High Times IPO In a first for U.S. initial public offerings, High Times Holding Corp., the preeminent cannabis brand, today announced that it will become the first traditional stock offering ever to accept investments made in the company through Bitcoin and Ethereum. The iconic cannabis brand has begun accepting the leading cryptocurrencies during its current equity-crowdfunding process under Regulation A+ of the JOBS Act, another first.
“High Times has been at the forefront of popular culture for more than four decades,” said High Times CEO Adam Levin. “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.”
High Times is now allowing investors to use Bitcoin and Ethereum in addition to traditional fiat in order to enable a much broader group of investors worldwide to take part in the historic launch of High Times as a public company, Levin said.
“Beginning with our Reg. A+ crowdfunding, we’ve been focused on giving everyone from retail investors to long-time fans more ways to own a piece of High Times. 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,” Levin said. “Cryptocurrencies have created a new investor base across the world - we’re just giving them more stable opportunities for investment.”
Investors will be able to purchase shares in High Times for as little as $11, a 10-percent discount to the anticipated strike price of the Nasdaq listing scheduled for later this year.
Bitcoin was the world’s first and remains its most prominent and heavily traded cryptocurrency. Ethereum is widely considered the most important next-generation cryptocurrency, and is the basis for many blockchain-based businesses now reaching the market.
In late June, High Times filed its latest 1-A regulatory report with the U.S. Securities & Exchange Commission. The report details a $28.9 million reduction in negative equity, a significant decrease in operating losses, and a debt reduction and extension. The company has recently made a series of acquisitions, and anticipates opening on the market in Q3 of this year.