Failed cannabis CEO Peter Horvath, formerly of Green Growth Brands (CSE: GGB) has taken on a new role within the cannabis space, this time as CEO of Hightimes Holdings, the magazine turned dispensary operator that is set to soon IPO. Horvath recently left Green Growth suddenly following the shuttering of the firms CBD division, an event which was blamed upon the coronavirus.
The press release issued by High Times was quick to point out Horvath’s past successes, including his senior roles at L Brands (NYSE: LB), American Eagle Outfitters, DSW, and his experience in taking Green Growth public in 2018 via a reverse takeover transaction. It also highlighted the success of Green Growth seen in 2019, stating, “During 2019, GGB introduced the Camp, Green Lilly, and Seventh Sense CBD and Cannabis brands to over 400,000 consumers in over 200 locations across the country.“
The release however doesn’t comment on the consistent capital infusions into GGB required under Horvath’s leadership from that of All J’s Greenspace, a firm backed by the Schottenstein family, the failed Aphria takeover bid, or the ultimate shuttering of Seventh Sense as a whole and the entering of receivership due to the business being entirely unprofitable.
Horvath will be leading the go-public of High Times, with a focus on operating the 13 retail dispensaries the firm recently acquired from Harvest Health and Recreation (CSE: HARV), along with a number of other dispensaries that the corporation has amassed as of late. He’ll also be focused on converting the firms loyal following to that of a retail customer, both online and at its brick and mortar locations.
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.
Adam Levin, Executive Chairman of Hightimes Holdings
Hightimes Holdings is set to IPO on the OTCQX under the symbol “HITM”, with shares currently being offered at a price based on an already approved 11:1 forward split. While the company is still currently raising funds in its $50 million initial public offering, a final date for listing has not as of yet been set.
Information for this briefing was found via Sedar, Green Growth Brands, Yahoo Finance, and Hightimes Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
