August 13, 2018 MJ Shareholders
August 13th, 2018
Surterra Wellness announced today that William “Beau” Wrigley, Jr. has joined Surterra’s Board of Directors as Chairman. Additionally, Surterra Wellness closed a $65 million Series C equity fundraising round in July, led by Wrigley’s direct investment arm. The round brings Surterra’s total capital raised to over $100 million since 2015.
Speaking for the first time publicly about his investment, Wrigley said, “I am thrilled to join the Surterra team and help drive their mission to build a best-in-class cannabis healthcare business. After extensive diligence, we determined that Surterra has the highest quality standards, best products, and most professional management team in the industry. We believe in the ability of cannabis to improve quality of life for patients across the country, and we are excited to build a global industry leader for the long term.”
Beau led the Wm. Wrigley Jr. Company, a global leader in confections founded in 1891, by serving in multiple roles, including Chairman, President and CEO. During his leadership, the Wrigley Company expanded its product portfolio through numerous acquisitions including Altoids and LifeSavers as well as organic growth, reaching consumers in 180 countries. In 2008, the Wrigley Company was sold to privately held Mars, Incorporated. Currently, Beau is President of Wychwood Asset Management LLC, an investment company that invests in a range of venture capital and private equity interests. Additionally, Beau serves on several boards of high-growth companies across the technology, media, and health and wellness spaces.
“Surterra is proud to welcome Beau, a business leader who brings decades of world class experience and expertise in brand building, to Surterra Wellness,” said Surterra CEO Jake Bergmann. “Having a seasoned industry veteran like Beau intimately involved in building Surterra’s business is exciting for the future of Surterra, our patients and the entire medical cannabis industry.”
Concurrent to joining Surterra as Chairman of the Board, Wrigley led a $65 million “Series C” direct equity investment in Surterra Holdings, Inc. Surterra plans on using the funds across a number of strategic initiatives in Florida and Texas. Plans include constructing substantial cultivation space in Florida, executing multiple partnerships with premier consumer brands, and accelerating its product development initiatives. In addition, Surterra will conduct clinical research trials related to cannabinoid treatment of anxiety, pain, and PTSD, as well as other significant health issues facing the country, with cannabinoids.
The company will also expand into new state markets across the country as it builds the industry’s broadest portfolio of brands trusted by patients.
About Surterra Wellness
Founded in 2014, Surterra Wellness is one of the fastest growing and leading medical cannabis companies in the US. With licenses in Florida and Texas, Surterra is currently expanding into new state markets across the country as it builds the industry’s broadest portfolio of brands trusted by patients.
Today, Surterra owns 1 of 14 currently issued vertically integrated medical marijuana licenses in Florida and 1 of 3 in Texas for a total footprint that includes 49 million Americans in two of nation’s the fastest growing state populations. In Florida, Surterra operates 10 Wellness Centers in Pensacola, Tallahassee, Tampa, North Port, Largo, Deltona, Jacksonville, Orlando, Port Orange, and notably: the first and only Wellness Center in Miami Beach. It also operates 3 distribution centers to support state-wide, next-day delivery in Florida, and over 300,000 square feet of cultivation space. Surterra offers a wide variety of products in multiple delivery options including vaporizer pens, tinctures, oral sprays, topical creams, time released transdermal patches, and soon-to-be-launched softgels.
Surterra is focused on unlocking the natural health benefits of cannabis-based ingredients and is committed to providing individuals the safest, most effective treatments. The brand combines natural growing techniques with innovative extraction tools to develop uniquely formulated products. Surterra Wellness is utilizing best practices in medicine, science, and agriculture to discover and advance the natural healing benefits of cannabis. Together, we are in pursuit of wellness.
For more information, please visit www.surterra.com.
SOURCE Surterra Wellness
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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