Eastside Distilling, Inc. said it sold 798 surplus barrels of whiskey for $1.5 million. These barrels of 95% rye whiskey ranged in age from three-year-old to eight-year-old and were in excess to Eastside’s 5-year product release plan.
“The sale of these barrels addresses a surplus in our inventory and has the added benefit of freeing capital for other projects,” said Eastside’s CEO Geoffrey Gwin. “Fans of Eastside will be happy to hear that we currently have more 2,000 barrels aging our premium whiskeys for later bottling and canning.” The remaining inventory of 2,391 barrels of various types and ages of whiskey are slated for its limited-edition spirits portfolio, Burnside Whiskeys aged in Eastside’s signature Oregon White Oak (Quercus Garryana) barrels, and a soon-to-be-released line of canned cocktails.
The 798 extra barrels sold were not intended to be part of any Eastside’s existing or upcoming products. The sale included 33 barrels of 8-year-old, 57 barrels of 7-year-old, 365 barrels of 5-year-old, 20 barrels of 4-year-old, and 323 barrels of 3-year-old 95% rye whiskey. The proceeds from the sale reduced debt outstanding with Live Oak as well as increased cash for working capital.