High Times Holding Corp., the parent company of High Times magazine, appointed a new CEO, whose longtime retail expertise will help shepherd the publication into what shareholders hope will be its future: selling legal weed.
Outgoing CEO, Stormy Simon, was replaced by retail giant Peter Horvath in late April, 2020. Horvath is known for building Victoria’s Secret, American Eagle Outfitters and DSW. He is the former CEO of Ohio-based cannabis retailer Green Growth Brands, which went public in November 2018.
High Times and Retail
The news came shortly after High Times announced the acquisition of 13 cannabis retail outlets across California from multistate operator Harvest Health & Recreation. The move will give High Times an important and almost instant foothold in California’s cannabis market, which happens to be the largest in the world.
As High Times adds to its media and entertainment roots while venturing into the retail cannabis business, some regard the choice of retail giant Peter Horvath as an excellent move.
“This is a terrific opportunity for High Times. With his experience, exemplary reputation and track record, Peter Horvath is exactly the right fit to take us into the retail market,” Eleanora Kennedy, co-owner and longtime High Times board member told The Weed Blog.
“And his understanding of cannabis also makes him the perfect match to take the next step into retail,” Kennedy added.
Although there have been a lot of recent changes for the platform, High Times magazine, now in its 47th year as a monthly publication, as well as its popular webpage are valuable media assets that Horvath is hoping to leverage into the company’s retail future.
“The connection between media and retail is something we need to show respect for and know it’s part of the plan,” Horvath said in an interview with IPO Edge.
Changes for High Times
“All of the retail industry has seen a massive shift in consumer behavior and it’s been accelerated by COVID,” Horvath said. “It’s going to be very exciting to really be the first post-COVID cannabis company.”
Horvath’s experience taking companies public will come in handy as High Times continues to attract investors to be part of its Regulation A + public stock offering.
A Reg A+ offering allows private companies to raise up to $50 million from the general public and not just accredited investors. High Times currently has nearly 30,000 investors and the offering is still open.
“We are pleased to welcome Peter to the High Times family, and to be able to tap into his wealth of experience capitalizing on major consumer brands,” said High Times executive chairman Adam Levin.
“There are few executives with his retail experience in the mainstream world and, up to this point, none in the cannabis world with such an accomplished background,” Levin said.