In financial difficulty, Hightimes Holding Corp. has a new CEO, his third since December
Tense situation at High Times, the company, which owns the magazine, has appointed Peter Horvath, the last CEO of Green Growth Brands, to replace Stormy Simon, who resigned Monday after four months of service.
Horvath went public with Green Growth Brands in November 2018 but announced in April that it was in a $ 5 million deficit and that it was in the process of selling all of its cannabis dispensaries.
Simon, former chairman of publicly traded Overstock.com, was called on as CEO in January to replace Kraig Fox, a former Dick Clark Productions executive who resigned last Christmas Eve after just nine months on duty.
Shortly after accepting the job, Simon said she would run for Congress at the Democrats' primaries in Utah. She still remains on the board, the company said.
Horvath, former general manager of Victoria's Secret, will be paid $ 100000 a year, according to regulatory documents. His compensation will be increased to $ 400000, plus 600000 in restricted share units if he helps the company raise an additional $ 20 million in equity.
Hightimes Holding, which belongs to the private equity firm Oreva Capital, has been trying to raise funds through a crowd-funded IPO, known as Reg A +, since 2018.
The company says it has more than 30000 shareholders and has raised $ 20 million.
On May 5, a spokesperson told The Post that the IPO would end in the next ten days. Hightimes Holding, which recently suspended print editions of Dope and Culture magazines, reoriented its activities towards the sale and distribution of cannabis-based products.
It recently agreed to pay $ 5 million in cash, and issue a $ 7,5 million promissory note and 675 preferred shares to take over the shares of five retail locations in Harvest Health, California, with an option to buy eight other stores.
The company said it hopes to complete the acquisition of Harvest Health by June 30.