High Times Will Not Accept Bitcoin In Its Initial Public Offering

Marijuana culture media group High Times Holding Corp. has chosen not to acknowledge Bitcoin (BTC) in its initial public offering (IPO), as indicated by an August 13 filing with the U.S. Securities and Exchange Commission (SEC). The choice runs counter to the organization’s Aug. 3 declaration, where it expressed it will acknowledge cryptocurrencies for them to bring in more investors.

In the start of August, High Times published an official statement saying it would acknowledge BTC and Ethereum (ETH) as a strategy of payment for membership to the organization’s offers. In the run-up to the IPO, High Times documented a Regulation A+ offering that empowers littler organizations to raise up to $50 million of financing from the overall population within a year term.

While High Times at first asserted that accepting cryptocurrencies in its IPO would make it the “first traditional stock offering ever to accept investments” in digital currencies, the SEC file states that the declaration was a slip-up:

“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 SEC document does not offer reference to the other digital currency, ETH, which was also specified as a technique for payment in the first public statement.

Cryptocurrencies have been seen by numerous people in the cannabis business as an answer banking bans and a portion of the business’ legitimate burdens by turning into another option to money payments while the drug still stays unlawful at the government level. Banks’ unwillingness to deal with cannabis-related payment implies that clients can’t utilize credit or debit cards to make buys. An absence of banking makes cannabis dispensaries focuses on robbers and thieves because of the substantial amount of money close by.

For them to make the industry’s vendors more comfortable and make the environment better, the digital currency Dash joined forces with blockchain startup Alt Thirty-Six in 2017 to coordinate Dash as a payment alternative in the cannabis business’ point of sale framework. Dash asserted that giving a cashless alternative could spare vendors up to 15 percent.