High Times Removes the Promised Support for Bitcoin (BTC)
The “world’s leading source for daily cannabis news, weed information and marijuana culture since 1974”, High Times, has changed its mind about Bitcoin’s (BTC) acceptance.
High Times, a famous cannabis news portal, announced last week that it would support Bitcoin and Ether, the Ethereum Network’s cryptocurrency, as an activity within its IPO through which the company intends to gain $ 50 million.
As reported in a press release, High Times CEO Adam Levin claimed that the company was “taking another step into the future, 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 ether as part of our public capital raise.”
After almost two weeks, the platform changed its mind by referring via a filing with the U.S. SEC that the latest statement was “a mistake“, respectively, High Times will not accept Bitcoin as it affirmed earlier.
“On August 3, 2018, the Company published a press release relating to its Regulation A+ offering stating that it would accept bitcoin as a form of payment for subscription to the Company’s shares,” the document cites, adding that:
“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.”
Surprisingly, the filing did not include information about Ether, the second crypto asset mentioned in the press release.
High Times’ IPO remains public via a Regulation A+ exemption, allowing investors to buy the company’s common stock. The sale will be completed either when High Times reaches its target of raising $ 50 million or on September 12 – the originally scheduled date.
Image Credits: Wendy McCormick