Cannabis Publication Clarifies It Won’t Accept Bitcoin in Equity Crowdfunding

https://hightimes.com

New York-based cannabis advocacy publication High Times is retracting a previous press release announcing it would be accepting Bitcoin during its initial public offering (IPO) launch.

In a press release published August 3, the company stated that it will be accepting Bitcoin and Ether as part of its IPO which sets out to raise around $50 million. As company CEO Adam Levin stated at the time, the firm is “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 ether as part of our public capital raise.”

However, in a recent filing with the U.S. Securities and Exchange Commission published August 13, the firm withdrew its previous statement, clarifying that the firm would not be accepting Bitcoin payments.

As stated in the filing:

On August 3, 2018, the Company published a press release relating to its Regulation A+ offering stating that it would accept bitcoin as a form of payment for subscription to the Company’s shares. 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.”

While the filing stated that the firm would not be accepting Bitcoin, the firm did not indicate whether or not it would be accepting Ether, which was previously detailed in the initial press release.

At present, the IPO remains publicly available under Regulation A+ for retail investors interested in purchasing the company’s common stock. The sale will close on September 12, as planned, or when High Times has hit its $50 million target sale.