Medical marijuana firm lands $65M funding led by Wrigley chewing gum heir

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Medical marijuana firm Surterra Wellness is poised for expansion after a $65 million funding round, led by chewing gum billionaire William “Beau” Wrigley Jr.

The Series C direct equity investment  brings Surterra’s total capital raised to more than $100 million since 2015, the company announced in a news release.

Surterra operates medical marijuana dispensaries and cultivation facilities in Florida and CBD dispensaries and grow operations in Texas. The company plans to use the new capital to bolster those operations and expand into additional states.

Additionally, Surterra announced that Wrigley will join the company’s board as chair.

An heir and former CEO of The Wrigley Co. chewing gum giant, Wrigley amassed his fortune, in part, by selling the family business to Mars in 2008 in a $23 billion cash deal, according to Forbes.

Wrigley also serves as president of Wychwood Asset Management, an investment firm with venture capital and private equity interests.

Surterra did not disclose the value of Wrigley’s stake in the company.

Officials with Surterra couldn’t be immediately reached for further comment.