Posted on 03/12/2023 8:08:10 AM PDT by dynachrome
California's wine industry is on the brink of a financial crisis following the collapse of Silicon Valley Bank.
The bank had been the main financial institution for bank for wineries in the Golden State for almost three decades.
The California Department of Financial Protection and Innovation closed the bank on Friday following a run by venture capital customers.
On Friday night, thousands of wineries found that they were completely locked out of their accounts with no clear timeline as to when they might be able to access their funds.
Kendra Kawala, co-founder of Maker, a canned wine company located in the Bay Area, called the news 'jarring' noting how Silicon Valley Bank was 'the gold standard within the wine industry.'
(Excerpt) Read more at dailymail.co.uk ...
No doubt ‘other’ smaller businesses are going to suffer.
Whatever will Nancy Pelosi do?
I've got a pretty good idea about the timeline.
“Kendra Kawala, co-founder of Maker, a canned wine company”
I’ve tried canned wine.......going out of business would be doing us all a favor.
There are no doubt thousands of companies who aren’t going to make payroll the next few weeks. Will they lay all those people off? Ask them to work with the hope that they MIGHT get a paycheck down the road? Close their doors?
My heart pumps pi$$ for them.
The ‘funds” are apparently not theirs anymore.
“thousands of wineries”
I didn’t know there were so many. I wonder who they all supported in elections?
Go woke, go broke.
I’ve been to Napa and Sonoma Valley a few times, it’s amazing how many are out there, everything from Mom/Pop 4-5 acres to large corporate wineries.
My wife and I went to Paloma Winery which was a husband/wife on 5 acres the tasting was on their back porch, on the side of a mountain, on a clear day you could see San Francisco.
They were a boutique winery specializing in Cabernet Sauvignon, it was quite enjoyable.
I wonder if Newsom had his money at SVB. California is in for a rough ride.
You can’t visit California, Oregon or Washington without stubbing your toe on a winery.
Note to self: Hit the liquor store Monday 9 am. Stock up on wine for the year. Buy bourbon to get thru the morning.
Yep, Napa is impressive.......gotta be careful winery hopping for free samples though......that can result in quite a buzz.....well, that’s what I heard anyway 😏
Are the cans steel or aluminum? Lined cans, or is the wine touching metal? Single-use or bottle-sized?
They should quit w(h)ining. (Sorry, the punster devil on my shoulder made me do it.)
I belong to a wine csa called NAKED WINE. They support little wineries world wide. I hope they are well.
Aluminum can with a pop top like a beer can......freakin’ nasty.
We actually drink box wine almost exclusively, only exception is if we pick up the $2.99 a bottle brand at Aldi.
Some beverages just don’t apply well to metal containers IMO.
This just drives more people and more business out of CA. Who would have thought CA would be such a miserable place to live and work and invest? It's like the Dust Bowl in reverse.
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