From nicotine 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 empire, chose to endeavor into 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 relies in Georgia with licenses to work medical cannabis dispensaries and cultivation facilities in Texas and Florida.
cbd c That is Beau Wrigley?
Wrigley took over the multibillion-dollar gum and candy business that their great-grandfather established after the loss of his daddy 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 businesses by way of an investment that is individual that is situated in western Palm Beach, Florida.
The 54-year-old Wrigley first invested in Surterra health in September Year last. It really is their very first direct investment in the cannabis industry.
Surterra’s need for financing
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 utilize the brand new money to boost its operations, along with to grow its company to many other states by winning procedure licenses and through purchases. Additionally intends to utilize the financing to researchmarijuana’s treatment of conditions like pain and anxiety.
Wrigley as president of Suterra’s board
Furthermore, Surterra has established the Wrigley will undoubtedly be joining its board as chair. But, they failed to reveal the worthiness of their stake when you look at the company.
Wrigley additionally serves as president of investment company Wychwood Asset Management, that has capital raising and equity that is private.
Wrigley told the Chicago Tribune which he hasn’t been stoked up about a business in a really time that is long. He said that this investment is approximately assisting individuals, offering individuals normal life, letting them visit school, and allowing them to be normal people of culture.
He included it is amazing to craft this type or style of possibility in a industry that is “starting from scratch.”
a sign that is good the cannabis industry?
Surterra CEO Jake Bergmann said that Wrigley getting involved with their business indicates that cannabis has already been losing a few of its stigma. It really is perhaps perhaps not socially unsatisfactory anymore to be concerned within the cannabis industry, he included.
Moreover, Bergmann stated that it’s “great to own verification” from a credible brand and company frontrunner that the cannabis industry is “indeed a professional industry” and therefore this has grown up.
Bergmann stated that the expansion of Surterra to Illinois is a chance. The medical cannabis system in this state continues to be in pilot period, with the very first dispensaries having exposed only in belated 2015. The medical cannabis client count in Illinois, nonetheless, has recently grown to significantly more than 42,000.