I've seen a few. As an avid admirer of spirits, I've always kept my eyes open. I can find Micro - breweries, but often that is a restaurant that sells their own beer. After investigating the opportunities that I found they fell into 2 categories. 1) Significant turnaround money losing projects. 2) struggling newer start-ups that is offering a small equity for capital. You will be an investor rather than an owner/operator of the company.

Agreed on 1) and looked at a few whiskey related projects that fit this profile. Spirits boomed when capital was abundant and consumer demand was surging in the pandemic, but now many producers are facing higher financing costs, distributor consolidation, and inventory overhang. Curious if you’re seeing fundamentally good distilleries that are simply overlevered or if demand has truly shifted