# Cardinal Spirits

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

## Elevator pitch
Cardinal Spirits is a growing craft distillery and spirits manufacturer with a line of successful canned cocktails and craft spirits.

- Canonical URL: https://wefunder.com/cardinal.spirits
- Entity ID: wefunder:company:129685
- Last updated: 2026-06-06T05:01:48Z
- Generated at: 2026-06-06T16:34:36Z

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

## Active fundraises
- wefunder:fundraise:78730: 4(a)(6) successful (USD)
- wefunder:fundraise:78729: 4(a)(6) successful (USD)

## Story
BRAND SALES: NATIONAL PRESSWall Street Journal - Covid Brings America’s Beer-vs.-Liquor Rivalry to a HeadImbibe - Drink of the Week: Cardinal Spirits Bourbon Cream SodaForbes - Refreshing Canned Cocktails That Are Ready for Summer AdventuresUncrate - Cardinal Spirits Bourbon Cream SodaBoston Herald - These canned cocktails let you skip bartender dutyWashington Post - These 16 cocktails are actually worth popping openNew York Post - Best Canned Cocktails of Summer 2020Midwest Living - Fall Getaway to Bloomington, IndianaNew York Times - Canned Cocktails in Quarantine Make Mixing a One-Step ProcessVogue - The 18 Best Canned Cocktails to Kick Off Your Summer NightsBloomberg - The Best Spirits of 2019Wall Street Journal - The Canned Cocktails You Should Be Sipping This SummerSaveur - The Best Canned Cocktails You Can Take Absolutely AnywhereForward-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 NEWSCraft Spirit Valuations Start At $1,000 per case: Forbes Note that Cardinal currently sells 32,000 cases/yearHigh 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 HubHeaven Hill Brands acquires Samson & Surrey: KY Bourbon TrailPritzker Private Capital acquires Bardstown Bourbon Co: BusinessWireBardstown Bourbon Co. to acquire Green River Spirits Co: Distillery TrailDiageo acquires Australian cold brew liqueur Mr. Black.: Beverage DailyDiageo acquires Texas-based Balcones Distilling: ForbesMilestone Brands acquires Canadian distillery Victoria Distillers 1908 Gin: PR NewswireCampari acquires 15% interest in Howler Head Banana Bourbon: Shanken NewsCampari acquires French aperitif brand Picon for $125 million: ReutersCampari acquires stake in Wilderness Trail Distillery for $420 million: VinePairBrown-Forman acquires Gin Mare brands from Vantguard: Spirits BusinessPernod "significantly increases" its minority stake in Sovereign Brands: Beverage JournalDeutsch Family Wine & Spirits acquires stake in Negra Tequila: PR NewswireConstellation Brands fully acquires Austin Cocktails: Beverage Daily

## FAQ
1. **Where can I locate the "Cardinal Spirits Convertible Promissory Note 2023" document?**
   - Hello Mitchell - this is viewable by clicking "Form C" after you click the "Invest" button. It is in the documents list at the SEC website, but unfortunately they don't name the documents. Here is a direct link: https://www.sec.gov/Archives/edgar/data/1574152/000167025423000256/document_6.pdf

## Team
- Jeff Wuslich (President)
- Erica Sagon (Director of Communications)

## Q&A
- Q: Are you on track with your 3 month plan to profitability? What are the most significant changes you are making to achieve profitability?
- Q: Where can I locate the "Cardinal Spirits Convertible Promissory Note 2023" document?
  - A: Hello Mitchell - this is viewable by clicking "Form C" after you click the "Invest" button. It is in the documents list at the SEC website, but unfortunately they don't name the documents. Here is a direct link: https://www.sec.gov/Archives/edgar/data/1574152/000167025423000256/document_6.pdf
- Q: How is 2023 looking financially?
- Q: With the Regulation of Crowdfunding deals the amount we can invest per year across this platform will hit the limit, so We were wondering if you have provisions to accept alternative outright financing. With that, we can cover over 60% of your target raise. Kindly reach out to me at HornbeckInvestment@protonmail.com so we discuss further.
- Q: Hi team! Out of curiosity, I'd love to hear what led to the slowing rate of case sales from 2021 to 2022 (29K to 31.8K). Thanks!