A Wrigley chewing gum heir and a former Patrón CEO go all in on cannabis
William “Beau” Wrigley Jr. believes he can emulate the success of his family’s old chewing gum empire in the cannabis industry. And Surterra Wellness, the company at which Wrigley is CEO, just landed a big chunk of capital to help achieve that goal.
HIGHLIGHTS
- Surterra Wellness, the company at which William Wrigley is CEO, has raised $350 million to help fuel its rapid US and international expansion in the emerging cannabis industry.
- Edward Brown, who retired as CEO from Patrón in December, recently joined Surterra’s board as executive director.
- Wrigley believes Surterra could be even bigger than the multibillion-dollar chewing gum and mint company, of which he served as president and CEO until 2006.
- Surterra acquired operations in Nevada and Massachusetts, and entered into an agreement with biotech firm Intrexon (XON) on a fermentation-based cannabis cultivation technology.
- Earlier this week, Surterra bought Boston-based Molecular Infusions (Mi), a developer of cannabis therapeutic-focused products.
