With pot becoming legal next month in Canada, it is unlikely Mr. Margaritaville would relocate, but he would have reason, as Jimmy Buffett is getting into the weed business.
Jimmy will license the “Coral Reefer” brand to Surterra, a big medical marijuana company whose board has since last month been chaired by William “Beau” Wrigley, Jr.—the former CEO of the Wrigley confectionery firm. Coral Reefer is the name of the band Jimmy has been playing with for decades.
Buffett will earn royalties from Surterra’s Coral Reefer-branded vape pens, edibles, lotions and gel caps, but gain no stake in the venture. According to the Journal‘s report, he was approached by other cannabis ventures but opted for Surterra because of its medical, rather than recreational, focus.
That said, Wrigley told Bloomberg last month that Surterra would eventually move into the recreational marijuana market, which should pull in more than $5 billion this year across the nine states where it can legally operate.
photo credit: guitarnoise.com