It's been two years since the craft distillery announced plans for a new manufacturing facility and restaurant at what has been dubbed the Flats South Innovation District. In a Q&A, Cleveland Whiskey CEO Tom Lix gives an update on the status of his business and the expansion project plus insights on how challenges he's facing in today's increasingly expensive market are impacting him.
Cleveland Whiskey now selling whiskey bonds in support of Flats expansion project
Tom Lix
Having previously run two successful crowdfunding campaigns, Cleveland Whiskey is now selling whiskey bonds in a bid to raise $1 million in support of its expansion project at what is being marketed as the Flats South Innovation District.
The campaign quietly launched at the end of November, quickly drawing interest from past investors. More than $381,000 already has been raised from 147 investors without a public announcement of the effort.
The whiskey bonds are similar to a bank certificate of deposit but asset-backed by barrels of bourbon and rye, Cleveland Whiskey founder and CEO Tom Lix explained. The minimum investment is $1,000.