High Times Magazine, the prominent but struggling pot publication, is looking to shift away from its stoner reputation and focus on covering the broader culture as marijuana shifts to the mainstream, says CEO Stormy Simon, who just took the helm last week.
Simon takes over as the 45-year-old company looks to monetize its business, expand its digital footprint, create an online e-commerce marketplace, and make a mark in retail stores as it pivots toward a “physical and virtual” cannabis distribution business, the company said in an SEC filing.
“Cannabis, by nature, has been a subculture,” she said. “So High Times was a part of that, almost carrying that load alone, as far as spreading the word, and now it is a culture of society. Everyone is curious about cannabis, they’re trying it out.”
High Times’ iconic role in cannabis culture and history hasn’t saved it from problems plaguing the media industry. In December, Hightimes Holdings, the magazine’s parent company, disclosed in an SEC filing it may have to shut down operations due to “recurring operating losses, net operating cash flow deficits, and an accumulated deficit.” In the preceding months, a spate of negative headlines foreshadowed the news. The company lost a 3-month-old chief financial officer amid a challenging initial public offering and laid off a majority of employees at subsidiary Dope Magazine.
Such was the state of the company when Simon, formerly of e-commerce retailer Overstock, took the helm.
On Tuesday, she seemed undeterred: “We’re the oldest startup I’ve ever seen. Any startup has concerns.”
Though she said the company is “always concerned” with potential obstacles as federal legalization remains out of reach, “we’re a part of the industry, a big part of it, with a big brand and so we plan to push that even harder,” she said.
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Shopping expert Trae Bodge discusses how talks between the U.S. and China is good news for now, but uncertainty remains for back-to-school and the holidays.
Jake Traylor, White House reporter at Politico, joins Cheddar to discuss how Trump is aiming to lower drug prices and how it differs from Biden's approach.
DJ X, alongside Molly Holder, Senior Director of Product Personalization, takes us inside Spotify's A.I. DJ and how it's the best new way to listen to music.
Sheryl Palmer, CEO of Taylor Morrison, talks tariff uncertainty, being a female leader in a male dominated industry and what homebuyers need to know. Watch!
