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Vertical Companies announced it closed its Series A Financing Round at $58 million. The original offering was upsized from $20 million to $35 million due to investor demand and was further oversubscribed by an additional $23 million.
What Happened
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Vertical Companies, which has raised $65 million so far, will use the capital to build out its multi-state infrastructure and bring its brands to market. The company incorporates Vertical MSO, a multi-state medical and adult-use cannabis operator; V Brands Management, which holds a large brand IP portfolio; Vertical Distribution, which focuses on sales and distribution operations in Oakland and Los Angeles; and hemp-based CBD company Vertical Wellness.
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The key investors in the offering include cannabis-focused private equity fund Merida Capital Partners and other global business leaders, including significant players in the alcohol distribution and brand space that Vertical did not disclose.
Why This Is Important
At $58 million, Vertical managed to close one of the largest Series A funding rounds in the cannabis industry. The company operates in Arizona, Kentucky and California, but also has strategic partnerships that allow it to take advantage of markets in the U.S. and globally.
The funding will allow Vertical to grow and strengthen its position as one of the largest cannabis CPG companies in the U.S.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.