High Times, a New York–based magazine famed for its pro-cannabis approach, has announced that they would not accept cryptocurrencies in their upcoming USD 50 million IPO.
“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,” the magazine states.
Adam Levine, CEO of High Times, had previously said that acceptance of bitcoin and ether will enlarge the pool of potential investors. In a filing with the US Securities and Exchange Commission, High Times clarified that the announcement was a mistake and that they would not be accepting bitcoin.
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.”