From 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 kingdom, made a decision to endeavor to the medical cannabis company. 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 is situated in Georgia with licenses to use medical cannabis dispensaries and cultivation facilities in Texas and Florida.

That is Beau Wrigley?

Wrigley overran the multibillion-dollar gum and candy company that their great-grandfather started 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.

Worldwide CBD Exchange

In 2008, Wrigley helped orchestrate the $23-billion purchase of these household company to candy-maker Mars. He left the company this year and now backs organizations by way of a individual investment supply that is situated in western Palm Beach, Florida.

The 54-year-old Wrigley first spent in Surterra health in September last year. It really is their very first investment what is cbd oil that is direct the cannabis industry.

Surterra’s need for capital

The startup happens to be funds that are raising 2015, additionally the Series C direct equity investment led by Wrigley brings the total capital it raised to over $100 million.

Surterra intends to make use of the brand new capital to boost its operations, in addition to to grow its company to many other states by winning procedure licenses and through purchases. It plans to make use of the capital to analyzemarijuana’s treatment of conditions like pain and anxiety.

Wrigley as president of Suterra’s board

Furthermore, Surterra has established the Wrigley may be joining its board as chair. However, they failed to disclose the worth of their stake when you look at the business.

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

Wrigley told the Chicago Tribune which he hasn’t been worked up about a company in a really few years. He stated that this investment is mostly about assisting individuals, giving individuals normal life, letting them head to school, and permitting them become normal people in culture.

He included it is amazing to create this style of possibility in a industry this is certainly “starting from scratch.”

a sign that is good the cannabis industry?

Surterra CEO Jake Bergmann said that Wrigley getting taking part in their business suggests that cannabis is currently losing several of its stigma. Its not socially unsatisfactory anymore to be engaged within the cannabis industry, he included.

Additionally, Bergmann stated that it’s “great to have verification” from a legitimate brand and company frontrunner that the cannabis industry is “indeed a professional industry” and therefore 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 period, with the initial dispensaries having exposed just in belated 2015. The medical cannabis client count in Illinois, nonetheless, has recently grown to significantly more than 42,000.