While capital continues to flow into cannabis companies, iconic ’70s stoner company High Times has stepped up with a Reg A+ public stock offering to raise money under the 2012 US Jobs Act.
The deal faces a healthy dose of risk since High Times remains deeply in debt as it seeks to grow its events business and reverse a decline in its magazine and other publishing units.
In an Aug. 3 press release, High Times said it would accept Bitcoin payments for potential investors to buy stock. But in an Aug. 13 filing with regulators, High Times admitted the release was distributed in error and that it would not take Bitcoin as payment for shares. The company did not elaborate on how the mistake was made or why it would not accept Bitcoin.
However, High Times continues to accept checks, credit cards, ACH or wire transfers as payment for subscription to is Reg-A+ share offering.
While High Times is allowed to raise up to $50 million under Reg-A+ offering rules, it apparently has not yet reached its fundraising goal, since it’s extending the offering period for the stock sale until Sept. 12. That’s also the date that a cash payment