Music Mogul Scooter Braun Expands His Wealth In Cannabis Products
Scooter Braun sits on his throne as one of the most powerful and influential people in the music industry. He's responsible for some of the highest paid musical performers and owns a variety of related businesses in the industry. He has an estimated net worth of $400 million on his own, and he is about to embark on a massive merger with billionaire William Wrigley that is going to push his wealth status even higher.
Joining forces and combining their wealth, expertise and exceptional business sense, these two big players are embarking on an adventure that will heighten their success in an entirely different genre. Forbes reports that with their combined talents and investment, they're poised to force a major industry takeover and add significant wealth to their already impressive fortunes. There seems to be no greater time than the present to join the cannabis industry, and Wrigley and Braun will not let the opportunity pass them by.
Scooter Braun's wealth stems from his role as a media entrepreneur and grows exponentially each year through his management of some of the top performing, top grossing artists of all-time. With superstars such as Ariana Grande, Justin Bieber, and Demi Lovato under his umbrella, Braun has dominated the world of music for so long that he landscape is virtually non-existent without his influence. In fact, Justin Bieber's success, and earnings are due largely to Braun discovering and paving his career.
He has his hands in film and television and is the chairman of Ithaca Holdings, Mythos Studios, and TQ Ventures, to name a few. Standing behind the scenes and fueling the careers of wildly successful artists, Scooter Braun's name became recognized by millions of fans during his dispute with Taylor Swift over ownership of rights to her music.
William Wrigley is the heir of the massive chewing gum franchise, first founded in 1891. As the largest chewing gum manufacturer and distributor in the world, the Wrigleys went on to take ownership of Altoids and Life Savers from Kraft. One of the biggest shifts made by William Wrigley Jr. took place in 2018 when he became the CEO of Parallel, which according to Forbes, is a company "that makes and sells cannabis products in Florida, Massachusetts, Texas and Nevada."
According to Variety, Scooter Braun's corporation, Ceres Acquisition Corp. and Parallel have entered into a “business combination” to "launch a publicly traded U.S. cannabis well-being company. The new company will be listed on the Canadian NEO stock exchange."
In terms of joint ventures, earning potential, and the ability to take over a market, this deal between Scooter Braun and William Wrigley stands to be a heavy-hitter for everyone involved. In fact, THCNet reports that Wrigley himself perceives this to be one of the biggest opportunities of his lifetime, and predicts that "Parallel could one day be worth more than his family’s chewing gum business, which sold to Mars, Inc. in 2008 for $23 billion."
Let's talk about what's at stake here...
The groundbreaking deal between Ceres and Parallel is projected to close in the summer of 2021, and by that time, it is estimated that their combined efforts will have resulted in roughly $430 million worth of cash available through investors. This is a new world to Braun, but he seems zoned in and ready to open up a new chapter of his life. Expressing that he felt left out of the first surge towards cannabis investment, he's delighted to have this level of involvement now, and is putting his efforts into ensuring the overall success of this new venture. He will serve in the role of special advisor to the firm.
Wrigley has grandiose plans for the development of the firm and has indicated to THCNet that he believes; "Parallel is ideally positioned for its next phase of growth, as we continue to build our presence in strategic markets and invest in innovation, R & D and the customer experience." Already, in the onset of the organization of the firm, Wrigley is proving to be an aggressive figure in the industry, indicating that he has every intent to; "disrupt the more traditional beverage alcohol and healthcare spaces.”
With a deal that joins two successful moguls with a common goal, it can be expected that revenue and growth will be exponential from the start. In fact, Variety reports that projections indicate an estimated $447 million in revenue will be generated in 2021 alone... the very first year of their merger.
All eyes are on Scooter Braun and William Wrigley, as the two embark on an unprecedented deal that's poised to change the very landscape of the already booming cannabis market.
Sources: Celebrity Net Worth, Forbes,Variety , THC Net
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