In an Apparent First, High Times to Accept Crypto in Its Initial Public Offering

Cannabis culture media organization High Times is supposedly the first company to accept cryptocurrencies in an Initial Public Offering.

Cannabis culture media organization High Times Holding Corp. will accept cryptocurrencies in its Initial Public Offering (IPO), High Times reports Aug. 2. In doing so, it will reportedly be the “first traditional stock offering ever to accept investments” in cryptocurrencies.

The “preeminent source for cannabis information since 1974” will accept Bitcoin (BTC) and Ethereum (ETH) in an effort to cast a wider net in attracting investors to the company. High Times CEO Adam Levin said:

“While we didn’t believe that the ICO [Initial Coin Offering] 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.”

Ahead of the IPO, High Times has filed a Regulation A+ report with the U.S. Securities and Exchange Commission (SEC). The report details $29 million dollars of reduction of negative equity, debt reduction, and decreases in operating losses.

Following an SEC rule change in 2015, Regulation A+ allows startups and small companies to “use a ‘mini’ [IPO]” to attract customers to become potential investors. Under the regulation, small businesses can crowdsource up to $50 million from members of the public.

Previous to the rule change, private companies could only seek investment from accredited investors, who are often the smallest and wealthiest portion of the population. Investors will be able to purchase shares in High Times for $11, a price the organization claims is a 10 percent discount on the strike price when it becomes listed on the Nasdaq later this year.

Levin said that accepting crypto is part of the organization’s mission to be “at the forefront of popular culture… 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 Ethereum as part of our public capital raise.”

Cryptocurrencies have previously been regarded as a tonic to the U.S. cannabis industry’s banking woes. While state ballot initiatives have made marijuana usage legal in a number of states, federally backed banks refuse to offer services to cannabis businesses. While customers prefer to pay with cards, dispensaries are confined to only accepting cash, which also makes them a target for robbers.

Last year, the Dash network began implementing Dash as a payment option in the cannabis industry’s point of sale (POS) devices. In doing so, Dash reportedly aims to save the industry 10-15 percent, as the decreased flow of paper money will stymie the need for armored cars, cash boxes, safes, and guards.

A Message from a Frustrated Buyer: Can somebody explain to me why I can’t buy large amounts ETH/BTC instantly?

I remember when I first bought ETH in June, 2017, I bought through Coinbase. It was a small purchase and that was all I wanted then.

Come 2018 and it’s August. I’m watching this crash, and I want to buy. I want to hop in. Yet, it’s been over a year, and still things are somehow exactly the same. Coinbase is essentially the only fucking place I can buy ETH or BTC instantly. The fees are high and, even worse, there’s a daily cap on it — and as an added bonus, there’s now a fee of $3 for “cash advance” when I use my debit card.

Why is there little to no options when it comes to buying crypto with USD instantly?

How can something so fundamental to the success of crypto markets be so goddam difficult? Explain this to me.

I really want to buy crypto now to take advance of these prices, but I can’t. Not only have I no means of buying ETH or BTC in large amounts to get the altcoins I want to snag at these prices RIGHT NOW, but having to wait 3-4, sometimes even a week, just to get my USD deposit “in” to buy ETH or Bitcoin is mind-blowingly stupid.

How could prices not collapse then, given this system? With such a gap between the ability to put money in and then trading on an exchange, this means that no price point can be acted upon immediately. Instead, we have this lag. And this lag always spirals into worse crashes than are expected. This is because nobody can take advantage of these prices and put a significant amount of money in immediately.

Seriously, have you ever took a step back and thought: why is it such a tenuous process to just fucking buy some crypto? ‘Oh wow, look at that, [insert altcoin here] is at an excellent price… oh wait, I would have to wait 3 days for my ETH purchase to go through, so nevermind’… just ask yourself how many are discouraged because of this reason alone.

Where is the liquidity? How could it be one year, and still I can’t buy $1000 worth of ETH or BTC instantly so I can trade for some alts? This is such a basic problem that still is, for some bizarre reason, exactly where we were a year ago. What exactly has changed? For such a fundamental aspect of the crypto market, I’m baffled by this. We have crypto projects out the ass, all flavors and kinds of shitcoins, but where’s the basic stuff… yanno, the buying instantly with USD part? Is that really too much to ask?

submitted by /u/Antonomon
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