Wrigley billionaire drops chewing gum for medical marijuana
William Wrigley Jr leads a $65m investment round for medical cannabis startup Surterra Wellness
New York — The scion of a family that made a fortune in chewing gum is moving into the marijuana business. William Wrigley Jr II, who helped orchestrate the sale of his family’s business to Mars in 2008, led a $65m investment round for Surterra Wellness, a medical cannabis startup in Georgia with licences to operate in Florida and Texas. The funding brings the total raised so far to $100m, according to Surterra. Wrigley, 54, who left the gum and candy business after the sale, backs companies through a personal investment arm based in West Palm Beach, Florida. After an initial investment in Surterra in September, Wrigley is boosting his stake and assuming the role of chairman. Surterra is his first direct investment in the marijuana industry. Wrigley, known as Beau, said he got into the industry mainly because of marijuana’s medical benefits. He said he was tapping his experience with product distribution and brand-building to drive growth at Surterra. The cannabis company operates 1...
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