Wrigley will also become the chair of Surterra's board. The company plans to use the funds to expand into new state markets — and make a push into the competitive recreational market.
Known as Beau, Wrigley left the eponymous chewing gum company after orchestrating the company's sale to Mars Inc.
"When I understood the massive benefits, it really changed my mind about the [marijuana] industry," Wrigley told Bloomberg in a Monday interview. "You don’t see too many opportunities to have that kind of an impact in an industry that is being created from scratch."
Recreational marijuana is legal in nine US states, and medical marijuana is legal in another 30, though the federal government still considers it to be an illegal, Schedule I substance.
Oklahoma voted to allow medicinal marijuana in June.