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Cannabis Startup Surterra Wellness Eyes US, International Expansion After Raising $100M

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Cannabis Startup Surterra Wellness Eyes US, International Expansion After Raising $100M

Health and wellness cannabis company Surterra Wellness plans on using proceeds from a capital raise to expand its footprint both in the U.S. and internationally.

What Happened

Surterra announced in a press release an initial closing of a $100 million Series D funding round. Former Patron Spirits Company CEO Ed Brown took part in the financing round along with existing and new investors, family investment offices and ultra-high net worth individuals.

Proceeds from the raise will be used to accelerate growth worldwide through strategic acquisitions and infrastructure capital expenditures.

Surterra also announced two new additions to its board, including Brown who oversaw the expansion of Patron tequila from 118,000 cases sold in 2001 to more than 4.1 million in 2016. The other new board member is Kevin Fisher, its current Executive Director of Operations.

Why It's Important

Surterra has raised a total of $300 million in private capital. The latest financing round comes after a "period of rapid growth" as it transformed to become a multi-state cannabis health and wellness business operator.

Surterra CEO William Wrigley, Jr. said Brown's expertise in the alcohol, beverage and consumer packaged goods industry and Fisher's market building experience should "significantly expand our leadership bench strength." The company is now in a better position to "become a leading global cannabis health and wellness company."

Need more cannabis news? Check out all of our coverage here.

Posted-In: Ed Brown Patron Surterra WellnessCannabis News Financing Startups Markets Best of Benzinga

 

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