Surterra Wellness, an integrated cannabis health startup headquartered in Atlanta, has announced the close of a $100 million Series D funding round. The company says the funding will go toward additional strategic acquisitions and infrastructure expenditures.
“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’s CEO and Chairman William “Beau” Wrigley (yes, of Wrigley gum and other confections fame).
Surterra is going after the full gamut of the emerging and fast-growing cannabis wellness market, which is projected to reach $148 billion by 2026. Demand for cannabis products and treatment is surging as countries and states increasingly loosen up laws formerly making treatment illegal or very difficult to get.
Surterra offers an e-commerce marketplace of their own products, such as vaporizer pens, cannabis concentrates, oils, and tinctures, patches, gels and more to address a range of conditions from sleep to pain.
They treat patients in-person at a network of 26 facilities across Florida, a state where medical cannabis is significantly easier to access than the company’s home state of Georgia. They also operate agricultural facilities in Florida in a vertically-integrated model to grow their own raw material.
Additionally, Surterra has operations in Nevada, Massachusetts, and Texas, which they entered through acquisitions.
The startup was founded in 2014 and received much of its funding, including a $65 million Series C in 2018, from Wrigley. In total, they have raised over $300 million in funding to-date and do not release revenue figures.
This latest funding round included existing and new investors — mostly high net worth individuals and family offices. Ed Brown, the former CEO of the Patrón Spirits Company, was one such investor participant and has joined Surterra’s Board.
“This significant financing reflects Surterra’s ability to attract a sophisticated, curated investor group who trust our vision, business model and financial track record,” said Wrigley in a statement.
Another Board addition reflects the company’s commitment to building out their portfolio of regulatory-compliant, science-backed cannabis wellness offerings. Kevin Fisher previously co-founded and led the New England Treatment Access (NETA), a Massachusetts-based cannabis company. He also co-founded Molecular Infusions (Mi), a biopharmaceutical company focused on cannabinoids.
Surterra recently acquired both NETA and Mi. This week, they also brought on a physician, Nicholas Bottaro, D.O., as the company’s Medical Director.
Surterra has indicated several new initiatives to capitalize on its forward momentum and the growing market. Firstly, they plan to enter the California market later this year.
They also currently have several technology-focused job posts open, indicating a foray into the technology side of medical operations. These jobs are based in their Atlanta headquarters.
Jobs are open in Nevada, Massachusetts, and several locations in Florida as well. The company says it began the year with 600 employees and will close it out with over 2,000.