Emailed on November 6th, 2020 in The Friday Forward

Aphria (TSX: APHA), a Canadian cannabis company, agreed to buy Atlanta-based craft brewer SweetWater Brewing Co. for $300 million. Sellers include TSG Consumer Partners. 

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. 

"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."

More from Reuters here