report detailing how it has reduced negative capital by $29 million, reducing debt and reducing operating losses. Demonstrating that the company is in a position to sell securities.
Regulation A+ allows High Times to attract slightly smaller customers for up to $50 million. According to NASDAQ official information, the Corporation will be offering 4,545,454 shares at a price of 11 dollars each, seeking to obtain 50 million dollars in total.
Why didn’t they get an ICO?
Speaking about the IPO, Levin commented that he did not believe that “the ICO process was the right move for the brand” but still commented that he did not want to pass up the benefits of the crypto currencies since they “have created a new base of investors around the world”.
Another company that refused an ICO to carry out an IPO was the mining company Blockchain Argo, although it carried out its IPO before the London Stock Exchange. It was an unexpected move as much of the cryptocoins market was eagerly awaiting an ICO from this company.
Trajectory of High Times Corp
High Times Corp is one of the media that has most supported the legalization of the use of Marijuana in the United States. It is working since 1974 and its publications have a large number of readers both in the U.S. and the rest of the world.