There is a new cryptocurrency IPO on its way!
CEO Adam Levin said High Times will be the first to add cryptocurrencies as an option for the cannabis culture media organization’s upcoming IPO and that’s to enable a much broader group of investors worldwide.
1st Cannabis-Related To Go Public
Levin said accepting cryptocurrencies is a natural extension of the organization’s message, which has long been “at the forefront of popular culture.”
He added: “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.”
This will make High Times “first traditional stock offering ever to accept investments” in cryptocurrencies, its website said.
So far, High Times has filed a Regulation A+ report with the US Securities and Exchange Commission (SEC). According to the report, $29 million is the amount for the reduction of negative equity, debt reduction, and decreases in operating losses.
Regulation A+ permits startups and small companies to “use a ‘mini’ [IPO]” to attract customers to become potential investors following SEC changes in 2015. These small businesses can crowdsource up to $50 million from members of the public.
High Times described the $11 for its shares as a 10 percent discounted price when it becomes listed on the Nasdaq later this year.
Marijuana businesses have long been looking for alternative ways to facilitate their payment transactions since banks fear to offer their services as it violates the US federal government’s laws.Share on Facebook