A local medical marijuana therapeutics startup recently raised $65 million in a Series C equity round led by chewing gum billionaire William "Beau" Wrigley, Jr. II.
Surterra Wellness, a medical cannabis company founded in 2014, has raised a total of $100 million with the new round since 2015.
Despite being headquartered in Atlanta, Surterra Wellness only has licenses to operate in Texas and Florida at this time. The company plans to use the funding for several initiatives in these states, as well as expanding to new markets across the country.
The plans include constructing substantial cultivation space in Florida, executing multiple partnerships with premier consumer brands and accelerating its product development initiatives. Surterra hopes to conduct clinical research trials related to cannabinoid treatment of anxiety, pain and PTSD, as well as other significant health issues, according to a press release.
“Surterra is proud to welcome Beau, a business leader who brings decades of world class experience and expertise in brand building, to Surterra Wellness” Surterra CEO Jake Bergmann said in a statement. “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.”
In addition to his investment, Wrigley will serve as the Surterra's board of directors chairman.
"After extensive diligence, we determined that Surterra has the highest quality standards, best products, and most professional management team in the industry," he said in a statement. "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.”
In Georgia, certain “qualified persons” with specific medical ailments are legally allowed to possess “up to 20 fluid ounces of low THC oil," however the state does not offer any opportunities for residents to purchase medical marijuana locally, nor is there any current legislation to regulate the business side of medical cannabis.
The city of Atlanta voted to decriminalize the use of small amounts of marijuana last year. At least 30 states and the Washington, D.C. area now have laws broadly legalizing marijuana in some form--- for medical and/or recreational purposes.
