Cryptocurrency is already a controversial topic as it is since it still falls under a grey area. There are not enough regulations worldwide to address issues concerning cryptocurrencies. And though there are small changes happening in different parts of the world such as the US Securities and Exchange Commission possibly approving Bitcoin ETFs, there’s still a lot of work that has to be done in this industry.
What if you combine cryptocurrencies and cannabis? High Times did just that. It announced its plan to enter the crypto industry with its Initial Public Offering.
For the cannabis industry, High Times has been considered as the holy grail of cannabis publications. It has been considered an innovator and has played a vital role in the cannabis legalization movement in the past decades. And though cannabis is still considered federally illegal in the US, there are states such as that of Colorado that has now turned into a cannabis hub.
Cannabis and Cryptos
High Times announced that the IPO will be the first regulated A+ stock offering that will be accepting cryptocurrencies such as Bitcoin and Ethereum. According to CEO Adam Levin, he believes that the growth of cryptocurrencies all over the world can be enough in order to attract a bigger audience to invest in the IPO. According to him, “High Times has been at the forefront of well-known culture for more than four decades. Now we’re taking another step into the future, not only among 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”.
The partnership of cryptocurrencies and cannabis may not be something new. There were already others who made it possible to merge cannabis and digital currencies. In fact, recently, it was reported that Israel’s cannabis community starts accepting Bitcoin. Telegrass has over 100,000 members. You also have the likes of Potcoin, a marijuana cryptocurrency, that has tapped Dennis Rodman and even sponsored his trip to North Korea.
But what makes High Times’ attempt to merge crypto and cannabis the first of its kind is the fact that it is the first time that an IPO will be accepting cryptocurrencies. If you are interested in getting involved, you can now buy shares at $11 per share. With High Times’ presence in the cannabis industry, expect that there will be a great number of people who will be interested in the IPO. This is considered hitting two birds with one stone since it attracts not only those who are into cryptocurrencies but hardcore fans of High Times believing in the potential of cannabis.
IPO over ICO
High Times chose an IPO instead of an ICO. Levin commented saying that “Cryptocurrencies have created a new investor base over the world-we’re just giving them more stable possibilities for investment. Beginning with our Reg. A+ crowdfunding, we’ve been focused on providing everyone from retail investors to long-time fans more ways to own a piece of High Times”.
Merging cannabis and cryptocurrencies may be considered in its infancy but you many are already seeing the potential in this.