Cannabis Briefs for November 10, 2020
November 10, 2020•Canadian cannabis producer Aphria has entered an agreement to acquire Atlanta, Georgia-based Sweetwater Brewing Company. The deal is valued at approximately $300 million, $250 million of which will be paid in cash and the remainder in Aphria stock. Sweetwater’s leadership team will remain in place along with its 100-plus employees, with CEO Freddy Bensch reporting to Aphria CEO Irwin Simon. Sweetwater distributes to 27 states in the U.S. and its flagship 420 Pale Ale and Sweetwater 420 Fest event carry strong associations with cannabis; the deal also positions Aphria to quickly enter the U.S. market in the event of federal cannabis legalization. The combined company’s annual net revenue will total approximately $500 million. The deal is expected to close by the end of the year.
•Minneapolis-based CBD brand Soar is launching three new formulations to its lineup. The first of the additions, Harmony Held Wellness Tincture, combines CBD with MCT oil (medium-chain triglycerides), which is said to have a range of health benefits; a bottle containing 500 mg of CBD retails for $35. The second, Energy Enhanced Peppermint combines 500 mg of CBD and 500 mg of CBG, or cannabigerol, a cannabinoid from which many other cannabinoids derive that has pain-reducing properties. The third is Sleep Secured Lemon Essence, which contains 500 mg of CBD and 150 mg of CBN, or cannabinol, another cannabinoid that works as a sleep aid. The latter two both retail for $50.
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