California Cannabis Company Vertical Cos. Nears IPO after $285 Million Valuation
Vertical Cos
, a California-based cannabis company, has a diverse product portfolio of cannabidiol (CBD) and tetrahydrocannabinol (THC) products with an experienced president at the helm.
The President of Vertical Cos. and CEO of Vertical Wellness can be considered a true veteran of a somewhat similar market after he helped expand National Wine & Spirits into a $1 billion company. He also served as chairman and president of the Wine and Spirits Wholesalers of America.
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Over 35 brands of CBD products and over 50 brands of THC products are in development at Vertical. The cannabis sector within the United States is estimated to be worth between $20 billion by 2022. It is estimated that the market value could reach as high as $50 billion in 2022, but only if recreational cannabis is legalized on a federal level.
Smoke Wallin, Chief Executive Officer of Vertical Wellness, stated: “Cannabis is going to evolve just like every other packaged-good category. There are dozens of form factors, including topicals, smokables, beverages, edibles, and within edibles there are baked goods, tinctures, mints — our belief is that with each form factor certain brand sets will emerge.”
The company recently raised $58 million in a funding round which valued the company at $285 million. A second raised sum of $50 million is desired by Vertical’s CEO in order to create the path that lists the company onto the NASDAQ near the end of this year.
“Demand is going to go through the roof just based on distribution points and the ability to sell through mainstream retail,” said Wallin. “The consumer market is thirsty for this.”
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California Cannabis Company Vertical Cos. Nears IPO after $285 Million Valuation
