Team Of Marijuana Magazine To Accept Investment In Crypto
High Times, a magazine on the culture of marijuana use founded in 1974, will sell its shares for crypto. Thus, the media will become the first traditional joint-stock company to accept tokens as investments.
The New York magazine's team plans to organize the initial public offering (IPO) of shares, which investors can buy for bitcoins and ethers. According to the High Times management, this step will help expand the base of potential investors for their media.
The team of the magazine will conduct an IPO under the Regulation A+ protocol, agreeing on the procedure with the US Securities and Exchange Commission. High Times will be able to hold a "mini-IPO" and collect no more than $50 million based on this document, but the Commission will cover the company's debts, taxes, and operating expenses amounting to $29 million.
The Regulation A+ principle is to turn buyers into investors. Earlier, startups and small companies were allowed to cooperate with only a few accredited investors. Within the future IPO, High Times clients can purchase shares for $11 and receive a 10% discount after they are placed on the Nasdaq stock exchange.
High Times describes itself as "an authoritative source of information on cannabis since 1974". The magazine’s team believes that crypto will allow it to keep up with the popular culture. The US government is ambivalent about marijuana and companies related to this product. However, the High Times magazine was the first among such organizations to get shares on Nasdaq.
As previously reported, the Australian government allocated a grant to the blockchain startup for tourism.