The fourth MSO highlighted – Parallel – is headed by William “Beau” Wrigley, a former CEO of the Wrigley’s chewing gum empire. The Chicago Cubs celebrate advancing to the World Series. He believes marijuana can be a life saver. Want to visit a sunny, coastal destination that's much closer than Capri? I have been a staff writer at Inc. magazine where I wrote about entrepreneurs doing business in the legal fringes of society. Bill Jr is the son of William Wrigley III (1933–1999), the grandson of Philip K Wrigley (1894–1977) and the great-grandson of William Wrigley Jr (1861–1932). Parallel also has something no other cannabis company has: the Wrigley name. Wrigley's great grandfather originally sold baking soda. It’s also exploring going public in Canada via a SPAC deal, according to two people with knowledge of the discussions. “It’s caught up in a political quagmire for the moment.”. Still: “Never say never,” he says. Wrigley denies that the company will go public. You haven’t seen it all until you’ve seen Pageant of the Masters. (Forbes rank: 804.) https://www.miamiherald.com/news/business/article235803937.html Although pot is still illegal under federal law, 43 states have created their own legal markets of one kind or another, and with Democrats now in control of Congress, national legalization seems closer than ever. 0. He said he’s tapping his experience with product distribution and … “I see us [as] in the era before Steve Wynn came and made it a destination experience,” he says. I am a staff writer on the vices beat, covering cannabis, gambling and more. Still, Wrigley, heir to the all-American chewing gum fortune, couldn’t deny that the burgeoning legal marijuana industry checked off all his investment criteria: a trend in changing consumer behavior, a transforming regulatory environment and multiple applications in health care. “At Wrigley, we brought joy to people’s lives. To date, it has raised a total of $400 million largely from Wrigley and other high-net-worth individuals. After launching into a three-minute explanation of the science and molecular biology behind ensuring the release of the right flavors for the appropriate amount of time from chewing gum base, he says he’s concerned about how expensive the R&D process could be—as well as the risk of appealing to children. Wrigley also assumed control of the Chicago Cubs after his father's death in 1977, and sold the team to the Chicago Tribune in 1981. (Photo by Jamie Squire/Getty Images) Cubs slugger Anthony Rizzo after his solo home run against the Los Angeles Dodgers during National League Championship Series at Wrigley Field. (Photo: Jonathan Daniel/Getty Images) The Chicago Cubs are playing in the World Series. He believes marijuana can be a life saver. You can have it all at Catalina Island, which this year celebrates its 100th anniversary. Have a fabulously wealthy family. Wrigley owned the Chicago Cubs, but the family had to sell the baseball team in 1981 in order to pay the estate taxes after his death. Image via Wikipedia But while newspaper ownership used to be a source of prestige, power and profit, industry losses now carry the threat of knocking the owner off the [...]. In 1999 William "Beau" Wrigley Jr., an heir to the Wrigley's chewing gum fortune, took over the business his great-grandfather started in 1891. Understandably, many assume Wrigley will produce a cannabis gum one day. Estimated Net Worth. Surterra’s former CEO Jake Bergmann stepped down effective Monday, November 5. So Wrigley rethought the proposition. Wrigley Jr., who was CEO, expanded the company in 2005 by purchasing Altoids and Life Savers from Kraft Foods for $1.46 billion. Much like Wrigley Co., Parallel has global ambitions. Children. Beau Wrigley is Chairman/CEO at Surterra Holdings Inc. See Beau Wrigley's compensation, career history, education, & memberships. This one-of-a-kind show mixes the elements of live theater, performance art and a museum visit. “Just like we sold in 180 countries, cannabis plays everywhere.”. Billionaire Beau Wrigley Says His Cannabis Company Will Be Bigger Than The Family Candy Business, Where The Forbes 400 Went To College: The Top 10 Schools, Pageant Of The Masters Highlights Your Perfect Arts Weekend In Southern California, Bachelor of Arts/Science, Duke University. The last generation of … Instead of a national land grab, Wrigley has mostly focused on Florida, which he calls “New York South” and where medical marijuana is legal. “Multigeneration, family-driven—this is how we build big, durable legacy brands.”. Parallel changed its corporate name from Surterra Wellness in 2019 but still uses the Surterra brand in Florida. In particular, billionaires pay top dollar for parcels on Red Mountain. Businessman. Want to get rich quick? Wait, let’s triple-check [...]