Eastside Distilling Granted Spirits Seller's Permit by New York State Liquor Authority

Eastside Distilling Granted Spirits Seller's Permit by New York State Liquor Authority

By: Dylan Sikes - AllPennyStocks.com News

Thursday, July 9, 2015

According to Persistence Market Research, vodka leads the global spirit market followed by whisky. The research firm further notes that whisky is expected to register strong growth in the coming years after posting the highest growth in recent years. The growth is being driven by increasing consumption in China and India. The strong growth in these economies over the past two decades has boosted demand for premium products. Overall, Persistence Market Research notes that Asia Pacific is the largest market for alcoholic products. The next biggest markets are North America and Europe.


The global economic recession had a negative impact on the global spirits industry, however, since 2013, the market has been witnessing growth, according to Persistence Market Research. Looking ahead, the global spirits market is expected to continue to grow, driven by increasing demand in emerging economies.

This morning, a U.S.-based spirits company, Eastside Distilling Inc. (OTCQB:ESDI) made a major announcement. Eastside, which produces award-winning master-crafted spirits, announced that it has been granted a seller’s permit by the New York State Liquor Authority.

The company said that the permit opens doors to one of the top five liquor consumption states in the U.S. New York is also an important state for ESDI, where the company is actively distributing. In fact, it is the eighth state where the company is actively distributing.

Eastside said that the permit in New York has given the green light to Royal Wine Corp. to begin distribution of the company’s spirits across the state. Royal Wine is a major importer and distributor of specialty spirits and liqueurs.

Royal Wine has already placed an order for Eastside’s Burnside Bourbon, an award-winning spirit. The company expects orders for other products to follow. The bourbon category is one the fastest growing in the U.S. spirit market. In 2014, sales of bourbon products rose 9.6% to $2.7 billion.

Steven Earles, CEO of Eastside Distilling, said that as one of the top states for liquor consumption, New York represents a major market opportunity for ESDI’s full line of master crafted spirits. Earles further said that for the company’s rollout to New York, it could not have a better distribution partner than Royal Wine, a family owned company operating for more than 150 years. Earles said that Royal Wine’s well-established presence in the state should provide ESDI with a number of competitive advantages, including more effective marketing and efficient distribution.

Copyright © 2015 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Other Penny Stock Movers

Miner Scores with Acquisition of Promising Silver District in Mexico
Mixed Signals: Durable Goods Orders Up, But Not All Sectors Are Soaring
Biotech Steals The Show Following Pre-Clinical Data Announcement
Most Popular
5
FREE Newsletter


Back to Top