Debra Borchardt
Like a broken record, High Times has seen another CEO depart and has extended its Reg-A offering yet again.
Horvath Out
High Times just posted a filing with the SEC announcing that CEO Peter Horvath has resigned from his position as Chief Executive Officer and Director effective immediately. The resignation was dated January 25th. The filing stated, ” To our knowledge, Mr. Horvath left his position for personal reasons and there was no dispute or disagreement between Mr. Horvath and the Company.”
“On January 25, 2022, Paul Henderson, the Company’s President and interim Chief Financial Officer, was appointed to the position of CEO and a director on the Company’s board of directors. Mr. Henderson will also continue in his roles as President and interim Chief Financial Officer. Christopher Chabot, who has acted as an operations consultant for the Company since March of 2020, has been appointed to fill the position of Chief Operating Officer.”
High Times has had trouble keeping a CEO. Horvath seems to have lasted the longest in a while. He was CEO since May 2020. Former CEO Stormy Simon was out at Hightimes Holding Corp. after just four months. The Horvath hire was meant to align with High Times’ recent acquisition of pending and operational licenses from Harvest Health & Recreation, which was acquired by Trulieve (OTC: TCNNF). Prior to Simon was Kraig Fox. Chairman Adam Levine stepped down from the CEO role when Kraig Fox stepped in to lead the company through its efforts to go public and shift towards a plant-touching business. Fox was hired in April 2019 and left nine months later. Fox’s background as a Senior Managing Director of Guggenheim Partners where he focused on Guggenheim’s overall strategy in the media and entertainment spaces as well as the management of its media and entertainment investments was seen as an asset.
Levine often signs the company’s securities filings versus the CEO leading many to believe that Levine is really leading the company and that the CEO’s are often just figureheads.
Reg A Extended
In addition to the departure of Horvath, with days left on the latest offering extension, Hightimes Holding Corp., elected to extend the company’s existing Regulation A+ offering until as late as March 31, 2022.
The Offering is presently paused pending the company’s completion of an audit of its 2019 and 2020 annual consolidated financial statements and preparation of unaudited consolidated financial statement for the six months ended June 30, 2020, and June 30, 2021, the filing with the SEC of the Company’s annual report on Form 1-K for the year ended December 31, 2019, the semi-annual report on Form 1-SA for the six months ended June 30, 2020, the filing of the Company’s annual report on Form 1-K for the year ended December 31, 2020 and the filing of the Company’s semi-annual report on Form 1-SA for the six months ended June 30, 2021.
