Cannabis company makes first-ever purchase of a beer brewer
Aphria (TSX: APHA), a Canadian cannabis company, has agreed to buy Atlanta-based craft brewer SweetWater Brewing Co. for $300 million. Sellers include TSG Consumer Partners.
Why it's the BFD: This is the first time a marijuana company has bought a brewer, rather than the other way around. It also comes the same week that five more states legalized cannabis in some form, meaning that legalization will now cover around one-third of the U.S. adult population.
What they're saying: "While SweetWater does not sell any pot-infused beverages, it is famous for its 420 beer that smells like weed, and Aphria’s CEO Irwin Simon said the deal helps his company raise brand-awareness in the U.S. and capitalize on future legalization at state or federal level," Reuters reports.