This is a very bad deal for both new and existing investors....

This is a very bad deal for both new and existing investors. Frankly, the company would be better served to liquidate the business and avoid any further damage.
Other than using $1.5m of the proceeds to pay CUB for beer production, the company has failed to articulate how they will go-to-market and what the future plans are to rescue this business. Their distribution network is nascent at best, and they have no track record whatsoever of delivering to promise.
We have now seen them disclose that business elements (Sorrento) are now ceasing to operate, and we have impairments in the balance sheet for Mildura, and even a disclosure that prior capital raising fees were unpaid - and will now be paid out of proceeds from this round. Much of this is being sheeted back to COVID, but in reality, this was a disaster well before the virus.
I am now firmly of the view that any investment is simply throwing good money after bad.
All that said, I have absolutely no doubt there will be investors - a fool and his/her money are soon parted!