Soon You'll Be Able to Buy Stock in Drake's Whiskey Brand
As an entertainer, Drake has been one of the most successful names of his generation, rising to fame as a teenager on the Canadian show Degrassi: The Next Generation before transitioning as an adult to one of America’s best-selling rappers. If you could have purchased stock in Drake as a kid, you’d be wealthy by now. Unfortunately, people don’t work that way, but whiskey brands can – so if you want to try to own a piece of Drake’s good fortune, buying stock in his Virginia Black whiskey company might be the opportunity you’ve been looking for.
Virginia Black – a joint venture between Drake and spirits producer Brent Hocking – announced yesterday plans to file an initial public offering at the end of this fiscal quarter, allowing anyone the opportunity to invest in the brand. First released in 2016, the product is described as “an aged Bourbon whiskey, focused on a high-rye content and finished with a decadent profile.”
From a investment perspective, the brand – which is distributed by Proximo Spirits, home to well-known names like Jose Cuervo and Bushmills – bills itself as “uniquely positioned to redefine American whiskey” in part because it can attract “a wider and more diverse demographic.”
However, though the announcement states that Virginia Black is hoping to raise $30 million with the IPO to fund the brand’s expansion, Hocking – who also founded DeLeon Tequila – told the BBC that the IPO was more about brand awareness and connecting with Drake’s fans than dollars and cents. “Everyone in this deal is well-financed,” he said. “This offering is more of Drake giving an opportunity for all of his fans to come and be a part of this with him and to create a large group of brand ambassadors that can be proud that they own a piece of Virginia Black.”
If Drake pride is part of your investment strategy, keep an eye on TriPoint Global Equities online platform BANQ which is where the IPO will be sold.