Industry News Update: According to @Wine&SpiritsDaily, M&A deals in 2022 slightly surpassed last year with a reported 70 deals across supplier, distributor and retailer tiers. Tequila and American whiskey had the most activity, with some of the biggest deals including: Mast-Jagermeister invested in Teremana Tequila. Heaven Hill Brands acquired Samson & Surrey. Diageo acquired infused tequila brand 21 Seeds. Diageo acquired Australian cold brew liqueur Mr. Black. Brown-Forman acquired Gin Mare brands from Vantguard and MG Destilerias. Campari acquired a minority stake in brand incubator Catalyst Spirits. Diageo acquired Texas-based Balcones Distilling. We are looking forward to seeing the trends of 2023.