Weekly Beverage Alcohol Recap | May 08, 2026

**Key Themes This Week:**- Legal/regulatory disruption accelerating: Sixth Circuit strikes Ohio shipping law; Supreme Court may take up retail shipping cases May 14- Tariff relief: 10% Scotch whisky tariff eliminated following King Charles state visit- Beer showing cyclical recovery signs: ABI first volume growth since 2023; March shipments +2.5%; BPI above 50 for second consecutive month- Spirits and wine under sustained pressure: Diageo US spirits -15.4%; total wine volumes at decade-low- RTD/spirits-based cocktails as sole consistent growth driver across channels- Distribution landscape in upheaval: RNDC exits 25+ markets in 2026; Manhattan Beer absorbs NY Opici rights**Major Earnings:**- AB InBev: Q1 volume +0.8% (first growth since 2023); organic EBITDA +5.3%; US depletions +0.3%- Diageo: Q3 organic sales +0.3% (beat of -2.3% consensus); North America -9.4%; US spirits -15.4%- Campari: Q1 organic +2.9% vs +5.1% consensus; shares -11%- Boston Beer: YTD depletions -4%; guidance narrowed to -low to -mid single digits- Celsius Holdings: Revenue +138% YoY to $782.6M; adjusted EBITDA margin 25%- Ball Corporation: North American can supply sold through 2026, 90%+ through 2027**Notable M&A/Transactions:**- Stone Brewing sold by Sapporo to Firestone Walker (Duvel USA)- LVMH exploring sales of Joseph Phelps, Eminente rum, Fenty Beauty stake- ABI Newark brewery sold for $360M to Goodman North America- RNDC: BreakThru acquiring KY/IN; QBD acquiring NE/SD/ND- Manhattan Beer acquiring RNDC New York distribution rights (Opici)- Golden Eagle Distributing acquires Rinella Company territory in Western Illinois- Veritas Vineyards acquired by Veritas Legacy Partners- Elixir Distillers appoints MISA Imports as US importer- Ball Corporation completes Benepack acquisition**Regulatory & Legal:**- Sixth Circuit strikes Ohio wine retailer shipping law as unconstitutional- SCOTUS to conference May 14 on AZ and IN retail shipping cases- North Carolina "Free Our Spirits" campaign; Senate Bill 938 filed- NYC Health Department launches citywide anti-alcohol cancer awareness campaign- Cannabis class action lawsuits filed against Cresco, Green Thumb, Verano, Curaleaf**Consumer/Retail Trends:**- Total Wine dedicating 28-32 feet per store to THC beverages- Hard lemonade hits $1.5B; spirits-based RTDs +144.6% within segment- Surfside now #2 hard lemonade brand family at 9.9% share- 27% of consumers switching to lower-priced retailers (up from 16%)- Flavored sparkling wine: 25% CAGR since 2019- On-premise wine sales -26% since 2019; draft beer gaining share- Celsius CEO calls declining alcohol consumption "a major opportunity"**Industry Support:**- Wine Institute secures $6M USDA export funding- WSWA graduates 28 women leaders through Columbia Business School program- ABL designates May as Tavern Month; on-premise supports 2M+ jobs