Florida Billionaire William "Beau" Wrigley Jr. Backs Marijuana Firm
Canadian marijuana companies may have the benefit of bank loans, but in Florida, at least one U.S. marijuana brand has the benefit of a billionaire investor. Palm Beach County resident William “Beau” Wrigley Jr., a man worth an estimated $2.9 billion, led a $65 million investment Surterra Wellness, a medical marijuana firm.
Wrigley, who also operates an investment company in Palm Beach Gardens, joined the Surterra's board. He is one of the few blue-chip investors to place a direct bid within the cannabis industry. Most others opt to invest through more legally-secure routes such as Canadian penny-stocks.
For Wrigley, however, medical marijuana is the right business to be in. As the former head of the iconic chewing gum company, Wrigley represents a paradigm shift in which big-name investors are now proud to announce their cannabis connections.
Wrigley said his decision to invest in Surterra was the result of extensive diligence. He says the company maintains the highest quality standards and produces the best products in the industry. This came after his decision to invest in medical marijuana, which he believes will “improve quality of life” for users around the country.
Surterra currently operates 10 medical marijuana dispensaries in Florida as one of only 14 companies licensed to operate in the state. Wrigley first invested in the company back in September but only decided to go public with his involvement this week. The company aims to conduct clinical trials into the use of marijuana as a treatment for anxiety and post-traumatic stress.