Cardinal Spirits

Beloved, award-winning craft spirits & canned cocktails from $6M ARR distillery▲

Last Funded September 2023

$283,810

raised from 339 investors

Highlights

1
Case sales grew from 8k in 2017 to 127k in 2022 ($6.3M annual revenue, $32M in cumulative revenue).
2
Products sold in 8,400 retail outlets (up from 1,000 in 2018). Including Walmart, Kroger, CVS, etc.
3
Gross margin has improved from 13% in 2019, to 39% in 2022.
4
Media darlings: Featured in the Wall Street Journal and New York Times.
5
Co-founder lobbied for law change that opened the door for 50+ craft distilleries now in Indiana.
6
Successful distillery tasting room with 4.5 stars on Yelp and 4.6 stars on Google.
7
Voted USA Today's Readers' Choice in 2019, 2020, 2021, and 2022.
8
Over 35k followers across social media, and 10k newsletter subscribers with 45% open rate.

Our Team


Our investor deck















BRAND SALES: NATIONAL PRESS


Forward-looking projections cannot be guaranteed.





















Forward-looking projections cannot be guaranteed.


Only $1.235M of the $2M will be solicited through Wefunder.



Forward-looking projections cannot be guaranteed.

Forward-looking projections cannot be guaranteed.

Forward-looking projections cannot be guaranteed.

SUMMARY: PUBLIC DEAL NEWS

  • Craft Spirit Valuations Start At $1,000 per case: Forbes 
Note that Cardinal currently sells 32,000 cases/year
  • High West Purchased by Constellation for $160,000,000 ($2,285 per case) - WSJ 
  • Casamigos Purchased by Diageo for $1,000,000,000 ($58,000 per case) - Reuters 
  • Bulldog Purchased by Campari for $58,000,000 (5.7x revenue) - PR Newswire 
  • Distill Ventures and other craft spirit incubators: SevenFifty 
  • Big spirit companies invest in craft brands: Bevnet 
  • RTD Cocktail Growth: SevenFifty 
  • Apax Partners acquires controlling interest in Ole Smoky Distillery: PE Hub
  • Heaven Hill Brands acquires Samson & Surrey: KY Bourbon Trail
  • Pritzker Private Capital acquires Bardstown Bourbon Co: BusinessWire
  • Bardstown Bourbon Co. to acquire Green River Spirits Co: Distillery Trail
  • Diageo acquires Australian cold brew liqueur Mr. Black.: Beverage Daily
  • Diageo acquires Texas-based Balcones Distilling: Forbes
  • Milestone Brands acquires Canadian distillery Victoria Distillers 1908 Gin: PR Newswire
  • Campari acquires 15% interest in Howler Head Banana Bourbon: Shanken News
  • Campari acquires French aperitif brand Picon for $125 million: Reuters
  • Campari acquires stake in Wilderness Trail Distillery for $420 million: VinePair
  • Brown-Forman acquires Gin Mare brands from Vantguard: Spirits Business
  • Pernod "significantly increases" its minority stake in Sovereign Brands: Beverage Journal
  • Deutsch Family Wine & Spirits acquires stake in Negra Tequila: PR Newswire
  • Constellation Brands fully acquires Austin Cocktails: Beverage Daily




Overview