The former head of the Wrigley gum empire is stepping into the medical marijuana enterprise.
William Wrigley Jr., as soon as the president and CEO of Wm. Wrigley Jr. Co., has been named chairman of the board of administrators at Surterra Wellness, a medical hashish firm with operations in Florida and Texas. Wrigley’s funding fund led a $65 million fairness fundraising spherical that Surterra closed in July. The firm has raised greater than $100 million since 2015.
Wrigley first invested in Surterra in September. The pot business is increasing across the nation regardless of the federal authorities’s classification of marijuana as an unlawful drug.
Wrigley, who in 2010 left the corporate based by his great-grandfather, has a house in Florida, the place voters in 2016 accredited a constitutional modification broadly legalizing medical hashish.
“I haven’t been this excited about a business in a very long time,” he stated in a press release offered to the Tribune.
“This is about helping people,” he added. “It can give people a normal life, let them go to school and be a normal member of society. It is incredible to craft that opportunity in an industry that is starting from scratch.”
Wrigley took over his household’s multibillion-dollar confections firm after his father died in 1999 and led it by means of acquisitions of manufacturers akin to Altoids and Life Savers. Candy-maker Mars acquired Wrigley in 2008 for $23 billion.
Wrigley’s involvement in the corporate exhibits marijuana is dropping a few of its stigma, stated Surterra CEO Jake Bergmann. It’s not socially unacceptable to be concerned in the business, he stated.
“It’s great to have verification from a well-known name brand and business leader that we are indeed a professional industry and the industry has grown up, so to speak,” he stated.
Surterra plans to use the brand new funding to analysis the drug’s remedy of circumstances together with ache and nervousness.