Medical Cannabis Company Surterra Wellness Raises $65M in Series C

surterraSurterra Wellness, an Atlanta, GA-based medical cannabis company, raised $65m in Series C equity funding.

The round, which brings Surterra’s total capital raised to over $100m since 2015, was led by William “Beau” Wrigley, Jr.’s direct investment arm. Wrigley also joined Surterra’s Board of Directors as Chairman.

The company intends to use the funds across a number of strategic initiatives in Florida and Texas. Plans include constructing substantial cultivation space in Florida, executing multiple partnerships with premier consumer brands, and accelerating its product development initiatives. In addition, Surterra will conduct clinical research trials related to cannabinoid treatment of anxiety, pain, and PTSD, as well as other significant health issues facing the country, with cannabinoids. The company will also expand into new state markets across the country.

Founded in 2014 and led by CEO Jake Bergmann, Surterra offers a wide variety of products in multiple delivery options including vaporizer pens, tinctures, oral sprays, topical creams, time released transdermal patches, and soon-to-be-launched softgels.
With licenses in Florida and Texas, the company is currently expanding into new state markets across the country.
Today, Surterra owns 1 of 14 currently issued vertically integrated medical marijuana licenses in Florida and 1 of 3 in Texas for a total footprint that includes 49 million Americans in two of nation’s the fastest growing state populations.
In Florida, it operates 10 Wellness Centers in Pensacola, Tallahassee, Tampa, North Port, Largo, Deltona, Jacksonville, Orlando, Port Orange, and in Miami Beach. The company also operates 3 distribution centers to support state-wide, next-day delivery in Florida, and over 300,000 square feet of cultivation space.

FinSMEs

06/08/2018

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