Reuters | Pot producer Aphria to buy beer maker Sweetwater for $300 million in U.S. push
November 5, 2020
Aphria Inc. said on Wednesday it plans to buy American craft brewer SweetWater Brewing Co for $300 million, as part of the Canadian cannabis company’s efforts to enter the U.S. beverages market. Unitholders of SweetWater, which will become a wholly owned unit of Aphria, will get $250 million in cash and about $50 million in Aphria stock at deal close. “We will build brand awareness for our adult-use cannabis brands … in the growing $29 billion craft brew market in the U.S. ahead of potential future state or federal cannabis legalization,” Apria’s chief executive officer Irwin Simon said.
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