From nicotine gum to cannabis: Wrigley billionaire leads $65M investment in medical cannabis startup
William “Beau” Wrigley Jr., the scion of a family group that built a chewing gum kingdom, chose to endeavor in to the medical cannabis company. The previous president and CEO of gum manufacturing giant Wm. Wrigley Jr. Co. has led a $65-million capital round for medical cannabis startup Surterra health.
Surterra health is dependent in Georgia with licenses to work medical cannabis dispensaries and cultivation facilities in Texas and Florida.
Who’s Beau Wrigley?
Wrigley overran the gum that is multibillion-dollar candy business that his great-grandfather founded after the loss of their daddy in 1999. He then led it through the purchase of brands like Life Savers and Altoids from Kraft Foods’ candy unit.
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In 2008, Wrigley helped orchestrate the $23-billion purchase of these family members company to candy-maker Mars. He left the ongoing business this year and now backs companies via an investment that is individual that is situated in West Palm Beach, Florida.
The Wrigley that is 54-year-old first in Surterra health in September Year last. Its their very first direct investment in the cannabis industry.
cbdoilrank discount Surterra’s need for money
The startup is increasing funds since 2015, as well as the Series C direct equity investment led by Wrigley brings the capital that is total raised to over $100 million.
Surterra intends to utilize the new capital to improve its operations, in addition to to grow its company to many other states by winning procedure licenses and through purchases. Moreover it intends to utilize the financing to analyzemarijuana’s remedy for conditions like anxiety and discomfort.
Wrigley as president of Suterra’s board
Furthermore, Surterra has established the Wrigley will soon be joining its board as chair. But, they would not reveal the worth of his stake when you look at the company.
Wrigley additionally functions as president of investment company Wychwood resource Management, which includes investment capital and equity that is private.
Wrigley told the Chicago Tribune he hasn’t been stoked up about a business in a really time that is long. He said that this investment is mostly about assisting people, offering individuals life that is normal permitting them to visit college, and enabling them become normal people of culture.
He added that it’s incredible to create this type or form of possibility in an industry this is certainly “starting from scratch.”
an excellent indication for the cannabis industry?
Surterra CEO Jake Bergmann stated that Wrigley getting involved with their company reveals that cannabis has already been losing a number of its stigma. It really is perhaps perhaps not socially unacceptable anymore to be engaged within the cannabis industry, he added.
Also, Bergmann stated that it’s “great to own verification” from A credible business and brand frontrunner that the cannabis industry is “indeed a professional industry” and that it offers developed.
Bergmann stated that the expansion of Surterra to Illinois is a chance. The cannabis that are medical in this state continues to be in pilot stage, with The dispensaries that are first exposed just in belated 2015. The medical cannabis client count in Illinois, nonetheless, has recently grown to significantly more than 42,000.