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

Cannabis culture media organization High Times Holding Corp. will accept cryptocurrencies in its Initial Public Offering, High Times reports Aug. 2.

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 and Ethereum in an effort to cast a wider net in attracting investors to the company.

Ahead of the IPO, High Times has filed a Regulation A+ report with the U.S. Securities and Exchange Commission.

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.

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.

Last year, the Dash network began implementing Dash as a payment option in the cannabis industry's point of sale devices.