From gum to cannabis: Wrigley billionaire leads $65M investment in medical cannabis startup
William “Beau” Wrigley Jr., the scion of a household that built a gum that is chewing kingdom, decided to endeavor to the cannabis that are medical. The previous president and CEO of gum giant that is manufacturing. Wrigley Jr. Co. has led a $65-million capital round for medical cannabis startup Surterra health.
Surterra health is based in Georgia with licenses to work medical cannabis dispensaries and cultivation facilities in Texas and Florida.
That is Beau Wrigley?
Wrigley annexed the multibillion-dollar gum and candy company that their great-grandfather created after the death of their dad in 1999. Then he 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 season and now backs organizations via an investment this is certainly individual that is located in western Palm Beach, Florida.
The 54-year-old Wrigley first invested in Surterra Wellness in September this past year. It is their very first investment that is direct the cannabis industry.
Surterra’s need for money
The startup happens to be increasing funds since 2015, additionally the Series C direct equity investment led by Wrigley brings the capital that is total raised to over $100 million.
Surterra intends to make use of the new money to boost its operations, along with to grow its company with other states by winning operation licenses and through purchases. Additionally intends to make use of the money to researchmarijuana’s treatment of conditions like pain and anxiety.
Wrigley as president of Suterra’s board
More over, Surterra has established the Wrigley will soon be joining its board as seat. Nonetheless, they would not reveal the worth of his stake within the business.
Wrigley additionally functions as president of investment company Wychwood resource Management, that has investment capital and personal equity passions.
Wrigley told the Chicago Tribune which he hasn’t been worked up about a company in a really time that is long. He said that this investment is mostly about helping individuals, providing individuals normal life, allowing them to go to college, and enabling them to be normal members of society.
thc stands for He added it is incredible to create this style of possibility within an industry this is certainly “starting from scratch.”
a sign that is good the cannabis industry?
Surterra CEO Jake Bergmann said that Wrigley getting taking part in their company suggests that marijuana has already been losing a number of its stigma. It really is perhaps maybe not socially unsatisfactory anymore to be concerned into the cannabis industry, he included.
Additionally, Bergmann stated it is “great to own verification” from a legitimate brand name and company frontrunner that the cannabis industry is “indeed a professional industry” and therefore it offers developed.
Bergmann stated that the expansion of Surterra to Illinois is a chance. The medical cannabis system in this state continues to be in pilot stage, with The dispensaries that are first exposed just in late 2015. The medical cannabis patient count in Illinois, nevertheless, has recently grown to significantly more than 42,000.