Could Boston Beer Acquire its Way Into More Capacity?

Dear Client: Yesterday Boston Beer reported another great quarter for depletions -- up 36% in Q1. But with current uncertainties, they suspended providing full year guidance.  Indeed, the crisis has been costly for the brewer, which has had to shift more operations to third party brewers as they reduce their own brewery worker capacity for safety. They've also been saddled with the price of keg returns.  And so, the company shared (and CBD reported yesterday) that Q1 gross margin was