Image Source: Pixabay 

An Introduction

The majority of Canadian provinces continue to ban American spirits from their shelves in response to U.S. tariffs targeting Canada, although the country removed retaliatory tariffs in September. As a result , American spirit exports to Canada plummeted 85% in the second quarter of 2025, with the Distilled Spirits Council of the United States calling the situation "very troubling" and "may reflect a broader sentiment that U.S.-imposed tariffs are unfair, prompting consumers to support their domestic industries or seek non-U.S. products in response," . The numbers come as American alcohol largely remains off Canadian shelves and unavailable in bars and restaurants as a response to U.S. President Donald Trump's decision to impose tariffs on Canadian goods in early March.

Our Pure-play American Alcohol Stocks Portfolio

The American spirits market consists of 6 pure-play U.S. -domiciled companies that trade on U.S. stock exchanges and export some of their production to Canada. They are highlighted below by product category as to their stock performances over the last 7 months (March 1st to September 30, 2025).

Beer

1. Molson Coors Beverage Company (TAP): DOWN 26.2% since March 1st
2. Boston Beer Company (SAM): DOWN 13.3% since March 1st

• Summary: On average, the above stocks are DOWN 15.9% since March 1st.

Bourbon

1. Brown-Forman Corporation (BF-A): DOWN 18.5% since March 1st.

Wine

1. Scheid Vineyards (SVIN): DOWN 26.4% since March 1st
2. Williamette Valley Vineyards (WVVI): DOWN 41.7% since March 1st
3. Splash Beverage Group (SBEV): DOWN 63.1% since March 1st

• Summary: On average, the above 3 stocks are DOWN 46.3% since March 1st.

Summary Total: On average, the above 6 stocks are DOWN 17.5% since March 1st. In comparison, the Nasdaq is UP 18.1% over the same time period.

Conclusion

In my last article on this topic back on April 30th (see here) I stated that "this boycott of American liquor, beer and wine probably won't have much of an affect on the stock prices of these companies going forward as Canada only accounts for a fraction of the U.S companies' total revenue. Never the less, it serves as an 'Elbows UP' expression of Canadian patriotism."  I could not have been more wrong in my assessment as the above performance numbers illustrate and these numbers will likely only accelerate as the 'Elbows UP" sentiment intensifies across the Canadian consumer marketplace.