Jimmy Buffett has signed a licensing deal with a cannabis products company for exclusive use of the Coral Reefer brand name, according to a report from the Wall Street Journal. Buffett will license the use of the name with medical marijuana company Surterra Wellness. The company plans to launch the new cannabis brand in Florida in the spring of 2019.

Buffett, in a press release announcing the deal, said that it was a good time to enter the cannabis industry.

“Finally, ‘the time has come,’ as the Walrus said,” Buffett said. “That time being the long overdue recognition of the numerous healing properties of cannabis. I have followed and studied with keen intensity the recent evolvement of the medical marijuana story and the path towards the simple common-sense conclusion that cannabis is good medicine and should be made available to all who need it. I feel that joining with Surterra, in the medical cannabis world, is the right place for Coral Reefer products to be.”

Under the deal, Buffett will earn royalties from the sale of Coral Reefer brand cannabis vape cartridges, gel caps, edibles, and topical products. However, he will not gain any equity in the company from the

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