High Times IPO IS Accepting Bitcoin and Crypto Payments via Fund America to USD Conversion
High Times To A Now Accept Crypto Payments For Ongoing IPO
In an unforeseen turn of events, cannabis publication High Times just announced that they are going to be accepting cryptocurrency in its ongoing Initial Public Offering (IPO).
Notably, in August, we had reported that the marijuana advocacy group had changed their mind on accepting cryptos. Initially, the company had said that the IPO can be paid for with Bitcoin and Ethereum, however, they changed their mind. They did a U-turn on the decision again today.
The reason for the initial walk-back was due to concerns expressed by the SEC after the company initially said it would accept bitcoin, which mainly revolved around whether High Times would directly receive cryptocurrencies.
High Times representative Jon Cappetta reinforced that the company is, in fact, allowing bitcoin and ethereum as payment options. Capetta even added that the regulatory filing was only made “to make the SEC happy.”
“We're accepting [cryptocurrencies] as a payment option, but technically Fund America takes the bitcoin and ethereum … It's similar to the way if we were doing an international IPO, and we were accepting the pound or the euro, those guys aren't accepting that money, they're converting it to [dollars].”
Nevertheless, High Times is still distancing themselves from cryptos. They are not taking or holding any cryptocurrencies – rather, a third-party processor called Fund America is taking the two cryptocurrencies and converting into U.S. dollars, which the company will then receive.
The IPO is going really well and the company hopes to get a direct listing. The Regulation A [fundraising] of the IPO is going to close on the 12th of this month, and then from there, the listing process will begin.