The company is launching a preferred stock offering to aid expansion.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Willamette Valley Vineyards is launching a preferred stock offering to aid expansion.
In May, the company announced plans for an Elton Vineyard label under its new Oregon Estate Vineyards label.
“This will fund the construction of a small, appointment-only winery at the Ingram Estate Vineyard that’s adjacent to the Elton Vineyard …” said Jim Bernau, president and CEO of Willamette Valley Vineyards. The winery will produce wines for the Elton Vineyard label, with Isabelle Meunier as winemaker. Meunier was formerly the winemaker at Evening Land Vineyards.
The funds will also allow the company to build a by-appointment winery at the vineyard near Walla Walla located in the Eastern Oregon SeVein vineyard development, Bernau said. “Those funds can also be used for company purposes as well,” said Bernau.
(SOURCE: Statesman Journal)
RELATED NEWS: Report: State’s wine industry valued at $3.35B; Grape Expectations
In other Oregon alcohol news, distilled spirits sales increased drastically between 2013 and 2015, the Oregon Liquor Control Commission reports.
How much in gross revenue did the sales create? More than $1 billion.
That’s nearly $90 million more, or 8 percent higher, than figures posted in the previous biennium. It equates to 5.8 million cases of distilled spirits being shipped to Oregon liquor stores from OLCC’s Milwaukie warehouse during the two=year period.
“Sales and distribution statistics indicate that an improvement in the economy, customers purchasing more expensive products and Oregon’s population growth are likely the driving factors in the increase,” the agency said.
(SOURCE: Portland Business Journal)
About 3% of the commission’s gross revenue is created by taxes on beer and wine.
