Alcohol
Conduct Screen Harmful Products
Companies that manufacture, distribute, or derive significant revenue from alcoholic beverages — breweries, distilleries, wineries, and major distributors. Includes companies where alcohol is the primary product line.
13 companies currently excluded under this screen
Excluded Companies (13 total)
Showing 13 of 13 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| BF.B | Brown Forman Corporation | Brown‑Forman Corporation is a major American producer and distributor of premium spirits and wines, deriving the vast majority of its revenue from alcoholic beverages. Its portfolio includes iconic brands such as Jack Daniel's Tennessee Whiskey, Woodford Reserve bourbon, Old Forester, Finlandia vodka, el Jimador and Herradura tequilas, and a range of wines. The company's core business is the manufacture and global marketing of these products. The company has been a party to significant litigation concerning the regulation and marketing of alcoholic beverages. This includes a landmark U.S. Supreme Court case, *Brown‑Forman Distillers Corp. v. New York State Liquor Authority*, which centered on the constitutionality of state liquor price affirmation laws. More recently, the company was involved in a Texas appellate case, *Brown‑Forman Corp. v. Brune*, which addressed issues of liability related to alcohol abuse. These legal engagements highlight the company's deep entanglement in the regulatory and social complexities of the alcohol industry. As a publicly traded entity controlled by the Brown family, Brown‑Forman represents a pure‑play investment in the production and sale of alcoholic beverages, with no material revenue from non‑alcohol operations. |
| DEO | Diageo plc | Diageo plc is a British multinational alcoholic beverage company that derives its entire revenue from the production, distribution, and sale of spirits and beer. With over 200 brands sold in nearly 180 countries, including Johnnie Walker, Guinness, Smirnoff, and Tanqueray, alcohol is the company's sole product line. In February 2020, the U.S. Securities and Exchange Commission charged Diageo with failing to make required disclosures of known trends. The SEC order found the company had shipped products in excess of demand to meet internal sales targets, a practice known as "channel stuffing," and concealed the negative financial impact of this inventory buildup from investors. Diageo settled the charges, agreeing to pay a $5 million civil penalty. In May 2025, a class action lawsuit filed in U.S. federal court further accused Diageo of adulterating some of its popular luxury tequilas and misleading consumers about the products' quality and composition. |
| MGPI | MGP INGREDIENTS INC | MGP Ingredients, Inc. is a leading producer and supplier of distilled spirits, deriving the majority of its revenue from alcoholic beverages. The company operates a Distillery Products segment that supplies premium bourbon, rye, and other spirits to other brand owners, and a Branded Spirits segment that markets its own award-winning portfolio, including Penelope, Rebel, and Remus. According to its 2025 annual report, MGPI is one of the leading spirits distillers in the United States. The company is currently the subject of a securities class action lawsuit filed in December 2024, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act. A subsequent investigation announced in September 2025 concerns whether the company's board of directors breached its fiduciary duties. These legal matters pertain to the company's disclosures and governance. |
| CCU | Compania Cervecerias Unidas S.A. | Compañía Cervecerías Unidas S.A. (CCU) is a multi-category beverage company whose primary business is the production and distribution of alcoholic drinks. Its core portfolio spans beer, wine, and spirits, which it delivers to approximately 115,000 customers across Chile and other international markets. Beer represents the company's largest segment by both volume and margin, anchoring its operations in the alcohol industry. The company has been subject to regulatory action concerning its market practices. In 2023, Chile's National Economic Prosecutor (FNE) filed a claim against CCU and requested a fine of US$6 million for an alleged breach of a settlement originally signed in 2008, which was designed to protect competition in the beverage market. |
