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 kingdom, made a decision to endeavor 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 funding round for medical cannabis startup Surterra Wellness.
Surterra health is dependent 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 started after the loss of their daddy in 1999. Then he led it through the purchase of brands like Life Savers and Altoids from Kraft Foods’ candy division.
Worldwide CBD Exchange
In 2008, Wrigley helped orchestrate the $23-billion purchase of these household company to candy-maker Mars. He left the ongoing company this season and now backs companies through a individual investment arm that is located in western Palm Beach, Florida.
The 54-year-old Wrigley first invested in Surterra health in September this past year. It really is their very first investment that is direct the cannabis industry.
Surterra’s need for financing
The startup is funds that are raising 2015, plus the Series C direct equity investment led by Wrigley brings the total money it raised to over $100 million.
Surterra intends to utilize the brand new money to improve its operations, in addition https://cbdoilrating.net to to grow its company with other states by winning procedure licenses and through acquisitions. In addition it intends to utilize the money to analyzemarijuana’s treatment of conditions like pain and anxiety.
Wrigley as chairman of Suterra’s board
More over, Surterra has established the Wrigley would be joining its board as chair. Nonetheless, they would not disclose the worth of their stake within the company.
Wrigley additionally functions as president of investment company Wychwood resource Management, which has capital raising and personal equity interests.
Wrigley told the Chicago Tribune which he hasn’t been stoked up about a company in a really very long time. He stated that this investment is approximately assisting individuals, offering individuals life that is normal permitting them to head to college, and allowing them become normal members of society.
He included it is amazing to create this type or types of possibility within an industry that is “starting from scratch.”
good sign for the cannabis industry?
Surterra CEO Jake Bergmann said that Wrigley getting tangled up in their business implies that cannabis has already been losing a number of its stigma. It really is perhaps maybe not socially unsatisfactory anymore to be concerned within the cannabis industry, he included.
Additionally, Bergmann stated it is “great to own verification” from a legitimate brand name and business frontrunner that the cannabis industry is “indeed a professional industry” and that it offers developed.
Bergmann said that the expansion of Surterra to Illinois is a chance. The cannabis that are medical in this state remains in pilot stage, with The dispensaries that are first exposed only in belated 2015. The medical cannabis client count in Illinois, however, has already grown to a lot more than 42,000.
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