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Cincy, OH's Rhinegeist Brewing grew volume 3% to 106.6K bbls in 2022, recently appointed CCO Adam Bankovich shared with CBN. That's slightly ahead of its prior peak in 2019, gradually recovering from what it lost in 2020 amid Covid-19 shutdowns and then some. Adam and co were particularly happy with ability to grow volume in both existing mkts and newer mkts, while $$ growth was "easier to come by" to close out the year. Indeed, $$ grew 7% in IRI multi-outlet + convenience channels for the year. Truth IPA Depletions +5%; 56% of Mix; Stronger C-Store Growth; Juicy Truth & 19.2s Comin' Flagship Truth IPA continues to lead the way with depletions up 5%, climbing to 56% of co's mix. This has become an "established legacy brand" in craft, growing consistently for the past decade in the midst of "ongoing" new entrants and competition, Adam shared. C-stores became a much bigger growth factor in 2022 as Truth IPA $$ grew 12%, volume +7% in IRI tracked c-stores last year, rising to 25th largest craft brand by $$ in the channel. Convenience "is very, very quickly becoming one of our most important" channels, Adam acknowledged. And that's just with 16oz cans and its Hop Box variety pk. So this year Rhinegeist is bringing more fire power to c-stores with 19.2oz cans of Truth and new Juicy Truth IPA.Decision to extend the Truth brand family with Juicy Truth IPA was an "important" one that "had to be done the right way." Co's going into this launch "with eyes wide open," understanding there could be some cannibalization. But the "halo effect" is "worth it" and "expectations" for Juicy Truth are "high," projecting brand to likely become Rhinegeist's "most successful" new launch yet, Adam shared. It's available thruout Rhinegeist's footprint in 6pk 12oz cans and draft, before the new 19.2s launch late Feb/early Mar. A "natural next step" for Rhinegeist will be bigger emphasis in "venues, arenas, golf courses, you name it," Adam added. Truth is pulling away as the #1 craft brand in OH, and that "helps us get in" the door without having to "be the ones knocking." But "anywhere we can possibly get that beer is where I want to take it" in its home state, said Adam.OH Depletions Grew 2%; Over 1 Mil Cases; KY -2% but Projecting 2023 Growth Its largest mkt by far, Ohio, grew depletions a little over 2% while KY dipped about 2%. But combined, these two mkts make up the vast majority of total Rhinegeist biz and grew 1.5% in 2022. In OH, Rhinegeist is a sizable brand, selling well over 1 mil cases in-state, Adam confirmed. Suggests co's over 1 share of OH volume, as state shipments declined to just over 100 mil cases in 2022, per Beer Institute estimate. While its 2d largest state, KY, declined 2% in 2022, OH & KY collectively grew 1.5% and Rhinegeist is expecting growth in KY this year.Newer Mkts Comin' Along: Filling Out MI & WI; Adding Philly & WV in 2023 At same time, newer mkts boosted sales last year as well, including MI launch in parts of the state with AB network, Houston, TX launch in Aug with Silver Eagle and filling out parts of other states. This year, co will fill out rest of MI, build on Houston biz leading with its Geist Tea (its #1 brand in mkt) and other beyond beer entries under RG Bevs umbrella, and add a couple new mkts to boot. In Feb/Mar, Rhinegeist will enter Philly with Penn Dist. In WI, co added Dean Dist in Green Bay area and Larry's Dist in Sheboygan. And in WV, co inked partnership with craft beer/W&S distrib Mountain State. Rhinegeist is making "measured, reasonable" expansions and WV represents "the last state that physically touches Ohio that we're not in yet," said Adam. Co's "not trying to stretch too far."Still "Really Focused on" RG Bevs but It's "Really Tough Out There"; Innovate Authentically Rhinegeist's foray into new-age beyond beer with RG Bevs and Geist Tea was solid, collectively reaching over 2% of co's sales mix in tracked scans. Suggests Rhinegeist sold 2-3K bbls of its new beyond beer bevs. But Cidergeist hard cider declined tuff double-digits, wiping out a fair amount of that incremental growth. Rhinegeist remains committed to this space, but competition is "really tough out there," Adam acknowledged. It was a "great start" in year one and co's "really focused on it." But gotta manage expectations, constantly reassess based on learnings from year-1 and "continue to innovate in that space" in ways that are "authentically Rhinegeist." Being aware of "hurdle rates" at retail are "critically important to hit if you're going to stay on the shelf," and it's "different from traditional craft beer," Adam added. Metrics are "different in this section of the cooler," as "expectations are high and innovation is rapid."Expecting Modest Mid-Single-Digit Growth in 2023; "Slightly Ahead of Plan" to Start All told, Adam's "feeling really positive" about 2023 plans in place as Rhinegeist is budgeting for "modest growth" in the mid-single-digits. "We have realistic growth expectations" and are "poised to do the right things" amidst the "tough environment we're all in," said Adam. Still very early days, but in the first few weeks of the year, Rhinegeist was "ever so slightly ahead of plan."

Rhinegeist +3% to 107K Bbls in 2022 w/ Home & Away Growth; Truth Flyin' in C-Stores; Juicy Truth & 19.2s Comin'

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