CBA on Inventories, On-Premise, Building Out the East and More

Dear Client: CBA's Q3 call focused mainly on the future opportunities their Memphis Blues City Brewing deal will afford them, now that they've realized uncertainty and startup costs in Q3. Chief Andy Thomas said at the call's outset that the outlet is "a big deal. You'll hear about it repeatedly on this call and on quarters to come. The most significant impact of Memphis is not the negative impact on the quarter," which was anticipated (recall from yesterday's issue, depletions