Wrigley billionaire moves from chewing gum to medical marijuana

NEW YORK The scion of a family that made a fortune in chewing gum is moving into pot.

William Wrigley Jr. II, who helped orchestrate the sale of his family’s business to Mars Inc. in 2008, led a US$65 million investment round for Surterra Wellness, a medical cannabis startup in Georgia with licenses to operate in Florida and Texas. The funding brings the total raised so far to US$100 million, according to Surterra.

Wrigley, 54, who left the gum and candy business after the sale, backs companies through a personal investment arm based in West Palm Beach, Florida.

After an initial investment in Surterra in September, Wrigley — a billionaire whose great-grandfather founded Wrigley Co. in 1891 — is boosting his stake and assuming the role of chairman. Surterra is his first direct investment in the marijuana industry.

Wrigley, known as Beau, said he got into the industry mainly because of marijuana’s medical benefits.

He said he’s tapping his experience with product distribution and brand-building to drive growth at Surterra.

The cannabis company operates 10 medical dispensaries in Florida, including one in Miami Beach, and has a license to operate in the nascent Texas market.

“When I understood the massive benefits, it really changed my mind about the industry,” Wrigley said in an interview, his first public comments about the investment.

“You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch.”