**Key Themes This Week:**

- US beverage alcohol market in structural multi-year decline; IWSR projects -18% servings by 2035

- Beer enters summer with negative momentum; Memorial Day disappointing across channels

- World Cup represents industry's largest activation bet — Diageo makes history as first spirits sponsor

- Wine industry contraction deepens: Treasury Wine Estates slashes portfolio from 76 to <30 brands; Gallo closes another facility

- Distribution tier consolidation accelerates with Reyes completing landmark RNDC 11-market acquisition

**Major Company Moves:**

- **AB InBev:** Michelob Ultra becomes #1 US beer brand by volume; Cutwater RTD posts +95.4% holiday week growth

- **Reyes Beverage Group:** Closes RNDC deal — adds 600+ suppliers, 38M cases, $4B revenue; now #3 US wine & spirits distributor

- **Treasury Wine Estates:** Cuts brands from 76 to <30; SKUs from 1,700 to <850; stock +13% on restructuring but down >50% YoY

- **Gallo:** Closes West Turner Road crush facility in Lodi; fourth facility closure since 2025

- **Constellation Brands:** Only major brewer in positive territory; Pacifico +17.5% dollars; F1Q27 earnings June 30

- **Boston Beer:** Dollar sales -14.1% in L4W; fighting $175.5M Ardagh verdict

- **Diageo:** First-ever World Cup spirits sponsor; NA revenue -9%, US spirits -15%; strategy update August 6

- **Molson Coors:** Losses accelerating; raising summer ad spend 60%; launching Coors 0.0%

- **Moon Distributors:** Acquiring RNDC's Arkansas operations

- **Lucas Bols USA:** Complete national distribution realignment away from RNDC to four-partner network

- **DISCUS:** Robinson Brown IV (Brown-Forman) elected Chair; Joe Fortune (Mast-Jägermeister) Vice Chair

- **Uncle Nearest:** Enters receivership; active litigation

- **Luca Mariano Distillery:** Apogee 21 Holdings as sole bidder at $16.7M

- **Sazerac:** Threatens legal action over NC ABC minimum pricing proposal

- **Hightails (THC beverages):** National sales partnership with Spirited Insiders

- **Fever-Tree:** US market share gains via Molson Coors partnership; first national US marketing campaign

- **Johnson Brothers:** Expands Round Pond Estate distribution to 9 new states; acquires Lucas Bols Midwest markets

- **Mulholland Distilling:** Names Classic Wine & Spirits as California distributor

- **Smart Distributors (MO):** Strategic investment from Leslie Rudd Investment Company

- **Trulieve Cannabis:** Corporate de-consolidation; medical entity pursuing NYSE listing

**Data Points to Watch:**

- Total US alcohol: $8.6B in L4W, -4.6% YoY dollars, -6.3% volume

- Beer YTD: +0.3% dollars, -1.2% volume (MULO+C); L4W turned negative

- RTDs: Only positive bev-alc category (+0.1% dollars in L4W)

- May Food PPI: +2.4% YoY, accelerating; 2-year stack +6.2%

- Beer-at-home CPI: +2.9% YoY in May (from +2.2% April)

- TBA wholesaler inventories: -4.3% YoY but still 39% above 2019 levels

- Microbrewery volume: -8.9% in 2025, lowest since 2014

- NA beer (domestic): +17.1% YTD; Michelob NA +95.2%

- Energy drinks: +6.1% L2W; Monster +5.7%, Celsius/Alani combined share 16%

- GLP-1 market: TD Cowen raises 2030 estimate to $150B, 26M US patients projected

**Regulatory & Legal:**

- Ohio files SCOTUS cert petition on wine retailer shipping (Block v. Canepa) — first state AG petition, circuit split acknowledged

- Sazerac threatens legal action over NC ABC minimum spirits pricing

- Boston Beer affiliate fights $175.5M Ardagh can supply verdict

- Second Circuit vacates $1.3M Peju Province Winery trademark judgment

- Garden Path Fermentation TTB vintage labeling challenge dismissed without prejudice

- Oregon OLCC sting operations down 85%

- NY One Fair Price Act (anti-AI pricing) passes legislature, awaits governor

- Dueling health studies: government study finds risk at 1 drink/day vs. JGIM study finding no moderate drinking-cancer mortality link

- Total Wine faces potential 20,000-applicant class action in Washington State