You don’t have to be a millionaire to own your own distillery.
Ogden’s Own Distillery announced recently that it is offering everyday consumers a chance to own stock in the 10-year-old Utah operation that sells Five Wives Vodka, Underground Herbal Spirit, Madam Pattirini Gin, and Porter’s flavored whiskeys.
Ogden’s Own is “looking to take things to the next level and you’re invited to come along for the ride," the company said on its investor site www.OgdensOwnInvestors.com. The stock offering is being done under the Regulated Crowdfunding rule approved by the Securities and Exchange Commission.
The relatively new rule allows average investors to become stock owners in products they buy and use. (Usually to be an accredited investor, the SEC requires that a person have a net worth of at least $1 million.)
Unlike a Kickstarter campaign — in which friends, family and customers can donate $20, $50, $100 or more to a startup in return for products and company perks — Regulated Crowdfunding allows companies to sell stock to consumers, which is more valuable but comes with more risk, thus the strict SEC rules.
In fact, the SEC rule prohibits companies from commenting about offerings.
That hasn’t stopped people from investing in Ogden’s Own. Since posting the link on social media last week, investors have committed $1.2 million. The ability to purchase stock — the minimum offering has been set at $500 — will end once the company reaches its $1.9 million goal, investment information shows.
“It is truly an opportunity for the community that has supported us to get involved,” notes Ogden’s Own investment site.
The money garnered through the stock sale will be used to develop new products and to expand distribution into new markets, according to the investment information.
Ogden’s Own stock offering is separate from its upcoming expansion. The company has been working with Ogden City on a small business loan to build a new 30,000-square-foot production facility at 615 W. Stockman Way. The new building also would include a retail outlet, office space and bar.
Ogden’s Own — which as won numerous awards for its spirits — has outgrown its current spot at 3075 Grant Ave.