Today's Top Marijuana Stock News: Surterra's $65M Raise, GTI's CEO Departure, Avicanna And Daabon

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A Capital Raise

Surterra Wellness closed a $65 million round of Series C fundraising to bring the firm’s total capital raised above $100 million. Management will apply the funds toward strategic initiatives in Florida and Texas, including construction of a cultivation space, partnership pursuits and clinical trials for cannabis-based therapies.

Surterra also added to the board Beau Wrigley Jr., current president of Wychwood Asset Management and former head of Wrigley Company.

“We believe in the ability of cannabis to improve quality of life for patients across the country, and we are excited to build a global industry leader for the long term,” Wrigley said in a statement. He led the recent funding round.

A Deal

Benzinga learned about a new multimillion-dollar deal in Colombia: Avicanna Inc. and El Grupo Daabon have entered into joint venture to cultivate and process cannabis.

An Executive Departure

Green Thumb Industries Inc GTIIGTBIF CEO Peter Kadens will hand over the reins to Ben Kovler, the firm’s founder and chairman, Aug. 29.

“Pete now plans to step back from his day-to-day responsibilities as CEO to concentrate on his true passion – philanthropy and social justice for the communities that have been impacted by the war on drugs,” Kovler said in a statement.

Kadens, who stepped down for personal and family reasons, will stay on as a board member.

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