Craft Brewing and Distilling News for November 15, 2019November 15, 2019
•Craft Brew Alliance (CBA) reported a net sales decline of 4.6% to $154.7 million for the nine months through September, representing the first three quarters of its fiscal year, and saw a net loss of $6 million during the period. While CBA’s total depletions were roughly flat in the year to date, its Kona brand enjoyed a 6% increase, amid solid growth for its Big Wave Golden Ale. CBA also sees potential for its La Rubia brand from Wynwood Brewing, which is expanding out of its home base of South Florida into the New York and Connecticut markets. CBA recently agreed to be fully acquired by A-B InBev in a transaction valuing the company at approximately $320 million.
•Portland, Oregon-based Eastside Distilling has appointed Lawrence Firestone as CEO. Firestone initially came onboard as a member of Eastside’s board of directors in September of this. He previously served as executive vice president and CFO of Akonni Biosystems, and before that as chairman of FirePower Technology. Eastside Distilling’s portfolio includes Redneck Riviera whiskey, Burnside whiskey, Azuñia Organic Tequila, and Portland Mule canned cocktails, among other brands.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.