Cardinal Spirits

Beloved, award-winning craft spirits & canned cocktails from $6M ARR distillery▲

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Security Type
Convertible Note
Retail, Alcohol, Consumer Goods & Products, Food & Bev, Food & Beverage
Min Investment
Bloomington, IN
Expected Close Date
April 29, 2024
Target Raise
No. Investors
Security Price
Number of Employees
Short Term Debt
Cost of Goods
Long Term Debt
Net Income

Key Deal Facts

Case sales grew from 8k in 2017 to 127k in 2022 ($6.3M annual revenue, $32M in cumulative revenue).
Products sold in 8,400 retail outlets (up from 1,000 in 2018). Including Walmart, Kroger, CVS, etc.
Gross margin has improved from 13% in 2019, to 39% in 2022.
Media darlings: Featured in the Wall Street Journal and New York Times.
Co-founder lobbied for law change that opened the door for 50+ craft distilleries now in Indiana.
Successful distillery tasting room with 4.5 stars on Yelp and 4.6 stars on Google.
Voted USA Today's Readers' Choice in 2019, 2020, 2021, and 2022.
Over 35k followers across social media, and 10k newsletter subscribers with 45% open rate.

Management Team / Advisory Board Bios

Adam Quirk CEOPreviously exited boutique media/marketing agency in NYC; CMO for tech startup incubator; early web video pioneer (has the 7th video uploaded to Youtube)., Erica Sagon Director of CommunicationsHead cheerleader for Cardinal Spirits, overseeing social media, media relations, branding. Never far from a newspaper and a negroni. Former and forever journalist., Jeff Wuslich PresidentI love bringing a team together to accomplish complex and almost unsolvable tasks. I work on production, sales, regulatory, HR, and other day-to-day operations like our tasting room. Heavily involved in the craft spirits community state and nationwide.
Amount Raised : $281,050
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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