Popular singer/songwriter Jimmy Buffett is joining a growing list of celebrities who dabble in the marijuana industry, teaming with an heir from the Wrigley chewing gum family.
Buffett – known for his hit “Margaritaville” and his Parrothead fans – will license his Coral Reefer brand to Georgia-based Surterra Holdings for a line of marijuana products that includes edibles, vape pens and gel caps, according to The Wall Street Journal.
Surterra operates medical marijuana dispensaries and cultivation facilities in Florida and CBD dispensaries and grow operations in Texas.
Buffett’s move comes a month after Surterra landed a big investment from chewing gum billionaire William “Beau” Wrigley Jr., who led a $65 million funding round for the MMJ company. Wrigley also joined Surterra’s board as chair.
Here’s what you need to know:
- Buffett was attracted to Surterra’s focus on health rather than adult-use cannabis. “We have made a conscious decision to not go into the recreational business,” Buffett’s business partner, John Cohlan, told the Journal.
- Under the deal, Buffett will receive royalties but no shares in the business.
- Coral Reefer brand products are planned to go on sale in Florida next spring and eventually could be available through Surterra’s locations in other states.
- The products will be designed to relieve pain, improve appetite and mood, and alleviate symptoms from chemotherapy.