Jimmy Buffett Gets Into the Marijuana Business With Billionaire Wrigley Heir

Jimmy Buffett Gets Into the Marijuana Business With Billionaire Wrigley Heir

Buffett will license the "Coral Reefer" brand to Surterra, a medical marijuana company whose board is chaired by the former CEO of the Wrigley confectionery firm.

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September 11, 2018
Fortune Magazine
Business and finance News

Jimmy Buffett has been playing with the Coral Reefer Band for well over four decades now, so it’s less than surprising to see the veteran singer-songwriter finally getting into the marijuana business.

The “Margaritaville” singer will license the “Coral Reefer” brand to Surterra, a big medical marijuana company whose board has since last month been chaired by William “Beau” Wrigley, Jr.—the former CEO of the Wrigley confectionery firm.

Georgia-based Surterra is currently licensed in Florida and Texas, and plans to build out cultivation space in the former state while conducting research trials on cannabinoid treatment for issues such as pain and post-traumatic stress disorder. The company has raised more than $100 million in the last few years, most recently in a $65 million round last month that was led by Wrigley’s Wychwood Asset Management.

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MMJ Medical Marijuana