High Times won't be accepting bitcoin in its IPO after all

14 Aug, 2018
by David Borman
High Times won't be accepting bitcoin in its IPO after all

Earlier in the month we reported that the cannabis afficionado magazine High Times had announced it would be accepting both bitcoin and ethereum for its upcoming IPO, making it the first media company to do so. Now, it has released a statement retracting that sentiment, clarifying it will only be accepting traditional payments.

High Times itself was the first to announce that it would be accepting digital assets for its upcoming IPO. In the announcement, CEO Adam Levin was quoted:

“Now we’re 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 Ethereum as part of our public capital raise.”

However it now seems they have changed their mind about this. In a filing to the US Securities and Exchange Comission (SEC) on August 13th, High Times clarified that the previous announcement had apparently been a mistake:

"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. This press release was distributed in error as the Company will not be accepting Bitcoin as payment for shares. As provided in the Company’s subscription agreement related to the offering, the Company will only be accepting check, credit card, ACH or wire transfer as payment for subscription to shares."

It is disheartening to hear this change of stance. Though the statement does not mention ethereum, it seems safe to assume that it will not be accepting that either. No further comment has come from High Times as of yet as to how the mixup occured. Stay tuned to Chepicap for more updates!

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