High Times Holding Corp., who owns the High Times magazine, has once again changed CEOs.
The company’s CEO Stormy Simon, who previously was at Overstock.com, stepped down after only four months on the job.
High Times made the news announcement this week in a press release and said that she is being replaced by Peter Horvath, former chief commercialization officer at American Eagle Outfitters and former chief operating officer for Victoria’s Secret.
Horvath recently ran cannabis retailer Green Growth Brands.
This is now the third CEO for the company in a year. Before Stormy Simon the company had Kraig Fox as its chief executive who stepped down last December after nine months on the job.
“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. 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,” Hightimes Holding Corp. Executive Chairman Adam Levin said.
“The team and I would like to thank Stormy for all of her hard work in getting us through this transition period, and we are excited to have her continue working with us on this mission to grow High Times into all the business areas it helped create.”
“High Times is a unique brand with an important and rich heritage that deserves amplification and broader reach, “ stated Horvath. “I think of brands like Glossier, who first earned high affinity followers through compelling and relevant content, and then demonstrated that you can also serve their followers through commerce. So, it’s been done before, I wouldn’t suggest that it will be easy, but we have all the resources to succeed. I look forward to joining Adam’s accomplished team at High Times, and I am intent on understanding, protecting, and building on the High Times legacy.“
High Times also recently agreed to acquire 13 operating and planned cannabis retail outlets in California from multistate operator Harvest Health & Recreation.
The deal is valued at $80 million, but will be paid with $5 million in cash and the rest in preferred stock and a promissory note.
The transaction is expected to close on June 30th.