Atlanta’s Star Medical Marijuana Startup Raises $100M, Plans to Expand Workforce
Friday, June 28th, 2019
Surterra Wellness (Surterra), one of the fastest growing health and wellness companies in the United States (U.S.) announced the initial closing of a $100 million Series D funding round and the expansion of its Board of Directors. Surterra plans to use the proceeds to fund strategic acquisitions and infrastructure capital expenditures. Participants in the round include existing and new investors, ultra-high net worth individuals and family investment offices, including former Patrón Spirits Company CEO, Ed Brown.
"This significant financing reflects Surterra's ability to attract a sophisticated, curated investor group who trust our vision, business model and financial track record. The funding will accelerate our expansion as we add new iconic brands, build out our scalable infrastructure, invest in innovation, and fuel our next stage of growth across the U.S. and global markets," said Surterra Chief Executive Officer William "Beau" Wrigley, Jr.
Surterra welcomes two strategic additions to its Board of Directors:
Ed Brown, Executive Director, Surterra, previously served as the President and CEO of The Patrón Spirits Company, until retiring last year after nearly 20 years at the company. Under his leadership, Patrón grew from 118,000 cases sold in 2001 to more than 4.1 million in 2016, and is currently the top-selling ultra-premium tequila in the world. Brown will apply his expertise in the premier spirits business to Surterra's strategic global brand building, marketing and sales execution.
Kevin Fisher, Executive Director of Operations, Surterra, is a cannabis industry pioneer, and co-founder and former CEO of both New England Treatment Access (NETA), a premier, vertically integrated cannabis company in Massachusetts, and Molecular Infusions (Mi), a world class, cannabinoid-focused, biopharmaceutical company based in Boston. Surterra recently acquired both companies. Fisher will bring his leadership and operational expertise in regulated medical and adult-use cannabis to Surterra.
"We are thrilled to welcome Ed and Kevin to Surterra's Board of Directors. Ed's distinctive expertise in the alcohol, beverage and consumer packaged goods industry and Kevin's gold-standard cannabis operations and market building experience significantly expand our leadership bench strength. We look forward to their contributions as strategic members of both our executive team and Board of Directors as we accelerate our stride to become a leading global cannabis health and wellness company," said Wrigley.
Surterra has raised over $300 million in private capital to date. The Series D funding follows a period of rapid growth for Surterra over the past few months, which has transformed the company into a multi-state cannabis health and wellness business operator with recognizable brands, a revenue-generating business strategy, and meaningful investments in people, science, technology and innovation. Since Wrigley became CEO in November 2018, Surterra has executed a number of M&A, strategic partnerships and organic growth milestones, including:
Brands and Product Development:
Launched Coral Reefer brand in conjunction with Jimmy Buffett's Margaritaville.
Announced exclusive global licensing deal with The Endless Summer brand.
Will launch cannabis-infused foods in Florida this summer.
National Footprint Expanded:
Acquired Las Vegas-based The Apothecary Shoppe, adding Nevada.
Acquired Massachusetts-based NETA, adding a fourth state and established brands, indoor grow capability, and world-class operations expertise.
Will enter California with launch of Coral Reefer and other brands later this year.
Reached a total of 26 Surterra Wellness Centers throughout Florida.
Science and Innovation:
Closed exclusive, global $100M deal with Intrexon Corporation to advance commercial scale fermentation-based cannabinoid production.
Acquired Mi to leverage its innovative product delivery systems to improve the results of cannabis therapies and customer experience.
Entered into strategic licensing agreement with Intrexon Corporation to utilize its Botticelli™ next generation plant propagation platform to improve efficiency in cannabis plantlet production in Florida.
Leadership and Talent:
Started 2019 with approximately 600 employees, and aims to have 2,000 employees by the end of the year.