Surterra's Beau Wrigley, Jimmy Buffett's Margaritaville team to create a new medical marijuana brand, Coral Reefer
Initial launch planned in spring 2019 in Florida
ATLANTA, Sept. 11, 2018 /PRNewswire/ -- Surterra Wellness, a leading medical cannabis company, today announced a landmark global licensing deal to create a new medical marijuana brand, Coral Reefer. The new venture between Surterra and Coral Reefer will develop and market medical and therapeutic cannabis products, merchandise and a broad range of wellness lifestyle products under the Coral Reefer brand - the namesake of Jimmy Buffett's world-famous band.
Coral Reefer products will be distributed exclusively through Surterra's rapidly growing network of stores.
"Finally, 'the time has come,' as the Walrus said," Buffett said. "That time being the long overdue recognition of the numerous healing properties of cannabis. I have followed and studied with keen intensity the recent evolvement of the medical marijuana story and the path towards the simple common-sense conclusion that cannabis is good medicine and should be made available to all who need it. I feel that joining with Surterra, in the medical cannabis world, is the right place for Coral Reefer products to be."
Buffett's business partner and Coral Reefer CEO John Cohlan said: "Our brands are about quality and improving people's lives. We based our decision to work with Surterra in this new industry on the professionalism of its world-class management and commitment to quality and customer service. Surterra shares our vision of creating a cannabis wellness lifestyle brand that improves the health of millions of people around the world."
"Obviously, with Beau Wrigley as chairman, Surterra possesses an understanding and capability for developing and honoring iconic brands," Cohlan said.
The Coral Reefer licensing agreement comes one month after Wrigley, the former chairman and CEO of the family-founded gum and confections company, joined the Georgia-based medical cannabis company as board chairman. Wychwood Asset Management, Wrigley's investment arm in West Palm Beach, Fla., recently led Surterra's $65 million series C equity fundraising round, bringing the total capital raised to more than $100 million since 2015.
"Jimmy and the Margaritaville team have built premium brands that are widely admired and recognized around the world," Wrigley said. "They share a long-term commitment to consumers and quality that we espouse at Surterra and together we have the infrastructure and capital to support fast growing, high-quality brands. We are thrilled to be partnering with them."
After launching in Florida in 2019, Surterra plans to expand into additional states, with details to be released early next year.
Jake Bergmann, Surterra's CEO, said, "This strategic partnership delivers on Surterra's commitment to quality, integrity and building brands that consumers can trust. Our team at Surterra has established a reputation as thought leaders in this new industry, and our strategy will continue to lead with innovation, building a world-class portfolio of brands and products and expanding our business into multiple state and international markets."
Commenting on the changing social views on cannabis, Wrigley said, "medical marijuana is a wonderful, natural product that helps people all over the world improve their health and well-being."
About Surterra Wellness
Founded in 2014, Surterra Wellness is one of the fastest growing and leading medical cannabis companies in the US. With licenses in Florida and Texas, Surterra is expanding into new state markets across the country as it builds the industry's broadest portfolio of brands trusted by patients.
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, Surterra operates 10 Wellness Centers in Pensacola, Tallahassee, Tampa, North Port, Largo, Deltona, Jacksonville, Orlando, Port Orange, and notably: the first and only Wellness Center in Miami Beach. It also operates three distribution centers to support statewide, next-day delivery in Florida, and over 300,000 square feet of cultivation space.
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.
Surterra is focused on unlocking the natural health benefits of cannabis-based ingredients and is committed to providing individuals the safest, most effective treatments. The brand combines natural growing techniques with innovative extraction tools to develop uniquely formulated products. Surterra Wellness is utilizing best practices in medicine, science, and agriculture to discover and advance the natural healing benefits of cannabis.
About Coral Reefer, LLC
Coral Reefer, LLC is primarily owned by Jimmy Buffett and the team that manages Margaritaville Holdings - a global lifestyle branding company.
Margaritaville Holdings features 14 lodging locations with more than 20 additional projects in the pipeline, four gaming properties and more than 60 food and beverage venues including signature concepts such as Margaritaville Restaurant, award-winning JWB Prime Steak and Seafood, 5 o'Clock Somewhere Bar & Grill and LandShark Bar & Grill. More than 20 million travelers every year change their latitude and attitude with a visit to a Margaritaville resort, residential real estate destination, vacation club, vacation home rental or restaurant.
Consumers can also escape everyday through a collection of Margaritaville lifestyle products including apparel, footwear, frozen concoction makers, home décor, a satellite radio station and more. Additionally, the brand's food, beverage and spirits lines - including Margaritaville tequilas, rums, LandShark Lager and a bestselling cookbook - deliver authentic, tropical escapism to fans around the world. Margaritaville, a state of mind since 1977.
SOURCE Surterra Wellness