**Distribution Upheaval**
- RNDC closes transfer of 11 markets to Reyes Beverage Group; Reyes now covers 52% of US LDA population
- Additional RNDC market exits pending: Columbia Distributing (OR/WA), Martignetti (17 control states), Manhattan Beer (NY), Breakthru (KY/IN), Quality Brands (NE/SD/ND)
- RNDC layoffs reach up to 4,677 positions across multiple states; NC, SC, OH facilities closing
- Southern Glazer's acquires Clare Rose on Long Island; rebrands to Southern Glazer's Beverage Company in July
- T.J. Sheehan acquires Eagle Beverage in Central New York (+3M cases)
- Breakthru/Edrington launch Colorado distribution partnership for The Macallan, Highland Park, Brugal
- Elenteny Imports rebrands to Elysia & Co
- Hayden Beverage/Columbia Distributing partner in Idaho; Oliver Winery and Caymus Vineyards align with Reyes
**Earnings & Corporate Strategy**
- Brown-Forman FY2026: Net sales $3.9B (-1%); organic flat; EPS $1.53 (-17%); FY2027 guidance: organic sales flat, operating income -3% to -5%
- Pernod Ricard merger talks officially dead; Sazerac ~$15B bid rejected; RBC argues M&A was clearest value path
- Rémy Cointreau FY2026: Sales €935.3M; organic +0.2%; adjusted EPS €1.71 (beat by 7%); guides to organic growth in FY2027
- Treasury Wine Estates slashes brands from 76 to <30; selling CA wineries; consolidating around Penfolds, DAOU, Matua; targeting A$100M annual savings; H1 net loss A$649.4M
- Costco Q3: Net sales $69.15B–$70.5B; US comps +6.8%–9.4%; EPS $4.93; traffic decelerating
- Dollar Tree Q1: Net sales $4.975B (+7.2%); EPS $1.74 (+38%); raised full-year guidance
- Dollar General Q1: Net sales $10.8B (+3.4%); EPS $2.00; 4th straight quarter of traffic growth; 450 new stores planned
**Beer Market**
- NBWA Beer Purchasers' Index at 52 (3rd consecutive month expansionary); at-risk inventory at 39 (lowest since 2021)
- BA revises 2025 craft decline to -4% (from -5.1%); Yuengling data corrected; craft dollar share 24.8%
- Legacy craft brands collectively lost $158M; emerging brands added only $17.5M
- Domestic super premium only beer segment growing both dollars (+3%) and volume (+2.5%); Michelob Ultra the engine
- Michelob Ultra Zero surged 622% to $91M; Athletic Brewing leads NA beer at $156M
- Voodoo Ranger G Force cracks top 30 craft brands; Blue Moon, Samuel Adams Seasonal post double-digit declines
- Draft beer at 9.6% of volume — highest since 2019
**RTD & Spirits Categories**
- RTDs surpass vodka globally in value for first time (IWSR)
- US spirits-based RTDs: +26.8% dollar sales L4W; +34.8% YTD
- Top growth brands: Cutwater +124%, Sun Cruiser +113%, Good Boy Vodka +117%, Surfside +61%
- Consolidation: ABI/BeatBox, Molson Coors/Atomic Brands & Monaco, Mark Anthony/Long Drink, Sazerac/Dirty Shirley
- US tequila volumes slip for first time; super-premium -8%; value tier +8%; Becle Q1 US/Canada sales -26.3%
- Gran Coramino reaches ~$200M cumulative sales; Lalo Tequila gains momentum post-Tito's investment
**Whiskey Oversupply**
- Industry inventory at ~1.5B gallons; inventory-to-production ratio ~85x vs. historical ~53x
- Brown-Forman pauses Slane and Glenglassaugh distilleries
- Whiskey House of Kentucky cuts 30% of workforce; operating at 60% capacity
- TKC Distilling/True Story faces two lawsuits totaling ~$1.45M
- Diageo signals more competitive US pricing across full price spectrum
**M&A & Distress**
- Uncle Nearest receivership: LOI signed with unnamed Black-owned investment firm for full asset sale
- Press Premium Seltzer in receivership; owes ~$7M to Constellation's CBV Ventures + $4.3M to City Brewing
- Voodoo Brewing crowdfunding investors told equity is total loss
- Great Central Brewing faces $4.7M foreclosure
- Carbliss openly for sale (~5.7M cases projected); SpikedAde projects 1M cases across 22 states
- Tilray sells Atwater Brewery back to founder Mark Rieth
- Wine M&A frozen: 40–60% buyer-seller valuation gap; worst sector slump in 30 years
**Legal & Regulatory**
- Boston Beer faces $191M judgment in Ardagh aluminum can contract case; appeal planned
- Celsius/Alani Nu under Texas AG investigation for youth-oriented marketing
- Furlong v. Brown: Maryland DtC beer delivery law struck down on Commerce Clause grounds; 8+ states with similar statutes potentially affected
- Ninth Circuit orders Akin Gump to pay fees in Winebow/Franz Haas arbitration case
- Cannabis: DOJ rescheduling hearing June 29; hemp ban amendment efforts blocked; HHC Schedule I challenged in two circuits
**THC Beverages**
- $239M in mainstream retail sales (52 weeks ending April 4); +135% YoY; 1,170+ UPCs, 200+ brands
- 50% of US adults (~130M people) express interest in trying THC beverages
- Strongest in liquor stores ($132M), convenience ($55M), grocery ($49M)
**Trade & Tariffs**
- 8 of 10 Canadian provinces still ban US liquor; Phillips Distilling lost 70% of Canadian business
- Phillips relocated Sour Puss production to Montreal to re-qualify for Canadian shelves
- Wine Institute sent 14-executive delegation to D.C. to lobby for Canadian market restoration
- Rémy Cointreau estimates €20M in FY2027 tariff impact (€15M US, €5M China)
**Consumer & Retail Trends**
- Only 54% of Americans drinking alcohol — lowest since Gallup tracking began in 1939
- "Reverse happy hours" (9:30 PM–midnight) emerging as on-premise value/experience strategy
- Private label share declining in aggregate but retailer commitment deepening (Kroger, Walmart)
- Scotch POS raises $20M Series A; surpasses $1B annual GPV
- The Daily Pour acquires Whiskey Riot; plans 30+ events in 2027
- US on-premise wine characterized as "winner-take-all" with top brands holding 8–15% penetration
- CA bulk wine market in "narrowing window": record gallons on paper but quality-specific tightening
