High Times Holding Corp., owner of the iconic High Times Magazine, Cannabis Cup Festivals, Dope Magazine, Culture Magazine, Green Rush Daily, The Big Show and Spannabis, is undergoing a management reshuffle as it comes closer to closing its Reg A+, pre-IPO capital raise.
What To Know
Ahead of an IPO projected for later this year, the holding company announced it has named media veteran Kraig Fox as its new president and chief executive officer. The previous CEO, Adam Levin, will transition to an Executive Chairman position.
Prior to joining High Times, Fox held executive positions at Live Nation Entertainment, Inc. LYV 0.25%, Eldridge Industries and Walt Disney Co DIS 0.21%'s Core Media, which owns a majority of the rights for "American Idol," Elvis Presley and Muhammad Ali, among others. In addition, Fox served as the Senior Managing Director of Entertainment and Media at Guggenheim Partners, bringing experience in public markets and M&A to the table.
“I believe that High Times is the most valuable and recognizable global brand in the cannabis sector and I am thrilled to be leading this rapidly expanding organization,” Fox said in a press release. “This is an exciting time for cannabis globally, and I’m thrilled to be at the helm of this portfolio of properties and brands as we continue to expand both organically and through acquisitions.”
Why It's Important
High Times has been placing strong bets on becoming the leading holding company for cannabis-focused media and events. In the past 18 months, the company acquired Green Rush Daily for $7 million, Dope Magazine for $11 million, the Big Show and several other properties listed above. Its most recent acquisition, Spannabis, provided the company with access to the European market through the larger cannabis convention in the world.
Ahead of its proposed public debut, High Times is undergoing a larger corporate restructuring aimed at stepping up its content and products. Recent changes include the naming of Jon Cappetta as VP of content, Christina Heintzelman as the new publisher of Dope Magazine and Mark Kazinec as the new Director of Events.
Kraig Fox isn't the only Mr. Fox connected to High Times: last year, the company named former Mexican President Vicente Fox to its board of directors.