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 cbdoildiscount.net coupon codes, made a decision to endeavor in to the medical cannabis company. 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 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 company that their great-grandfather launched 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 the household business to candy-maker Mars. He left the ongoing business this season and now backs organizations through an investment that is individual that is situated in western Palm Beach, Florida.
The 54-year-old Wrigley first invested in Surterra Wellness in September this past year. It really is their very very first investment that is direct the cannabis industry.
Surterra’s need for capital
The startup happens to be increasing funds since 2015, plus 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, also to grow its business to many other states by winning procedure licenses and through purchases. In addition it intends to make use of the money to researchmarijuana’s treatment of conditions like pain and anxiety.
Wrigley as president of Suterra’s board
Furthermore, Surterra has established the Wrigley should be joining its board as seat. But, they failed to reveal the worth of their stake within the business.
Wrigley additionally functions as president of investment company Wychwood resource Management, that has capital raising and personal equity passions.
Wrigley told the Chicago Tribune which he hasn’t been worked up about a business in a really very long time. He said that this investment is all about helping individuals, providing individuals life that is normal allowing them to head to school, and permitting them become normal people in culture.
He included that it’s amazing to craft this type of possibility 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 taking part in their business indicates that cannabis has already been losing several of its stigma. It really is maybe not socially unsatisfactory anymore to be concerned within the cannabis industry, he added.
Additionally, Bergmann said that it’s “great to own verification” from A credible business and brand 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 cannabis that are medical in this state continues to be in pilot period, with The dispensaries that are first exposed just in late 2015. The medical cannabis client count in Illinois, but, has recently grown to a lot more than 42,000.