In somewhat of a twist of irony, as the Catalina city council debates how to navigate federal laws and potential new state regulations effectively prohibiting the legal carriage of marijuana to the island, Bloomberg has published a report indicating the great grandson of William Wrigley, Jr. is considering a major investment in the marijuana business.
According to the publication, William Wrigley Jr. II, known as “Beau,” has led a $65 million investment into Surterra Wellness, a medical cannabis startup in Georgia with licenses to operate in Florida and Texas. Bloomberg said the new round of funding raises the total raised in the company to $100 million.
Wrigley is a billionaire investor whose great grandfather purchased Catalina Island in 1919 and invested heavily into the island to make it one of the premier island resorts known around the world.
Bloomberg pointed out in the August 6 article that Wrigley has not yet directly invested into the recreational pot market but is using his expertise in branding and marketing to drive growth because of the company’s expected medical benefits.
Wrigley told Bloomberg that he became interested in the company, and the industry, when he discovered the “massive benefits” promised by the drug offered by Suterra. Wrigley reportedly said it is rare to have an opportunity to invest in an opportunity to “have that kind of impact in an industry that is being created from scratch.
In the interview, Wrigley predicted the federal government will likely soon take steps to loose federal regulations. More than more states are moving to cash in on medical benefits of cannabis and many, including California, have legalized recreational use as well.
Dozens of states now allow medical marijuana use and the Food and Drug Administration recently approved the first-ever cannabis derived drug, the article states. While the U.S. still bans banks from cashing in, money is pouring over the border into Canada as they prepare to legalize the drug for use in October, according to the report.
To be clear, the investment in the business has neither plans nor licenses to operate in the Wrigley namesake island nor is connected in any way other than irony.
Catalina officials spent a long time during their meeting Tuesday discussing ways around the fact that, despite a demand for marijuana and the legal right for citizens to use it, federal laws prevent its carriage across the channel and major cross channel carriers cannot afford to take the open risk of carrying it in bulk.