Jimmy Buffett gets into Cannabis Business
The distinction between “Margaritaville” and “Marijuanaville” just got hazier — courtesy of Jimmy Buffett.
Buffett has been playing with the Coral Reefer Band for well over four decades now, so it’s less than surprising to see the veteran singer-songwriter finally getting into the cannabis business.
The singer with the laid-back attitude has scored a licensing deal to slap the name of his Coral Reefer band on a new line of cannabis products, including edibles, lotions and vape pens.
“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,” Buffett said on Tuesday.
Buffett’s partner in the venture is a Wrigley scion who a month ago joined Surterra Wellness — a cultivator of weed and manufacturer of medical marijuana with plans to distribute Coral Reefer products through retail outlets.
Buffett, whose legions of Parrotheads seem sympatico with potheads for reasons of age, aches and anxieties, said that “joining with Surterra, in the medical cannabis world, is the right place for Coral Reefer products to be.”
The Wall Street Journal, which broke the story, reported the licensing deal was struck a month after William “Beau” Wrigley Jr., the former chief executive of the Wrigley gum and candy company, joined Surterra as chairman.
His family’s investment firm, meanwhile, led a $65 million fundraising round for 5-year-old Surterra, which is based in Atlanta and licensed to operate in Florida and Texas.
Surterra said it’s committed to “unlocking the natural health benefits of cannabis-based ingredients” — which dovetails with Buffett’s desire to stay away from the recreational business.
Buffett will license to Surterra without taking a stake in the company.