High Times rejects bitcoin for IPO

High Times, as you may know, is a leading marijuana advocacy publication. It has announced that it would accept bitcoin when it launches its IPO, but now it appears to be going back on its word.

Only last week the company said it would accept bitcoin and ether for its IPO, which is hoped to raise at least $50 million. At the time, according to a press release, CEO Adam Levin said the company 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, it’s filing with the U.S. Securities and Exchange Commission (SEC) on 13th August changed all that and clearly stated that it wouldn’t be accepting bitcoin. High Times then issued another press release explaining itself: “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.”

Notably, the press release did not mention ether, and while High Times has not responded to enquiries about ether, it is probably best to assume that it won’t accept it as payment either.

According to Coindesk: “The IPO will remain publicly available through a Regulation A+ exemption, allowing retail investors to purchase High Times’ common stock. The sale will close either when the company raises the target $50 million or on September 12, the planned end date.”

If High Times had gone ahead with its original plan and accepted bitcoin and ether, it would have been the first IPO to do so. Although no real reasons given by the company for backing out on what could have been a significant moment for crypto, perhaps it is high time they told us all what the story is and if it has something to do with the SEC.

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