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In 2008, William Wrigley Jr. II orchestrated the $23 billion sale of Wm. Wrigley Jr. Company to Mars.
That move got the Wrigley family out of the gum business… and handed Wrigley a personal fortune of $2.9 billion.
Earlier this month, Wrigley announced that he was leading a $65 million investment in a medical marijuana company.
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This marks Wrigley’s first investment in cannabis.
In a Bloomberg interview, Wrigley explained why he was betting on legal weed.
When I understood the massive benefits, it really changed my mind about the industry. You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch.”
That’s why he’s also investing $65 million in Surterra Wellness.
Surterra is a Georgia company with licenses to operate in Florida and Texas. In Florida, the company has 10 medical marijuana dispensaries.
Wrigley will become the chairman of the company’s board of directors. This suggests that his investment gives him a sizable equity stake.
The company is currently focused on medical cannabis. But as the U.S. recreational market expands, Surterra plans to move into that market as well.
With total funding exceeding $100 million, Surterra is positioned for rapid growth.
Wrigley tells the Chicago Tribune, “I haven’t been this excited about a business in a very long time. This is about helping people.”
The company is also considering expansion in Illinois. That’s where the Wrigley family built their fortune.
One of baseball’s most famous stadiums – Wrigley Field – still bears the family name.
Wrigley’s investment is another sign that legal weed is going mainstream.
Here we have a billionaire investing $65 million in a private pot company – and taking a leadership role in the company.
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