It turns out that the cannabis publication High Times is accepting cryptocurrency for its ongoing initial public offering (IPO) after all.
The publication announced at the beginning of August that it would accept bitcoin and ethereum for its IPO, but later walked back that announcement in an August 13 filing submitted to the U.S. Securities and Exchange Commission (SEC), as previously reported by CoinDesk.
Despite the move, however, bitcoin appears to have remained as a payment option on the company’s investment page.
When reached for comment, High Times representative Jon Cappetta confirmed that the company is, in fact, accepting bitcoin and ethereum as payment options. Cappetta told CoinDesk that the regulatory filing was made “to make the SEC happy.”
“Yes, technically we are accepting bitcoin and ethereum,” Cappetta told CoinDesk. However, High Times is not taking or holding any cryptocurrencies – rather, a third-party processor called Fund America is taking the two cryptocurrencies and converting into U.S. dollars, which the company will then receive.
“On the legal side, it’s a lot of jargon. There’s no real easy way to spell it out. They issued the release to make the SEC happy,” he said.
“We’re accepting [cryptocurrencies] as a payment option, but technically Fund America takes the bitcoin and ethereum … It’s similar to the way if we were doing an international IPO, and we were accepting the pound or the euro, those guys aren’t accepting that money, they’re converting it to [dollars].”