Since inception, many industries have adopted cryptocurrency because of its versatile functionality and exposure to global investment. Announced August 2, 2018, cannabis media giant High Times will become the first ever IPO to accept investments in cryptocurrency.
Cryptocurrency Enters Public Markets
Under the Regulation A+ of the JOBS Act for equity-crowdfunding, High Times will be able to crowdsource up to $50 million in both fiat and cryptocurrency investments for shares in the company.
Based in New York, High Times Magazine is a leading media outlet for cannabis culture and news that has been in operation since 1974.
In an interview with CNBC, CEO Adam Levin said:
“High Times has been at the forefront of popular culture for more than four decades. Now we’re taking another step into the future, as not only 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.”
Through its joint cryptocurrency and fiat stock offering, the company hopes to expose its historic public launch to a broader group of investors worldwide. Levin mentioned that the company decided not to pursue an initial coin offering (ICO), but still wanted to enable global investors an opportunity to purchase shares in the company.
“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.”
High Times Holding Corp. plans to start trading on NASDAQ in Q3 2018. According to CNBC, investors will be able to buy shares in the company for a discounted $11 per share prior to its listing on public markets later this year.
Through its upcoming crowdsale, High Times sets the standard for stable cryptocurrency investments on regulated public exchanges and ushers in a new era of cryptocurrency IPOs.
Cover Photo by Matthew Brodeur on Unsplash