Vertical Cos., a medical and adult-use cannabis brand and distribution business based in Agoura Hills, closed its Series A financing round with $58 million on Tuesday.
The company increased its Series A funding from $20 million to $35 million last year due to investor demand, according to a statement from Vertical.
With the Series A round closed on March 31, the total amount raised by the company, including seed funding, is $65 million.
The new money will be invested to expand infrastructure and market its products.
Vertical is an umbrella company, with Vertical MSO acting as the operations arm with more than 1.9 million square feet of cannabis cultivation expected in 2019; V Brands Management handles an IP portfolio; Vertical Distribution handles sales and marketing; and Vertical Wellness caters to hemp-based CBD users.
“I set out to build something special with Vertical more than five years ago by investing early in anticipation of the eventual legalization of cannabis,” Todd Kaplan, founder and chief executive of Vertical Cos., said in a statement. “This financing announcement marks a giant step closer to our goal of building the best-run cannabis business in the industry. I want to thank all our investors and partners, our team and everyone who helped get us to this point.”
Investors include Merida Capital Players, a leading cannabis industry private equity fund, as well as other players in the alcohol distribution and brand sectors.