Aphria Inc. is jumping into the U.S. with the purchase of a craft-beer company that has been a part of some stoners’ lifestyle for decades.
“Our 420 brand offerings and SweetWater 420 Fest complement Aphria’s cannabis business and create mutual opportunities for accelerated expansion into other cannabis- and beverage-related products in the U.S. and Canada,” Sweetwater founder and Chief Executive Freddy Bensch said in Wednesday’s announcement.
Aphria shares jumped 11.7% higher to $5.55 at the open of trading Thursday, though gains calmed down as the session moved forward. The stock has fared better than most pot companies of late, losing 3.8% so far this year as the Horizons Marijuana Life Sciences ETF HMMJ, +11.21% has declined 27.7%. “Our strong balance sheet and access to capital have enabled us to enter the U.S. through this strategic and accretive acquisition,” Aphria Chief Executive Irwin Simon said in Wednesday’s announcement. “We will establish and grow our U.S. presence through Sweetwater’s robust, profitable platform of craft-brewing innovation, manufacturing, marketing and distribution expertise.”
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thanks
Stoners stoned!
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