High Times Quietly Removes Crypto Payment Option From IPO Website

September 18, 2018
130 Views

Cannabis advocacy publication High Times is no longer accepting cryptocurrencies as a payment option for its ongoing initial public offering (IPO), CoinDesk has learned.

The twist marks the latest in the company’s efforts to raise $50 million from accredited investors, which it announced last month.

At the time, High Times said in a press release that it would accept bitcoin as a payment method for the fundraise. However, just days later the company reversed its stance in a filing to the U.S. Securities and Exchange Commission (SEC), saying that the press release announcing that bitcoin would be accepted “was distributed in error.”

Despite this filing, the company continued to accept bitcoin and ethereum as payment options, a spokesperson later told CoinDesk, though the company did not hold any cryptocurrencies. Rather, a third-party processor converted the cryptocurrencies into U.S. dollars, which were then sent to High Times.

“They issued the release to make the SEC happy,” the spokesperson said at the time.

Now, the bitcoin payment option has been removed entirely from the company’s investors page.

It is unclear what caused the latest reversal. However, another SEC filing shows that the IPO – which was originally set to end on September 12 – has been extended through to October 31.

High Times had not responded to a request for further comment at press time.

Marijuana farm image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/high-times-quietly-removes-crypto-payment-option-from-ipo-website/

You may be interested

Hands-On Preview of Samsung’s Galaxy S10 Phone Reveals New Crypto Details
Crypto News
49 views
Crypto News
49 views

Hands-On Preview of Samsung’s Galaxy S10 Phone Reveals New Crypto Details

btcethereumadmin - February 22, 2019

A hands-on preview of Samsung’s just unveiled flagship phone, the Galaxy S10, reveals new details of the device’s upcoming crypto…

Thailand Green Lights Issuance and Trading of Blockchain Securities
Crypto News
34 views
Crypto News
34 views

Thailand Green Lights Issuance and Trading of Blockchain Securities

btcethereumadmin - February 22, 2019

The Thai government is moving to allow blockchain-based securities to be issued and traded in the country. According to a report…

Bitcoin Remains On Hunt For $4.2K Despite Price Consolidation
Bitcoin
36 views
Bitcoin
36 views

Bitcoin Remains On Hunt For $4.2K Despite Price Consolidation

btcethereumadmin - February 22, 2019

View Bitcoin’s low-volume price consolidation has taken the shape of a bull flag on the 4-hour chart. A break above…

Leave a Comment

Your email address will not be published.