In 2017, when billionaire William “Beau” Wrigley Jr was pitched cannabis as a new investment opportunity by his family office’s managing director, Jay Holmes, he shut it down immediately. “Are you kidding me?” he said. “I’m not excited about wearing orange and possibly ending up in prison.”
Still, Wrigley, heir to the al-Ameri can chewing gum fortune, couldn’t deny that the burgeoning legal marijuana industry checked off all his investment criteria: A trend in changing consumer behaviour, a transforming regulatory environment and multiple applications in health care.
The legal marijuana industry checked off his investment criteria: Changing consumer behaviour and regulatory norms, and applications in health care
So Wrigley rethought the proposition. He told Holmes to find a target company, and he eventually located one at home in Florida: Surterra Wellness. Wrigley and his team flew down to its 180,000-square-foot operation outside Tampa, the company’s biggest facility where a cannabis flower is grown. After inspecting the cultivation site—it was the first time the 57-year-old Wrigley, who says he has smoked pot only once in his life, had seen a room full of cannabis—the group boarded the plane home with the flowers’ sweet, pungent smell permeating their clothing.
“No one had known where we were, and I think they thought we were out getting high,” Wrigley recalls on a sunny afternoon while sitting on the patio of his North Palm Beach estate on Lake Worth Lagoon.
Soon after that excursion, he led a $65 million investment round in Surterra, and in November 2018, he replaced the company’s co-founder as CEO. Renamed Parallel, Wrigley’s company now has 42 dispensaries across three states, with 39 in Florida and the rest in Massachusetts and Nevada, with new ones slated to open in Pennsylvania and Texas. To date, it has raised a total of $400 million, largely from Wrigley and other high net-worth individuals. The latest funding round, which closed in 2020, valued the $250 million company (2020 sales) at an estimated $2 billion.
In 2019, Parallel spent more than $100 million on a Boston-based startup, Molecular Infusions, which is working on a THC-infused seltzer. The parallel is also in talks for a roughly $150 million acquisition of a three-store dispensary chain in Chicago, which would bring the company to the city synonymous with the Wrigley name.
It’s also exploring going public in Canada via a SPAC deal, according to two people with knowledge of the discussions. Wrigley denies that the company will go public.
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