Last month, the company revealed that it may cease publication of the 45-year-old magazine due to financial troubles
Embattled, iconic weed publication High Times has replaced its president and CEO after just months in the position.
High Times Holdings announced the resignation of former Dick Clark Productions exec Kraig Fox this week, replacing him with former Overstock president Stormy Simon. Executive Chairman Adam Levin will remain in his current role with the company.
Fox, who was hired in April 2019 in the hopes of spinning the stoner mag into a promotor and hose of cannabis-related events, entertainment, and conferences, resigned on Christmas Eve.
“I’m honored to take on this role at such a pivotal time for this iconic brand. The cost of customer acquisition has plagued the cannabis industry thus far, but utilizing the High Times brand’s global audience, we should be able to monetize our traffic by connecting consumers to cannabis products at an unprecedented scale,” Simon said in a statement issued Monday.
“Like millions of other people, I have trusted High Times for years and I can’t wait to use my experience to help develop the next iteration of our business: delivering the best products into consumers’ hands.”
Simon is no stranger to cannabis, having served on the Advisory Board of CannaKids, a California-based brand of medical cannabis products marketed to “patients of all ages.”
The company remains indebted to its ousted leader, owing Fox approximately U$125,000 for “expenses and lease payments,” according to its SEC filing. Although it is not expected to repay the former CEO until it takes in at least $5 million – either via loans, crowd-sourcing, or other avenues of securing funding.
Last month, the High Times Holdings revealed that it may cease publication of the 45-year-old magazine due to its financial troubles.
“Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the company’s ability to continue as a going concern for one year from the issuance of the financial statements,” the company stated.
Despite its money woes, High Times Holdings has acquired an array of cannabis media, like Dope and Green Rush Daily, over the past few years.
As of last month, the company was over $100 million in debt.
Written by Emma Spears