After a couple years struggling with finding a profitable business model that’s sustainable over the long-term, High Times Holding Corp., owner of High Times Magazine, Dope Magazine, and other cannabis brands, might have struck the right key. The company is announcing a new CEO, Stormy Simon, former President of Overstock.com Inc (NASDAQ: OSTK).
Along with the new CEO, High Times says it will be developing a physical and virtual cannabis distribution businesses, leveraging its brand name, as well as the unparalleded access to many leading, hard-to-find brands in the space through its Cannabis Cups. The ultimate goal is to finally monetize the millions of readers the numerous publications under the High Times umbrella receive every month.
“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,” Stormy Simon said.
“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.”
Former President and CEO Kraig Fox has resigned as President and CEO of Hightimes. Executive Chairman Adam Levin will remain in his current role
After less than one year running the company, Kraig Fox president and CEO. He will, however, continue to advise the company in entertainment and equity deals arenas.. Executive Chairman Adam Levin will retain his current role.
On the assignment of Simon, Levin said, “Stormy Simon, who rose through the ranks at Overstock.com during her 15-year tenure with the company, has extensive international business relations and marketing experience, and is highly skilled at breaking down and rebuilding departments. Stormy revolutionized Overstock.com’s marketing department, and then its customer service department, during an uncharted time in e-commerce history, eventually leading Overstock.com to increase its revenues from $20 million to over $2 Billion. For the past two years, Stormy has served on the Hightimes Board of Directors; in addition to her new role as Chief Executive Officer, she will continue to serve as a member of the Company’s Board of Directors.”
Photo courtesy of High Times.