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Home / Business / A Wrigley bubble gum heir and a former Patron CEO put everything on cannabis

A Wrigley bubble gum heir and a former Patron CEO put everything on cannabis



And Surterra Wellness, the company where Wrigley is CEO, has just spent a large chunk of capital to help achieve this goal.

The company, an Atlanta-based developer and retailer of cannabis products, raised $ 100 million to drive the rapid expansion of the US and the world in the emerging cannabis industry. Among the investors who participated in the round was Edward Brown, the former CEO and President of the Patrón Spirits Company, which manufactures Patrón Tequila and was sold to the liquor company Bacardi last year.

Brown, who retired from Patrón in December after 20 years in December, has recently joined the board of Surterra as Managing Director.

With the last infusion, Surterra has raised a total of $ 350 million and continues to "curate" a leadership team with extensive experience in building and scaling businesses.

"Wrigley said in an interview with CNN Business.

Surterra pursues a tripartite strategy: accumulating operations and licenses on existing cannabis markets, developing a "branded house" that could sell globally, and promoting cannabis science and technology to disrupt not only sectors such as the beverage industry but also the healthcare industry This involves isolating various chemical compounds in the cannabis plant and tailoring them to different health and wellness needs.

"I truly believe in many ways that I'm building the next Wrigley Company," he said.

And he believes that Surterra could be even bigger than the multi-billion dollar business, whose president and CEO he was until 2006. Mars, the confectioner, the M & Ms and Milky Way, bought the Wrigley Company for $ 23

Surterra has been expanding since last fall, when Wrigley invested $ 65 million in the company and later took over as CEO. It has quickly evolved from being a medical cannabis license holder in Florida and Texas into a multi-national operator, brand developer and innovator in science and technology.

Surterra has signed licensing agreements with the company behind The Endless Summer and singer Jimmy Buffett to sell brand-name cannabis Endless Summer and Coral Reefer. The company also acquired operations in Nevada and Massachusetts and entered into a $ 100 million agreement on biotech company Intrexon [ XON ) for a fermentation-based cannabis cultivation technology.

Earlier this week, Surterra acquired Molecular Infusions (Mi) of Boston, a developer of products for the treatment of cannabis, such as:] Privately-held Surterra does not share financial information, but Wrigley said the company is profitable.


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