Cannabis Brand High Times To Become ‘First Ever’ IPO To Accept Crypto

Francisco Memoria
  • Cannabis brand High Times is reportedly going to become the "first ever" to accept cryptocurrencies in its initial public offering (IPO)
  • The move, according to its CEO, is meant to avoid leaving crypto investors out, and to be at the forefront of popular culture.

Cannabis culture media firm High Times Holding, which claims to be the “original voice in cannabis,” has recently revealed it’ll accept bitcoinand ethereum in its initial public offering (IPO), allegedly making it the ‘first ever’ to accept cryptocurrency investments.

According to a post on its website, the firm is set to accept cryptocurrencies as its part of its mission to be “at the forefront of popular culture.” High Times is selling its shares at $11, with the minimum investment amount being of $99. The brand is looking to go public on the Nasdaq exchange, with the ticker “HITM.”

To accept the cryptocurrencies the firm filed a Regulation A+ report with the US Securities and Exchange Commission (SEC), which details a near $29 million negative equity reduction, a decrease in operating losses, and debt reduction.

The Regulation A+ (Reg A+) lets small and early-stage companies access capital in an “alternative to a traditional IPO” that lets them sell shares to the general public and not just accredited investors. According to Nasdaq, the filing lets businesses raise as much as $50 million in a 12-month period from members of the public.

Per High Times CEO Adam Levin, cryptocurrencies created a new “investor base across the world” the company didn’t want to exclude from its IPO. He was quoted as saying:

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 as we continue to transform into a diversified media, events and merchandise giant.

Adam Levin

High Times was notably launched back in 1974, and is now seen as one of the most important media organizations in the industry, with an online magazine whose “presence [is] still going strong.”

Cannabis and Crypto

Cryptocurrencies have been pointed to as a solution to one of the cannabis industry’s problems. In the US state ballot initiatives made marijuana usage legal, but a number of banks refuse to offer cannabis-related businesses banking services. As a result, these operate only in cash.

Operating this way makes cannabis businesses a target for criminals, and forces them to spend money on security: safes, armored vehicles, guards and more. Given their features, cryptocurrencies could be adopted as a safer and cheaper alternative.

The Dash community has worked to be more involved in the cannabis industry. Last year, dash partnered with Alt Thirty Six, paying it $496,000 to “integrate Dash as a payment option in the cannabis industry’s point of sale (POS) systems.” The move was set to help vendors save 10-15 percent.

Potcoin, a cryptocurrency created for the cannabis industry, made headlines earlier this year after former NBA star-turned diplomat Dennis Rodman appeared on CNN wearing a Potcoin t-shirt.

CryptoCompare and Fintech Worldwide partner to improve London Blockchain Week

Leading cryptocurrency data provider CryptoCompare has teamed up with the world’s foremost network for fintech, Fintech Worldwide (FWW) to work together on an events schedule for the London Blockchain Week.

According to a press release shared with CryptoGlobe, both firms teamed up to “deliver a stand-out series of events” during the sixth annual London Blockchain Week, which is expected to have over 4,000 participants, who will attend major conferences and other community events between March 4 and 11.

The events are set to cover the latest news and trends of the cryptocurrency and blockchain space, and will include the flagship CryptoCompare Digital Asset Summit on March 10, as well as the Blockchain Week Summit on March 5-6.

Dr. Jane Thomason, CEO of Fintech Worldwide, was quoted in the press release saying this is the firm’s first London Blockchain Week and it’s planning on making it a “memorable week” for the blockchain ecosystem in London. Dr. Thomason added:

We are very excited to be partnering with CryptoCompare, a market leader in the digital asset space. CryptoCompare’s annual Digital Asset Summit is one of the most hotly anticipated conferences during London Blockchain Week and we look forward to working together to deliver a stand-out series of events.

Charles Hayter, co-founder and CEO of CryptoCompare, added the firm is looking forward to “bringing together institutions, individuals, regulators and innovators to discuss the burning issues and latest technologies in our industry.”

Tickets for the event, which has featured top Wall Street strategist Tom Lee and the best-selling author, educator, and prominent author Andreas M. Antonopoulos, are on sale now.