Wrigley chewing gum heir sinks money into one of Florida’s medical marijuana companies
The Wrigley fortune was built on its domination of the chewing gum market, but an heir to the confectionery dynasty is investing millions in an industry that not so long ago had a far less wholesome reputation.
In a transaction some construe as the normalization of the medical cannabis industry, William “Beau” Wrigley Jr. led a $65 million round of funding in Surterra Wellness, one of Florida’s 14 licensed medical marijuana operators.
“I haven’t been this excited about a business in a very long time. We have an incredible and incredibly professional team that is approaching this industry with a great deal of discipline,” Wrigley, who also became chairman of Surterra’s board, said in a statement.
The Wrigley funding, which took place last month, is the latest in a number of recent transactions in the state’s budding medical-marijuana industry.
In an agreement announced last month, the Canadian firm Scythian Biosciences Inc. said it intends to spend $93 million to purchase a majority of 3 Boys Farms —- a Florida medical-marijuana operator that has yet to begin selling products to patients —- and an unnamed “health care organization.” In June, California-based MedMen announced it was