From nicotine gum to marijuana: 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, chose to venture in to the cannabis that are medical. 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 Wellness.

Surterra health relies in Georgia with licenses to use medical cannabis dispensaries and cultivation facilities in Texas and Florida.

That is Beau Wrigley?

Wrigley annexed the gum that is multibillion-dollar 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 sale of these household company to candy-maker Mars. He left the ongoing business this year and now backs companies via a individual investment supply that is located in western Palm Beach, Florida.

The Wrigley that is 54-year-old first in Surterra health in September just last year. It really is his very first direct investment in the cannabis industry.

Surterra’s need for funding

The startup is 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 use the brand new money to improve its operations, along with to enhance its company with other states by winning procedure licenses and through acquisitions. In addition it intends to make use of the financing to analyzemarijuana’s remedy for conditions like anxiety and discomfort.

Wrigley as chairman of Suterra’s board

More over, Surterra has established the Wrigley may be joining its board as seat. Nevertheless, they would not disclose the worth of his stake within the business.

select the advantages of phenolic compounds as antimicrobial agents. Wrigley additionally functions as president of investment company Wychwood resource Management, that has capital raising and personal equity interests.

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, allowing them to head to college, and enabling them become normal people in culture.

He added that it’s incredible to craft this style of opportunity in a industry this is certainly “starting from scratch.”

a sign that is good the cannabis industry?

Surterra CEO Jake Bergmann stated that Wrigley getting associated with their company demonstrates that cannabis has already been losing a few of its stigma. It really is maybe perhaps not socially unsatisfactory anymore to be engaged into the cannabis industry, he included.

Also, Bergmann stated it is “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 medical cannabis program in this state remains 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 a lot more than 42,000.