As countries imposed nationwide lockdowns to contain the Covid-19 pandemic, consumers around the globe unsurprisingly took to alcoholic beverages as a means to improve their lockdown experience. When restaurants and bars were forced to close their doors, shoppers headed to off-premise sites to purchase beer, wine, and spirits, resulting in double-digit growth in alcohol-based products worldwide.
Further, during the Covid-19 pandemic, the premiumization of the sector-whereby consumers buy alcohol at higher prices per volume on average-has continued, as people transfer their on‐premise spending to at‐home consumption. In this sense, it is possible that beyond the rise in the amount of drinking, the growth in the sector is also being driven by consumers looking for higher quality products.
Cannabis dispensaries saw their sales soar by double digits. One company dealt with hour-long lines at its Pennsylvania stores. In California, for instance, daily sales were up by more than 50% during the first few weeks of March and reached a peak of 159% mid-month.
Jamie Pearson, CEO of California-based Bhang Inc, which makes cannabis-infused beverages, chocolates and other products, said sales were booming and should boost revenue and profits this quarter.
Martin D. Ustin, CEO of Charlestowne Premium Beverages Inc (OTC: FPWM), a developer, producer, marketer, and distributor of alcoholic beverages worldwide, is Bullish about growth as the company resumes Pre-Covid-19 Development Plans.
“Looking at the life-changing policies imposed across the world for the past eight weeks, it is encouraging that we have found that spirits industry sales increased during the shutdown period, as well as people’s growing interest in premium products. These provide great opportunities for us, while additionally we have noticed that overall product development in the market has lagged. As the world economy re-opens, there is pent up energy to aggressively pursue product development,” said Martin D. Ustin, company CEO. “We want to position FPWM to be ready to take advantage of the re-opening. We have noticed that the strongest recent growth is in the premium product sector (where quality counts), and that is at the core of our company philosophy.”
As a matter of priority, contacts with South American suppliers have been re-established and several new unique product and packaging programs have been rekindled. The Company is finalizing the change approval process with FINRA to complete its official rebranding to Charlestowne Premium Beverages. As business operations resume, FPWM expects to share additional announcements in the coming weeks.
Investors will be keeping a close eye on Charlestowne Premium Beverages Inc (OTC: FPWM) shares in the coming weeks so make sure keep an eye on it going forward to see if several upcoming catalysts could catapult shares higher. In our view, a bounce is all but guaranteed.
Right now, all of the fear and negativity created by the coronavirus is priced in. That means, Charlestowne Premium Beverages Inc (OTC: FPWM) shares,in the short-term, have nowhere to go but up.