Singer Jimmy Buffett is licensing the name
of his Coral Reefer Band to a medicinal marijuana startup, the company
announced Tuesday.
Buffett agreed to license the "Coral Reefer" brand to Georgia-based medical cannabis company, Surterra Wellness, to develop and market medical and therapeutic cannabis products and merchandise under the name, the Sun-Sentinel reported.
"Surterra shares our vision of creating a cannabis wellness lifestyle brand that improves the health of millions of people around the world," said Buffett's business partner and CEO of Coral Reefer, John Cohlan.
The products will be distributed exclusively at Surterra locations, the company said.
Surterra will market Coral Reefer products meant to improve appetite and mood, relieve pain and alleviate symptoms from chemotherapy, CEO Jake Bergmann said, according to The Wall Street Journal.
The products will be available without a prescription in states where medical marijuana is legal.
Surterra also plans to provide details for expansion in Florida and other states early next year.
Last year, William Wrigley Jr., the billionaire former CEO of the Wrigley gum and candy company, joined Surterra as chairman after his family investment firm Wychwood Asset Management led a $65 million fundraising round. The company said it has raised total capital of 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.
Buffett has licensed multiple brands including Margaritaville-branded restaurants, hotels, casinos and retirement communities.
Cohlan said Buffett will receive royalties as part of the licensing deal but will hold no stake in the startup.
"We have made a conscious decision to not go into the recreational business," Cohlan said.
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Buffett agreed to license the "Coral Reefer" brand to Georgia-based medical cannabis company, Surterra Wellness, to develop and market medical and therapeutic cannabis products and merchandise under the name, the Sun-Sentinel reported.
"Surterra shares our vision of creating a cannabis wellness lifestyle brand that improves the health of millions of people around the world," said Buffett's business partner and CEO of Coral Reefer, John Cohlan.
The products will be distributed exclusively at Surterra locations, the company said.
Surterra will market Coral Reefer products meant to improve appetite and mood, relieve pain and alleviate symptoms from chemotherapy, CEO Jake Bergmann said, according to The Wall Street Journal.
The products will be available without a prescription in states where medical marijuana is legal.
Surterra also plans to provide details for expansion in Florida and other states early next year.
Last year, William Wrigley Jr., the billionaire former CEO of the Wrigley gum and candy company, joined Surterra as chairman after his family investment firm Wychwood Asset Management led a $65 million fundraising round. The company said it has raised total capital of 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.
Buffett has licensed multiple brands including Margaritaville-branded restaurants, hotels, casinos and retirement communities.
Cohlan said Buffett will receive royalties as part of the licensing deal but will hold no stake in the startup.
"We have made a conscious decision to not go into the recreational business," Cohlan said.
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