Pot Publication High Times Now Says It Won’t Accept Bitcoin in IPO

Marijuana advocacy book High Times is walking back a former statement suggesting that it might accept bitcoin once it starts its initial public offering (IPO).

The firm said last week it might take bitcoin and ether — the cryptocurrency of this ethereum system — as a part of its IPO, that attempts to increase up to $50 million. At that time, based on some press release, CEO Adam Levin stated the firm was “taking another step into the future, not only as one of the first cannabis-related brands to go public on the Nasdaq but also as the first to allow bitcoin and ether as part of our public capital raise.”

However, on August 13, it explained in an filing together with all the U.S. Securities and Exchange Commission this statement was a mistake, and the corporation wouldn’t really be accepting bitcoin.

“On August 3, 2018, the Company published a press release relating to its Regulation A+ offering stating that it would accept bitcoin as a form of payment for subscription to the Company’s shares,” the filing stated, including:-LRB-*********)

The filing especially didn’t mention ether, another cryptocurrency recorded in the press release.  High Times didn’t respond to some CoinDesk petition for comment about the omission by press time.

The IPO will remain publicly accessible through a Regulation A+ exemption, allowing retail investors to buy High Times’ common stock. The sale will shut either if the provider raises the goal $50 million or about September 12, the projected end date.

Marijuana farm picture via Shutterstock

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