Business

Wrigley Joins the Cannabis Industry

Wrigley Joins the Cannabis Industry

William “Beau” Wrigley Jr., succeeded his father and served as Chairman, President and CEO of the Wrigley Company, founded in 1891 and known for its gum products. In 2008, the Wrigley Company was sold to the privately held Mars, Incorporated.

During Beau’s leadership, the Wrigley Company expanded its product portfolio through numerous acquisitions including Altoids and LifeSavers, reaching consumers in 180 countries.
Currently, Beau is President of Wychwood Asset Management LLC, an investment company that invests in a range of venture capital and private equity interests. Additionally, Beau serves on several boards of high-growth companies across the technology, media, and health and wellness spaces.

Beau announced in an August 6th press release, he will serve as chairman of the board for Surterra Wellness.

“I am thrilled to join the Surterra team and help drive their mission to build a best-in-class cannabis healthcare business. After extensive diligence, we determined that Surterra has the highest quality standards, best products, and most professional management team in the industry. We believe in the ability of cannabis to improve quality of life for patients across the country, and we are excited to build a global industry leader for the long term,” Wrigley said.

“When I understood the massive benefits, it really changed my mind about the industry,” Wrigley told Bloomberg. “You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch.”

Founded in 2014, Surterra Wellness is one of the fastest growing and leading medical cannabis companies in the US. With licenses in Florida and Texas, Surterra is currently expanding into new state markets across the country as it builds the industry’s broadest portfolio of brands trusted by patients.

“Surterra is proud to welcome Beau, a business leader who brings decades of world class experience and expertise in brand building, to Surterra Wellness,” Surterra CEO Jake Bergmann stated. “Having a seasoned industry veteran like Beau intimately involved in building Surterra’s business is exciting for the future of Surterra, our patients and the entire medical cannabis industry.” Surterra will conduct clinical trials of anxiety, pain and post-traumatic stress disorder (PTSD) drugs that contain cannabinoids.”

Surterra Wellness closed a $65 million Series C equity fundraising round in July, led by Wrigley’s direct investment arm. The round brings Surterra’s total capital raised to over $100 million since 2015.
In addition to their anticipated partnerships and product development, Surterra will conduct clinical research trials related to cannabinoid treatment of anxiety, pain, and PTSD, as well as other significant health issues facing the country, with cannabinoids.

The company also plans to expand into new state markets across the country as it builds the industry’s broadest portfolio of brands trusted by patients.

Beau appears to have done his research commenting on the difficulties and horrors of the cannabis industry.

“Everyone seems to be in there because they think they’re going to make tons of money,” Wrigley added. “Some will and some will be sorely surprised when they understand how complex it is.”

B. Le Grand

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