One of the staples of the marijuana and THC industry, High Times magazine, recently named none other than former CBD exec Peter Horvath to be its new leader as the company makes a long-awaited move into retail. While the magazine has long advocated for the legalization and liberalization many of us are now enjoying, this new venture combines that insider knowledge with something the company might not have a lot of experience with and that is selling product.
Hightimes Holding Corp. Executive Chairman Adam Levin said of the hire, “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…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.”
In terms of the company’s retail aspirations, they outline as much in the press release for the hire.
“Horvath joins High Times during its ongoing Regulation A+ campaign, which will culminate with the company’s trading on the public markets. Having recently entered into an agreement to acquire 13 dispensaries from Harvest Health & Recreation, High Times is quickly on track to become one of the largest cannabis retailers in California. Following closing on the acquisition, High Times intends to rebrand the stores in its likeness. Consummation of the transitions contemplated with Harvest Health remain subject to certain closing conditions, including the receipt of certain regulatory and third-party consents. The parties are aiming to close the acquisitions no later than June 30, 2020, subject to the parties’ mutual agreement to extend the closing date,” the release says.
As for his own opinion, Horvath said of his hiring to the position of Chief Executive Officer, ”High Times is a unique brand with an important and rich heritage that deserves amplification and broader reach…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.”
The explosive growth of the nascent marijuana and THC-derived products industry has created something of a feeding frenzy for a piece of the action among companies – especially in California, one of the world’s largest markets. High Times may have an established name, but it also has some pretty tough competition facing it in the near future.