From nicotine gum to marijuana: Wrigley billionaire leads $65M investment in medical cannabis startup

From nicotine gum to marijuana: Wrigley billionaire leads $65M investment in medical cannabis startup

William “Beau” Wrigley Jr., the scion of a family group that built a nicotine gum kingdom, chose to endeavor in 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 funding round for medical cannabis startup Surterra Wellness.

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

cbdoilworld review Who’s Beau Wrigley?

Wrigley annexed the multibillion-dollar gum and candy company that their great-grandfather launched after the loss 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 company to candy-maker Mars. He left the ongoing company in 2010 and now backs organizations by way of a individual investment supply that is located in West Palm Beach, Florida.

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

Surterra’s need for money

The startup is raising funds since 2015, and also 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 capital that is new improve its operations, in addition to to enhance its company with other states by winning procedure licenses and through purchases. In addition it intends to make use of the capital to analyzemarijuana’s treatment of conditions like pain and anxiety.

Wrigley as president of Suterra’s board

Moreover, Surterra has established the Wrigley is going to be joining its board as seat. But, they failed to disclose the worth of their stake within the business.

Wrigley additionally functions as president of investment company Wychwood resource Management, which includes capital raising and private equity passions.

Wrigley told the Chicago Tribune he hasn’t been worked up about a company in an exceedingly time that is long. He stated that this investment is mostly about helping individuals, offering individuals life that is normal allowing them to head to college, and permitting them become normal people in culture.

He included it is amazing to create this type or sorts of possibility within an industry that is “starting from scratch.”

an excellent indication for the cannabis industry?

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

Also, Bergmann stated that it’s “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 only in belated 2015. The medical cannabis client count in Illinois, nevertheless, has recently grown to a lot more than 42,000.