Home / Business / A Wrigley gum heir and a former patron CEO go out on cannabis
A Wrigley gum heir and a former patron CEO go out on cannabis
And Surterra Wellness, the company where Wrigley is CEO, has just landed a large portion of the capital to achieve that goal.
The company, an Atlanta-based developer and retailer of cannabis products, increased $ 100 million to help increase its rapid US and international expansion in the new cannabis industry. Among the investors who participated in the round were Edward Brown, former CEO and president of Patrón Spirits Company, who makes Patrón tequila and was sold to the liquor company Bacardi last year.
Brown, who retired from Patrón in December after 20 years, recently joined Surterra's board as CEO.
With the latest infusion, Surterra has raised a total of $ 350 million and continues to "cure" an executive team with deep experience in building and scaling companies, Wrigley says.
"We understand how to perform," said Wrigley in an interview with CNN Business.
Surterra has a triangular strategy: accumulating operations and licenses in existing cannabis markets; developing a "branded house" that can sell globally; and promotes cannabis science and technology to disrupt not only sectors such as the beverage industry, but also health care. It includes isolating various chemical compounds in the cannabis plant and targeting them to different health and wellness needs.
"I really believe in many ways that I am building the next Wrigley Company," he said.
And he thinks Surterra can be even bigger than thousands of gum and coin company, of which he served as president and chief executive officer of 2006. Mars, the confectioner who makes M & Ms and Milky Way, bought Wrigley Company for $ 23 billion in 2008
Surterra has been expanding since last year when Wrigley invested $ 65 million in the firm and later took the helm as CEO. It has rapidly grown from a holder of medical cannabis licenses in Florida and Texas to a multi-statistics operator, brand developer, and science and technology innovator.
Surterra signed licensing deals with the company behind "The Endless Summer" surfing documentary and singer Jimmy Buffett for selling Endless Summer and Coral Reefer-labeled cannabis, respectively. The company also acquired operations in Nevada and Massachusetts, and entered into a $ 100 million agreement with biotechnology Intrexon ( XON ) on a fertilizer-based cannabis cultivation technology.
Earlier this week, Surterra purchased Boston-based Molecular Infusions (Mi), a developer of therapeutically-focused products such as cannabis, such as an induction meter and additives that provide rapid onset and predictable dosage for cannabis-infected beverages.  The privately owned Surterra does not disclose financial information, but Wrigley said the company is profitable.