Surterra Wellness, an Atlanta-based medical cannabis company, closed a $100 million share offering whose net proceeds will be used to fund acquisitions and capital expenditure.
The company also said it is taking on two new directors to help with corporate strategy:
- Ed Brown, former president and CEO of The Patron Spirits Co. Brown was a participant in the recent funding round.
- Kevin Fisher, founder of cannabis company New England Treatment Access (NETA) and biopharmaceutical group Molecular Infusions. Surterra acquired both NETA and Molecular Infusions recently.
The $100 million raise follows a Surterra funding in November of almost $55 million as part of an overall plan to raise $165.5 million.
Surterra has been on an expansion spree, announcing a $100 million biosynthesis licensing deal with Intrexon on June 18.
The company operates 26 dispensaries in Florida and also has operations in Massachusetts, Nevada and Texas
Surterra’s CEO, hired in November 2018, is Beau Wrigley, former CEO of the Wrigley chewing gum company.