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Photo illustration: Rafael Henrique/SOPA Images/LightRocket via Getty

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.

Go deeper

Dion Rabouin, author of Markets
Nov 5, 2020 - Economy & Business

Big name cannabis stocks sink after more states legalize

Illustration: Sarah Grillo/Axios

The largest cannabis stocks saw their share prices drop significantly on Wednesday, after more states legalized recreational and medical marijuana use and Biden, who has vowed to decriminalize marijuana if elected, moved closer to being declared the winner of the U.S. presidential election.

Driving the news: Arizona, Montana, New Jersey and South Dakota voted to legalize marijuana on Tuesday, joining 11 other states and Washington, D.C.

Voters approve marijuana legalization in 4 states

An election worker sorts submitted ballots. Photo: Nathan Howard/Getty Images

Voters approved legalizing recreational marijuana use in several states, and Oregon decriminalized the possession of street drugs.

The big picture: New Jersey, Arizona, Montana and South Dakota will join the 11 states and D.C. that have already legalized cannabis for adult recreational use.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.