Wrigley Heir, Cannabis Execs Hid Looming Defaults, Investor Says
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Surterra, Wrigley, and other executives offered an agreement for future equity
William “Beau” Wrigley Jr., a gum fortune heir who pivoted to the cannabis business, allegedly participated in improperly taking investor funds for Surterra Holdings Inc. without disclosing imminent defaults on debt worth hundreds of millions of dollars, a private investment firm says in a lawsuit.
Surterra, its CEO Wrigley, and other executives offered a simple agreement for future equity, known as a SAFE security, for operating and capital expenses pending an anticipated merger that didn’t materialize and then pending a future sale, according to the complaint.
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