. Although he has no official position with the organization, former Blackstone CEO Peter Peterson is now at the heart of America Elect's efforts to field a third-party presidential candidate. “To improve is to change; to be perfect is to change often” – Winston Churchill The most critical decision for an entrepreneur is to know when to stay the course vs. change direction. The company inked an exclusive partnership with biopharma company Eleszto Genetika in Budapest, Hungary, in 2019. A group called "The Committee to Get Walker Running" has announced a drive to nominate former Comptroller General David Walker. Occupation. ... Net Worth $4 bln: Ranked 43rd. “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. (Wrigley admits he has spoken to government officials in the region but says talks have slowed during the pandemic. Wrigley, who uses his company’s THC drops in lime LaCroix to unwind, says cannabinoids have the potential to improve “quality of life,” whether by easing one’s pain, reducing anxiety or helping promote a good night’s rest. Parent (s) William Wrigley III. This town has long been up to its waist in both snow and dough. You may opt-out by. To date, it has raised a total of $400 million largely from Wrigley and other high-net-worth individuals. Standing on a wooden walkway leading to the main entrance of his estate, he is flanked by two ponds filled with koi. “Anyone can put up a table with green felt and gamble. Billionaire Beau Wrigley Says His Cannabis Company Will Be Bigger Than The Family Candy Business.Shortly after being pitched Cannabis as an investment opportunity in 2017, billionaire William “Beau” Wrigley Jr. led a $65M investment round in Surterra, and in November 2018, replaced the company’s cofounder as CEO. According to an investment document obtained by Forbes, Parallel is exploring cannabis and hemp cultivation licenses in Southeast Asia. “It’s ingrained in their DNA,” Paxhia says. William “Beau” Wrigley Jr. believes he can emulate the success of his family’s old chewing gum empire in the cannabis industry. The idea is to create a noncaloric alcohol replacement that “makes you feel better, is not more addictive than a cup of coffee, has no side effects,” he adds. Previously at Forbes, I covered the world’s richest. n 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. But he created this whole experiential thing with the art, the Bellagio, the fountains, and it became a destination.” Wrigley believes Parallel can become the world’s first gold-standard cannabis company by changing how Americans view marijuana, much like Wynn made over Sin City’s image. Before that, I reported stories that took me to the West Bank, Moscow and Brooklyn. William Wrigley, Jr. was born on September 30, 1861 in North Palm Beach, Florida, United States, is Chairman and CEO, Wrigley Management, Inc.. 4. And since July 2020 the yacht is … A Surterra Wellness centre (Credit: Surterra Wellness) 1/2004. Marc Wrigley Higholt (1973-1975), natural son died of a heart problem “Are you kidding me?” he said. Industry. Beau Wrigley is Chairman & Chief Executive Officer at Surterra Holdings, Inc. View Beau Wrigley’s professional profile on Relationship Science, the database of decision makers. On a mission to build the first mainstream marijuana brand, he has stacked his management with executives and advisors from some of the largest and best-known corporations in the world—including Coca-Cola, Walgreens and Patrón Spirits. © 2021 Forbes Media LLC. By emergingbusiness On Feb 11, 2021. Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors. Parallel is not the largest cannabis firm in America—Massachusetts-based Curaleaf is—or even the largest in Florida (that’s Trulieve), but it has slowly and methodically built up its operations. William Wrigley Jr. (born October 6, 1963) is an American businessman, the chairman and former CEO of the Wm. Dorothy “Da” Wrigley (1886-1979) = [1908] James R. Offield (1881-1964); 1. I. n 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 … Wrigley Jr. Company. Beau Wrigley Says Marijuana Can Be A Life Saver. Relationships. The company noted that participants in the round include existing and new investors, ultra-high net worth individuals and family […] Wrigley could face a sticky situation by introducing new candies. Georgia prosecutors open a criminal probe that could land Trump in prison; Key moments from the second day of Trump’s impeachment trial; Larry Flynt, The Porn King Who Founded Hustler, Dies At 78 “Never say never,” he says. Morgan Paxhia, cofounder of a San Francisco–based $150 million cannabis investment firm, believes Wrigley is primed to build a successful, mainstream cannabis company. Material may not be published, broadcast, rewritten or redistributed without a link to the original content. A quick trip from Los Angeles, Catalina Island is a world away from the hustle and bustle. I’ve spoke at length about how to deal with “The Entrepreneur’s Dilemma.” Today we launched the new version of [...], For all its glitz and glamour, Los Angeles can be an exhausting city (just ask any local about the traffic and parking, which have become as ubiquitous with the metropolis as its Hollywood landmarks). The latest funding round, which closed in 2020, valued the $250 million company (2020 sales) at an estimated $2 billion. And according to Forbes, Wrigley has a personal net worth of $2.9bn. With his startup, Parallel, the chewing gum heir is not just banking on getting consumers high. WASHINGTON, D.C – April 10, 2019 – William “Beau” Wrigley, Jr., Chairman and CEO of Surterra Wellness (Surterra), one of the fastest growing health and wellness companies in the United States (U.S.), today highlighted the need for a change in the policy paradigm related to cannabis, saying that “Americans are ready for the full spectrum of medical and wellness benefits of cannabis. Catalina Island Celebrates Centennial With New Offerings, Case Study: Influence More Buyers By Getting More Attention, What's New On Catalina--LA's Unsung Island Escape, 12 Reasons Why Wrigley Field, The Cubs and Cubs Fans Are Awesome, Introducing A Blog To Help You Survive And Thrive In The Data Economy, Five Best Things To Do On Catalina Island, Peterson at Center of Third-party Election Drive, Newspapers Still Have Allure for Wealthy Investors, In Pictures: Dynasties Of The Billionaires, Chicago's Most Eligible Bachelor Remarries. View Relationship Details. “It’s about quality of life.”, I am a staff writer on the vices beat, covering cannabis, gambling and more. In 2018, Wrigley became CEO of Parallel, a company that makes and sells cannabis products in Florida, Massachusetts, Texas and Nevada. The last generation of entrepreneurs who made that claim turned the desert town of Las Vegas into a city home to multibillion-dollar public corporations. © 2021 Forbes Media LLC. Participants in the round include existing and new investors, ultra-high net worth individuals and family investment offices, including former Patrón Spirits Company CEO, Ed Brown. Chairman and CEO, Wrigley Management, Inc. Photo by Patrick McMullan via Getty Images. Understandably, many assume Wrigley will produce a cannabis gum one day. Michael Maven reveals how to influence buyers and grow sales by a huge 6X. One future product Wrigley is excited about is CBN, a cannabinoid that helps improve sleep. In order to succeed in this increasingly data-driven and data-dependent world, entrepreneurs will need to adapt and embrace all the benefits it has to offer. Have strategies changed? In 2019, Parallel spent more than $100 million on a Boston-based startup, Molecular Infusions, which is working on a THC-infused seltzer. Wrigley compares the cannabis industry today to Vegas in the post-Mafia period before luxury hotels dominated the Strip. With his startup, Parallel, the chewing gum heir is not just banking on getting consumers high. All Rights Reserved. ), “In comparison to Wrigley, this is also a cross-cultural product,” he says. His father had 3 children, so Bill inherited roughly 8% (and his brother Philip Wrigley and … Wrigley is on the board of the Everglades Foundation, which works to restore and protect the Florida national park's ecosystem. Flags on a small putting green nearby wave in the breeze off Lake Worth. Its strategy is markedly different from that of Curaleaf, which pulled off an aggressive national rollup strategy headed by its billionaire chairman, Boris Jordan. Wrigley Offield Sullivan (1936-1972) 2. Wrigley Jr. Co., is now worth an estimated $2.8 billion. Parallel is also in talks for a roughly $150 million acquisition of a dispensary chain in Chicago, which would bring the company to the city synonymous with the Wrigley name. Soon after that excursion, he led a $65 million investment round in Surterra, and in November 2018, he replaced the company’s cofounder as CEO. Yacht Charter. When asked what his ancestors would think about his foray into the industry, Wrigley takes his time to answer. Beau, who started working at the company over his summer break when he was 13, was 35 years old when he became CEO and chairman the day after his father passed away. 1. 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. Fisher is also a member of the company's board of directors. The company was handed down through the generations, and Beau’s father ran it until the day he died, in March 1999. The boat is not available for yacht charter. Message to Other Media. “I don’t consider our business illegal,” he says. Chicago is Wrigley land, with the landmark Wrigley Building skyscraper on its Magnificent Mile and Wrigley Field as home to the baseball Chicago Cubs. Forbes magazine recently listed Wrigley’s net worth at $3.1 billion. Florida has a growing population of 21 million and more than 100 million visitors every year, and Wrigley expects that when it legalizes cannabis for recreational use, his company will grow by a factor of ten. Carlisle Sullivan (1939-1979) suicide at age 40 = [1971] Howard Higholt 1. Parallel Lines: Among Wrigley’s cannabis brands is Jimmy Buffett’s Coral Reefer, which includes vapes, balms and gummies—but no gum. All Rights Reserved. 1999–2006: William Wrigley IV. Wrigley was born into one of America’s great business dynasties. The yacht’s owner is William Wrigley. Citizen Kane. The latest funding round, which closed in 2020, valued the $250 million company (2020 sales) at an estimated $2 billion. “The potential is huge in Florida alone,” he says. Net worth. $2.8B. In 1999 William "Beau" Wrigley Jr., an heir to the Wrigley's chewing gum fortune, took over the business his great-grandfather started in 1891.Wrigley Jr., who was CEO, expanded the company in 2005 by purchasing Altoids and Life Savers from Kraft Foods for $1.46 billion.In 2008, he sold the Chicago-based firm to candy giant Mars Inc. for $23 billion in cash. Surterra Wellness Raises $100 Million in Series D Funding to Accelerate its Growth in U.S. and International Markets Former Patrón Spirits CEO Ed Brown and Co-founder and Former CEO of … Wrigley, known as Beau, said he got into the industry mainly because of marijuana’s medical benefits. Willieam “Beau” Wrigley of North Palm Beach, former president and CEO of candy maker Wm. The swells down in Palm Beach, Florida, are gossiping about the impending divorce of Wrigley heiress Helen Atwater-Rich and her husband of 16 years, James Rosburg — … https://www.idolnetworth.com/william-wrigley-jr-net-worth-51678 The hidden value in Parallel lies in its investments in medical and recreational R&D. This is much bigger than that.”