Medical marijuana firm Surterra raises $54.6 million of $165.5 million goal

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Surterra Wellness, an Atlanta-based medical marijuana company, has raised nearly $55 million as part of a funding round that ultimately aims to drum up $165.5 million.

The $54.6 million raise – comprised of debt and options or warrants – included investments from 17 accredited investors, according to filings with the U.S. Securities and Exchange Commission. Company officials couldn’t be reached for comment Friday.

Surterra’s funding round follows a $65 million raise in August that was led by chewing gum billionaire William “Beau” Wrigley Jr.

The company has said it plans to use those proceeds to bolster its existing operations and expand into additional states.

Surterra has not disclosed the value of Wrigley’s stake in the company.  That raise, a Series C direct equity investment- boosted Surterra’s total capital raised at the time to more than $100 million since 2015, according to the company.

Surterra operates medical marijuana dispensaries and cultivation facilities in Florida and CBD dispensaries and grow operations in Texas.

Across the United States, cannabis firms continue to garner bolstered investor interest with record-setting raises landing throughout 2018.

Among the biggest deals:

  • New York-based Acreage Holdings raised $119 million to bankroll acquisitions and list its shares on the Canadian Securities Exchange (CSE).
  • Chicago-based marijuana firm Cresco Labs closed a $100 million funding round that attracted institutional investors, a notable milestone for cannabis finance in the U.S.
  • Seattle-based Privateer Holdings raised $100 million in January.

Globally, cannabis firms have raised more than $8 billion in 2018 through the end of October, according to data tracked by Marijuana Business Daily partner Viridian Capital Advisors.

The marijuana industry raised more than $2.2 billion in October alone as investors shift their focus from Canada and ramp up activity in the U.S.

(For the latest in cannabis funding and deal flow activity, check out Marijuana Business Daily’s Weekly Deal Watch for highlights of the latest cannabis investment activity  along with key takeaways, analysis and trends based on recent market moves.)