LOS ANGELES--(BUSINESS WIRE)--Following an extensive search, Vertical Wellness announced today it has appointed John Philpott as Chief Financial Officer.
Vertical Wellness (VWEL) is a leading multi-national vertically integrated brand company in the Hemp-based CBD industry. Headquartered in California, Vertical Wellness has operations in Arizona, California and Kentucky. VWEL has over 2,500 acres of hemp growing on partner farms and is positioned as one of the leading CBD and other cannabinoid producers in the world. Philpott is a seasoned finance executive with over twenty-five years experience in the life science, technology and alternative energy industries, with a focus on developing small late-stage private and early-stage public companies into their next phase of growth.
“John’s global financial experience across a variety of industries will serve Vertical Wellness and our stakeholders well,” said CEO Smoke Wallin. “His experience as CFO of multiple NASDAQ traded companies and his exposure to both life sciences and alternative energy position him well to be an immediate contributor to our success. We are excited to have him as a key member our executive leadership team.”
Philpott’s most recent position was CFO of a sports training and medical facility, where he reorganized the corporate structure to optimize the tax and accounting benefits, brought in-house all administrative functions and managed all contracts.
Prior that position, he held CFO and Advisory roles in a number of different companies. Philpott was Chief Accounting Officer of a $2 billion staffing services organization, where he assisted in the restructuring of $650 million in debt. Also, prior to completion of its IPO, Mr. Philpott joined a wireless filter design company, which licensed its design to a variety of customers. He established all SEC financial and accounting reporting, processing and related controls, as well as overseeing contract negotiations and management, IR and FP&A.
Philpott started his professional career spending over eight years at Ernst & Young before joining one of his clients, Miravant Medical Technologies, as CFO the next eleven years. Miravant was a pharmaceutical drug and device company working in the therapeutic areas of oncology, ophthalmology, dermatology and cardiology. Philpott joined the company when it was in start-up phase, and he assisted in taking it public and through subsequent financings, raising over $300 million in various equity, debt, partnering and licensing transactions. Philpott is a CPA and has an MBA from UCLA. He is also on the Board of two non-profit charities, and he is finance chair and Executive committee member for one of the non-profits.
“I want to thank Bill Sutman, on behalf of Vertical, for leading the finance team as CFO of all the Vertical Companies since January 2019,” added Wallin. “Under Bill’s leadership, Vertical closed on over $65 million in a Series A financing, before spinning off Vertical Wellness into a separate company on April 30. With Vertical Wellness’s planned public listing on NASDAQ or the NYSE, it was time to have a dedicated CFO for that business. Bill will continue his role as CFO of the Vertical Companies licensed medical cannabis businesses.”
About Vertical Wellness™
Vertical Wellness is a leading multi-national vertically integrated brand company in the Hemp-based CBD industry. Headquartered in California, Vertical Wellness has operations in Arizona, California and Kentucky and over 2,500 acres of hemp growing in 2019. Vertical is led by an executive team of entrepreneurs and business leaders from the alcohol beverage, agriculture, CPG, distribution, entertainment, food, healthcare, and medical industries. Our mission is to have the largest scale hemp supply chain and launch the most innovative portfolio of CBD brands in the marketplace.