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.
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.
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.
Do not let Jimmy Buffett’s laid back, easy come easy go brand fool you, the guy is a fucking shark. He owns sixteen hotels, two “vacation clubs”, two casinos, over thirty-restaurants, multiple food lines, an alcohol company, and pumps out a shit ton of merch to drunks all over the world. He also still tours with his band, which, judging from the price of the tickets, bring in a considerable amount of change.
He’s a genius businessman who’s always thinking of ways to make money. So, it’s no surprise that he’s getting into the next big racket: weed. They claim it’s not for recreation use though (lol), just to help people with serious medical issues.
Whatever the case, the name works. “Coral Reefer” is going to be sold at every vacation spot around the country and it’s going to kill. Not sure how much crossover there will be with his audience, though- the last thing I want after sucking down a sugary margarita is some weed. Weed is the last thing I want most of the time. Donny gave me and edible the other day and I could barely walk by the time I got home. But you never know, his fans could love it.
It makes you wonder how long it will take to actually go into production. You hear so much about the “green rush” but where is THA WEEE-DUH? Everyone’s investing but no one’s actually opening up shops. Which I’m assuming is because of all the legalities involved in manufacturing a product that’s still illegal in seventy-five percent of the country. Oh well, good on Jimmy for staying ahead of the curve.
PS: No way in HELL Jimmy Buffett released this statement.
“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.