**Major Themes This Week:**

- **Distribution consolidation accelerates:** Reyes Beverage Group expands RNDC acquisition to 10 states plus D.C.; SGWS acquires Clare Rose on Long Island; A-B InBev acquires Advance Beverage in Bakersfield, CA; SGWS faces federal indictment of former executives

- **Off-premise sales still declining:** Total alcohol dollars down -2.4% (NIQ 4-week) to -3.4% (TD Cowen 2-week); spirits ex-RTDs deepest at -6.6%; wine -5.3%; beer most resilient at -0.8%

- **RTDs are the only growth category:** Prepared cocktails +5.4% in dollars; Cutwater +116.3%, Surfside +240.3%, BuzzBallz +32.3%

- **Non-alcoholic beer surging:** +18.1% in latest Circana week, +9.1% in NIQ 4-week data

**Notable Company Moves:**

- **Constellation Brands:** Modelo accelerated to +6.9%, Pacifico +33.2%; Jefferies raised price target to $162; Hispanic consumer sentiment improving

- **Tilray:** Acquiring BrewDog's US assets (Columbus brewery/pubs, Las Vegas brewpub), completing global BrewDog brand ownership

- **Sazerac:** Acquired Dirty Shirley RTD brand, adding to portfolio alongside BuzzBallz, Buffalo Trace, Fireball, Southern Comfort, SVEDKA

- **Boston Beer:** New $25M share buyback plan; $50M total with prior plan; ~$215M remaining on $1.6B authorization

- **Brown-Forman:** Named Jim Peters (ex-Whirlpool) as new CFO, effective March 31; focus on operational discipline

- **Diageo:** New CEO Dave Lewis receives first LTIP; Jefferies models -12% North America EBIT in F27; shares at 25% discount to staples peers

- **Celsius/Alani Nu:** Combined share gained 141 bps to 15.7%; Alani Nu alone +58.9%

**Supply & Trade:**

- **California grape crush:** 2.76M tons — lowest since 1994; 23% below 5-year average; 57,000 acres removed; crop value down 16% to $2.414B

- **Italian wine exports to US:** Down -9.2% in value; H2 2025 down -23%; bottled red wine -28%

- **US TBA inventories:** Hit lowest level since Sept 2022 but remain 37% above 2019 average; prolonged normalization expected

**Consumer & Macro:**

- **Health-forward demand:** 58% of consumers scrutinize ingredients; 52% pay premium for wellness; 66% choosing lower-sugar options (EY survey)

- **NRF projects +4.4% US retail sales growth** in 2026 to $5.6 trillion; premium segments expected to outpace value

- **Scope Ratings:** Beer industry in "long-term structural stagnation"; pricing power exhausted

**Regulatory:**

- **New York wine-in-grocery legislation** faces unified opposition from UFCW and Metropolitan Package Store Association

**Legal:**

- **Uncle Nearest:** Bankruptcy petitions dismissed; receiver alleges $200M+ in debt; potential $75K sanctions against founder Fawn Weaver; receivership expansion pending; defamation countersuit filed