High Times, a cannabis-focused news outlet, is the first initial public offering to sell shares for cryptocurrency.
The Los Angeles-based media company publishes a monthly print and online publication focused on cannabis. It registered its IPO with the Nasdaq stock exchange.
Under Regulation A+, the company has already starting raising funds in cryptocurrency. The regulation is an alternative means of raising capital for smaller, early stage businesses. It was initiated in 2012 under the Jumpstart Our Business (JOBS) Act, a law intended to support small business growth and employment by lowering regulatory hurdles for companies trying to go public and allowing firms to have more private shareholders. High Times is offering shares for $11 each.
“Cryptocurrencies have created a new investor base across the world—we’re just giving them more stable opportunities for investment,” said CEO Adam Levin. “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 as we continue to transform into a diversified media, events and merchandise giant.”
Founded in 1974, High Times plans to expand its magazine and online presence, and continue its efforts to legalize cannabis. It’s one of the first cannabis-related brands to go public on the Nasdaq, and the first-ever stock offering to accept Bitcoin and Ethereum.
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Published: August 06, 2018
Founder & Interim Editor of L.A. Cannabis News