Vertical, a California marijuana producer, closed a $58 million funding round, led by Merida Capital Partners. Smoke Wallin, Vertical's president, said the round will lay the groundwork for the company to spin off its hemp and CBD business into a standalone entity. They'll seek to list the CBD business, Vertical Wellness, on the NASDAQ by the fourth quarter of this year. Vertical, a California marijuana producer, closed a $58 million funding round to lay the groundwork for its hemp and CBD spinoff to go public on the NASDAQ this year.