Hemp Spinoff Aims to Raise $50 Million and List on Nasdaq This Year
- Vertical Cos., valued at $285m, separates hemp CBD business
- Hemp focus will attract ‘more mainstream capital,’ CEO says
Hemp plants
Photographer: Taylor Weidman/BloombergThis article is for subscribers only.
California-based cannabis producer Vertical Cos. has raised $58 million in a funding round that values the company at $285 million, the first step toward listing its hemp spinoff on the Nasdaq.
The Series A financing was upsized from an initial level of $20 million, with most of the funding coming from high-net-worth investors and family offices, Vertical said Tuesday. The funding details are being released as the company completes the spinoff of its hemp-focused business, Vertical Wellness, today.