ATLANTA - 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."
