High Times, a New York–based magazine famous for promoting counterculture and marijuana legalization is set to become the first company to accept Bitcoin and Ethereum in it’s upcoming IPO. According to Adam Levine, CEO of High Times, acceptance of cryptocurrency will enlarge the pool of potential investors.
“High Times has been at the forefront of popular culture for more than four decades…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,” Adam Levine said.
The fundraising will be conducted through a Regulation A+ crowdfunding event, also called a “mini-IPO”. Regulation A+ allows private companies to democratize the fundraising process by enabling customers to own a piece of the company. Before Reg A+ offerings, private companies could only crowdfund from accredited investors.
However, despite its progressiveness, it seems that the High Times is not going to keen on conducting an ICO.
“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.”