RE the Philter CSF offer, I don't think it is even dumb money....

RE the Philter CSF offer, I don't think it is even dumb money. Most of the participants have put less than $2k into it to 'buy' the good feeling of owning something you love and access discounts and free product for participating. Even just $250 invested got you a free case of beer and other benefits to join that good feeling.

Most of the questions posed on their pre-offer webinar related to what members benefits would be and why certain beers weren't available year round, all the investor specific questions about profitability, valuation or contract brewing volumes got deferred for answer offline.

This is by no means a negative comment on the Philter guys, credit to them for getting the raising off while also protecting their control and value in the process. They also now have 5 to 600 forever customers to take on the journey with them.

I just don't think it has a material relationship to brewing valuations.