Canadian-based cannabis company Aphria announced that it will buy the iconic Atlanta craft brewer SweetWater Brewing Company.
SweetWater’s management team and approximately 125 employees will remain with the company.
Aphria is a global company that may be looking at SweetWater as a U.S.-based foothold in the growing cannabis market as more and more states legalize cannabis. Sweetwater was founded in 1997 by Freddy Bensch and Kevin McNerney in Atlanta, Georgia. They are well-known in the industry and have grown to an annual production of about 260,000 bbls with distribution limited to select states. The brewer has always had a toe in the cannabis culture with their 420 Pale Ale, 420 Strain G13 IPA and their annual music festival “SweetWater 420 Fest.”
The announced price was $300 million in cash and stock.