Debra Borchardt
Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors. Surterra said it plans to use the proceeds to fund strategic acquisitions and infrastructure capital expenditures. The company noted that 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.
The new board members include Ed Brown who was once 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.
In addition to Brown, Kevin Fisher was added. He is a cannabis industry pioneer, and co-founder and former CEO of both New England Treatment Access (NETA), a premier, a 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.
