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Craft Beer Alliance Inc (NASDAQ: BREW) soared to new all-time highs after locking up a new distribution deal with Anheuser Busch INbev SA (NYSE: BUD).
The deal runs until 2028 and will reportedly offer increased distribution, support and resources for several craft brands, including Kona Brewing company.
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This isn't the first time we have seen smaller craft brewers look to macro beer brands to open up new distribution channels. As the craft beer trend becomes more mainstream, it's a no brainer for smaller brands to link up with the big players to increase their exposure worldwide.
Ballast Point Brewing Company was set to launch an IPO in late 2015, but instead opted for a record $1 billion buyout from Constellation Brands, Inc (NYSE: STZ) to capitalize on the greater distribution opportunities. So far it has worked; Ballast Point is currently that fastest growing craft beer brand in the country.
Kona Brewing Company's shipments were up 24 percent year-over-year in Q2. Sidoti raised Craft Brew Alliance's shipment outlook for 2017, to 17 percent from 9 percent. Sidoti's new price target is set at $22.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.