The Palm Beach Post reports…..
Jimmy Buffett, the singer, entrepreneur and Palm Beach resident who urged Florida residents to legalize medical marijuana, is getting into the weed business himself.
Buffett will license his Coral Reefer brand to Surterra Holdings Inc. for a line of cannabis products including vape pens, gel caps, edibles and lotions, the companies said Tuesday.
Buffett is the second prominent Palm Beach County figure to go into business with Surterra, an Atlanta-based pot producer that operates 10 dispensaries in Florida. William “Beau” Wrigley said in August that he led a $65 million investment in Surterra and joined the company’s board.
“Cannabis is good medicine and should be made available to all who need it,” Buffett said Tuesday in a statement.
Buffett — whose songs include “Juicy Fruit” and, of course, “Margaritaville” — already licenses his famous brand to restaurants, hotels, casinos, retirement communities and Anheuser-Busch InBev’s Landsark Lager.
“Obviously, with Beau Wrigley as chairman, Surterra possesses an understanding and capability for developing and honoring iconic brands,” Coral Reefer Chief Executive John Cohlan said in a statement.
In 2016, when Floridians voted a second time on legalizing medical marijuana, Buffett publicly urged support. The constitutional amendment passed in a landslide.
Buffett considered deals with several cannabis companies but chose Surterra because it focused on health and wellness rather than recreation, The Wall Street Journal reported Tuesday. The paper said Buffett would receive royalties from the deal but not a stake in the startup.
Coral Reefer pot products will be available at Surterra stores in Florida starting next spring. Surterra’s distribution network includes stores in Miami Beach, Jacksonville and Pensacola.
Surterra will market Coral Reefer products aimed at improving appetite and mood, relieving pain and alleviating symptoms from chemotherapy, Surterra told the Wall Street Journal. In states where recreational marijuana use is legal, the products won’t require a prescription.
The interest from Buffett and Wrigley reflects the fast growth of Florida’s medical marijuana industry. As of Sept. 7, nearly 160,000 Floridians had received state approval to buy cannabis from state-licensed providers, and more than 50 dispensaries had opened statewide.
In a video he posted in the 2016 campaign leading up to Amendment 2, Buffett told voters to support legalized cannabis.
“All it took was for me to fall off the stage in Australia and have to get serious medical attention afterwards, and I can tell you from firsthand experience that medical marijuana is a great cure,” Buffett said.