The global cannabis industry is booming. According to GrandViewResearch, it will grow at a CAGR of 34.6% from 2018-2025. By 2024, the industry will be valued at a whopping $63.5 billion.

Cannabis could even outshine the alcohol and tobacco markets in the very near future; something that William “Beau” Wrigley Jr. II has clearly considered. The heir to the Wrigley Chewing Gum empire has joined the green movement, making him one of the many billionaires to profit from legal cannabis.

Wrigley joins forces with Surterra Wellness

Back in 2008, Wrigley sold the family’s famous chewing gum business to Mars Inc. His latest entrepreneurial move saw him lead an equity financing round for a Florida cannabis firm called Surterra Wellness.

A total of $65 million was raised in capital to secure the deal with Surterra, which runs 10 medical cannabis dispensaries. Surterra plans to further develop its brand outside of the Sunshine State’s medical cannabis sector and the company will use Beau’s financing to accomplish this task.

Beau, who served as CEO, President and Executive Chairman of the Board at Wm. Wrigley Jr. Company, will now assume his new position as chair of Surterra’s board. His decision to enter the cannabis business wasn’t exactly a no-brainer, however.

The 54-year-old CEO of Wrigley Management initially had doubts about getting involved with the cannabis industry, due to the fact cannabis remains an illegal drug under federal law. Nonetheless, Beau understands that, as a direct effect of cannabis legalization sweeping across 30 states and Washington D.C., Congress will soon lift strict cannabis regulations in the U.S.

“When I understood the massive benefits, it really changed my mind about the industry,” Beau said during an interview with Bloomberg. “You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch.”

Surterra is eyeing up the recreational cannabis market

It’s not just the medical cannabis market that Surterra is involved in.

The wellness company is also interested in the burgeoning recreational cannabis sector, which is on track to rake in $5 billion by the close of 2018 – a figure that could potentially rise as additional states lift the laws on adult-use cannabis.

According to data from ArcView Market Research and BDS Analytics, the combined cannabis market in the U.S. (medical and recreational) could top $11 billion this year.

“Everyone seems to be [investing in the cannabis industry] because they think they’re going to make tons of money,” Wrigley commented. “Some will and some will be sorely surprised when they understand how complex it is.”