| VWE | vintage wine estates | Vintage Wine Estates is a multi-brand alcoholic beverage company whose primary product line is wine, cider, and related products. The company operates as the 14th largest wine producer in the United States, generating its revenue from the manufacture and distribution of these beverages. Its portfolio includes numerous wine brands and, following a 2021 acquisition, the Ace Cider brand. The company’s core business activity is the production and sale of alcohol. In 2022, it expanded its operations with a $25 million acquisition in Ohio. Despite recent financial distress leading to a bankruptcy filing and delisting in 2024, the company’s fundamental business model remains centered on alcoholic beverages. |
| TAP | MOLSON COORS BEVERAGE CO | Molson Coors Beverage Company is a major global brewer, ranking among the top five alcoholic beverage companies worldwide. Its core business is the production and distribution of beer and malt-based beverages, with a portfolio that includes brands like Coors, Miller, Blue Moon, and Peroni. The company has expanded through acquisitions, adding craft breweries such as Hop Valley Brewing Co., Terrapin Beer Co., Revolver Brewing, and Atwater Brewery to its operations. While the broader beer category is contracting, Molson Coors continues to derive the vast majority of its revenue from alcoholic beverages, with recent strategic moves including a significant investment in the Blue Run Spirits brand. |
| ABEV | Ambev S.A. | Ambev S.A. is the largest brewer in Latin America and a subsidiary of Anheuser-Busch InBev. Alcohol production is the company's core business, generating net sales of 89.5 billion Brazilian reais (approximately $14.8 billion) in 2024, a 12.2% year-over-year increase. The company operates in 18 countries across the Americas, producing major beer brands including Brahma, Antarctica, Bohemia, and Stella Artois. Premium brands represented 22% of total beer volumes in Q1 2025, up from 18% in 2024, reflecting the company's strategic premiumization push. Alcohol operations account for the vast majority of revenue, with non-alcoholic beverages (PepsiCo products) representing a minor share. |
| STZ | Constellation Brands Inc | Constellation Brands, Inc. is a leading beverage alcohol company whose primary product lines are beer, wine, and spirits. It is the largest beer importer in the United States, deriving the vast majority of its revenue from its beer segment, which includes the exclusive, perpetual U.S. license to import, market, and sell Corona and Modelo brands. The company also maintains a significant portfolio of wine and spirits brands. As a Fortune 500 company, alcohol production and distribution is its core, defining business activity. |
| WVVI | Willamette valley vineyards | Willamette Valley Vineyards is a winery whose primary business is the production and sale of alcoholic beverages. The company was established in 1983 and produces a portfolio of wines, including Pinot Noir and Chardonnay, with reported annual sales revenue of approximately $40 million. Its operations include estate vineyards, a national sales division organized into five regions, and tasting rooms. The company’s core product line consists of wine, an alcoholic beverage. |
| BF.A | BROWN FORMAN CORP CLASS A | Brown‑Forman Corporation is one of the largest American producers of spirits and wines, deriving substantially all of its revenue from alcoholic beverages. Its primary product lines include the Jack Daniel’s Tennessee Whiskey, Woodford Reserve bourbon, Finlandia vodka, and Herradura tequila brands, among others. The company reported net sales of approximately $4.2 billion for the fiscal year ending April 30, 2025, with no material revenue from non-alcohol operations. |
| SAM | Boston Beer Company, Inc. (The) | The Boston Beer Company, Inc. derives substantially all of its revenue from the production and sale of alcoholic beverages. Its primary product line consists of malt beverages and hard ciders, including its flagship Samuel Adams Boston Lager, Twisted Tea hard iced tea, and Truly Hard Seltzer. The company's business model is centered on the manufacture, marketing, and distribution of these products. |
| SNDL | SNDL Inc. | SNDL Inc. operates as a private-sector liquor retailer in Canada through retail banners including Ace Liquor, Wine and Beyond, and Liquor Depot. The company derives significant revenue from the distribution and sale of alcoholic beverages, which is a primary product line within its retail operations. |
| BUD | Anheuser-Busch Inbev SA | AB InBev is the world's largest brewer by volume, with brands including Budweiser, Corona, Stella Artois, Beck's, and ~500 others across 50 countries; alcohol production and distribution is the core business |
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
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