Cardinal Spirits

BRAND SALES: NATIONAL PRESS

• Wall Street Journal - Covid Brings America’s Beer-vs.-Liquor Rivalry to a Head
• Imbibe - Drink of the Week: Cardinal Spirits Bourbon Cream Soda
• Forbes - Refreshing Canned Cocktails That Are Ready for Summer Adventures
• Uncrate - Cardinal Spirits Bourbon Cream Soda
• Boston Herald - These canned cocktails let you skip bartender duty
• Washington Post - These 16 cocktails are actually worth popping open
• New York Post - Best Canned Cocktails of Summer 2020
• Midwest Living - Fall Getaway to Bloomington, Indiana
• New York Times - Canned Cocktails in Quarantine Make Mixing a One-Step Process
• Vogue - The 18 Best Canned Cocktails to Kick Off Your Summer Nights
• Bloomberg - The Best Spirits of 2019
• Wall Street Journal - The Canned Cocktails You Should Be Sipping This SummerSaveur - The Best Canned Cocktails You Can Take Absolutely Anywhere

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
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