Parent of Hightimes Magazine Raising Up to $50 Million in IPO to Fund Growth
High Times Holding will accept investments in the form of Bitcoin and Ethereum, the first traditional IPO to incorporate cryptocurrencies, IPO Edge has learned.
High Times, which owns the namesake magazine and operates the legendary Cannabis Cup events, plans to raise up to $50 million in a Regulation A+ offering open to any investors. The decision to accept Bitcoin and Ethereum will open the IPO to an even more diverse group of investors, according to High Times CEO Adam Levin.
“High Times has been at the forefront of popular culture for more than four decades,” Mr. Levin said. “Now we’re taking another step into the future, as not only 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.”
To be clear, High Times will accept Bitcoin and Ethereum but the cryptocurrencies will be converted to U.S. dollars as part of its overall IPO funding.
High Times, which doesn’t actually grow or sell marijuana, plans to take advantage of the recent rapid legalization of cannabis – already in 29 states and soon all of Canada for recreational use.
Legalization will mean more demand for cannabis-focused media content in the form of digital and print, not to mention events and paraphernalia. And the High Times brand is known even among those who don’t currently use marijuana, suggesting its value could increase as more non-users decide to consume cannabis once it’s legalized.
High Times share are being offered at $11 each. As IPO Edge explained in this detailed analysis, High Times has unparalleled brand strength in its industry, which could put the company on the right side of a winner-take-all outcome.