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Drake offers fans a stake in Virginia Black whiskey

From BBC - January 11, 2018

Canadian rapper Drake is planning to sell stakes in his whiskey business, raising as much as $30m (22.2m) to expand the company.

The move comes over a year after the first sales of Virginia Black, which Drake started with the founder of DeLeon Tequila.

The partners say the stock offering is more about raising awareness of the brand than cash.

Would-be investors must spend a minimum of $100 to participate.

The Virginia Black sale will start in the first quarter through a type of crowd-sourced stock sale open to anyone.

Co-founder Brent Hocking said the company did not need to raise money.

"Everyone in this deal is well-financed," Mr Hocking said. "This offering is more of Drake giving an opportunity for all of his fans to come and be a part of this with him and to create a large group of brand ambassadors that can be proud that they own a piece of Virginia Black."

US regulators in 2015 paved the way for the type of offering that Virginia Black plans to use in a bid to help smaller companies.

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