At the start of this month, news struck that the High Times Holdings IPO would accept both Bitcoin and Ethereum. When the press release hit the market, the cannabis industry, as well as the crypto industry, shrieked with joy. But now that's not happening.
High Times Holdings IPO: No More BTC or ETH
A recent filing with the SEC has revealed that High Times Holdings, which is a cannabis media firm, will not be accepting Bitcoin in its IPO.
This could be considered a blow to many. First, it would have made High Times the first cannabis brand to accept cryptocurrency investments. Second, it likely would have introduced those in the cannabis sector with those in the crypto industry.
But according to the SEC filing, there was never an intention to accept Bitcoin and Ethereum in the High Times Holdings IPO. According to the firm, the announcement was a mistake.
Specifically, it "was distributed in error," and High Times "will not be accepting Bitcoin."
Curious
A few people have said that cannabis is the new cryptocurrency, while others are saying that the two work well together. That's why High Times canceling its plans to accept Bitcoin and Ethereum is so curious.
Virtual currencies can solve common problems in the cannabis sector, and Adam Levin, CEO of High Times, even said that cryptocurrencies have opened up a whole new "investor base."
What About Ethereum?
The SEC High Times Holdings filing did not mention Ethereum, but one can presume that if Bitcoin is not being accepted, ETH won't be either.
The Takeaway
If you're interested in cannabis and cannabis alone, this news shouldn't bother you. But if you're both a cannabis investor and a crypto investor, sorry to be the one to break the news about updated IPO.
Still, there are lots of other things happening in the sector! Check back tomorrow for more cannabis news.
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