Fully integrated cannabis brand Vertical Companies is expanding its reach as a multistate operator with the acquisition of UMBRLA Holding Company and Brands for $462.5 million.
Why It Matters
The acquisition of UMBRLA positions Vertical Companies as one of the largest MSOs in the cannabis industry, Vertical said in a Monday press release.
UMBRLA is in the process of consolidating several subsidiaries in the space with activity in Arizona, California, Nevada, Oklahoma and Oregon. The companies earned $32 million in 2018, according to Vertical.
Once merged, the companies are expected to generate $100 million in cannabis revenue in 2019 and $321 million in 2020. The company has plans for cultivation and distribution in Oregon and California and several cannabis brands. in its operations.
Vertical said it intends to resemble major multinational ventures in the alcohol…