. “It isn’t about getting high,” he says. billionaire-beau-wrigley-says-his-cannabis-company-will-be-bigger-than-the-family-candy-business. “I think this can be bigger than the Wrigley company,” he says. “Gosh, at first blush they would roll over in their graves,” he says with a smile. Nearly one in five of America’s richest went to an Ivy League school, with the University of Pennsylvania leading the way. Wrigley, who has a net worth of $3.1 billion, says he feels lucky to be a part of helping an industry transform from black-market to legal. In 1999 William "Beau" Wrigley Jr., an heir to the Wrigley's chewing gum fortune, took over the business his great-grandfather started in 1891. Parallel is also looking at THCV, which has the same euphoric effects as THC, the main psychoactive compound in cannabis, but is an appetite suppressant—meaning no more “munchies,” he says. Billionaire Beau Wrigley Proves His Cannabis Company Is Bigger Than The Family Candy Business. “And, oh, by the way, it suppresses your appetite.”, He goes on, his Italian water dog, Rio, sitting at his feet: “One of these products is bigger than the entire company.”. Surterra said it plans to use the proceeds to fund strategic acquisitions and infrastructure capital expenditures. US$ 2.9 billion. 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. His net worth is estimated at US$ 3 billion. His father owned 25% of Wrigley stock. He told Holmes to find a target company, and he eventually located one at home in Florida: Surterra Wellness. The relationship goes back generations, forever embodied in Orson Welles's portrayal of Charles Foster Kane. Billionaires business Companies. His namesake great-grandfather, William Wrigley Jr., started William Wrigley Co. in 1891 as a manufacturer of soap but pivoted in 1893 to produce Wrigley’s chewing gum instead. “Having a seasoned industry veteran like Beau intimately involved in building Surterra’s business is exciting for the future of Surterra, our patients and the entire medical cannabis industry.” Mr Wrigley Jr II’s net worth currently stands at $2.9bn (£2.25bn), according to Forbes. He switched businesses after realizing that the chewing gum he gave away was much more popular. William "Beau" Wrigley IV (1963–), following the death of Wrigley III (his father), led the sugar-free gum … Walker is the [...], What is it with billionaires and newspapers? Through a yeast-based microbial process, Eleszto Genetika can genetically sequence rare cannabinoids and engineer specific effects at commercial scale. He is credited with breathing life into a 100-year-old family business by helping replace its natural-gum formula with a more cost-effective synthetic base and expanding its reach by acquiring Life Savers and Altoids. All Rights Reserved, This is a BETA experience. Most photos on this page by Raphael Belly Photography. “I’m not excited about wearing orange and possibly ending up in prison.”. In 2008, he sold the Chicago-based firm to candy giant Mars Inc. for $23 billion in cash. In October 2008, Wrigley closed the deal of his lifetime—he took Wrigley Co. private by selling to Mars, Inc., another company owned by a family of billionaires. Wrigley believes his cannabis concern could one day rival his family’s chewing gum business, which he sold to Mars, Inc. for $23 billion in 2008. REAL TIME NET WORTH $3.1B as of 2/15/21 In 1999 William "Beau" Wrigley Jr., an heir to the Wrigley's chewing gum fortune, took over the business his great-grandfather started in 1891. I believe in the many virtues of vices. Wrigley, who has a net worth of $3.1 billion, says he feels lucky to be a part of helping an industry transform from black-market to legal. His grandfather P.K. In just three years, Wrigley has transformed Parallel into a new kind of cannabis company. Wrigley and his team flew down to its 180,000-square-foot operation outside Tampa, the company’s biggest facility where cannabis flower is grown. Ada Elizabeth “Betty” Offield (1911-1976) = [1934] Denis Emos Sullivan, Jr. #1 1. © 2021 Forbes Media LLC. One doesn’t need to venture out of Los Angeles County to find reprieve, though; Catalina Island, one [...]. The US-based medical cannabis provider closed a $65 million Series C equity fundraising round in July 2018. He reports directly to William "Beau" Wrigley Jr., Parallel's chairman and CEO. https://www.poll-vaulter.com/pot-luck-wrigley-heir-hopes-so I believe in the many virtues of vices. Previously at Forbes, I covered the world’s richest people as a member of the wealth team.
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