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Mighty Craft (ASX:MCL) secures $0.5M grant for Kangaroo Island Spirits
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  • Mighty Craft (MCL) and subsidiary Kangaroo Island Spirits (KIS) have received $500,000 from the South Australian Tourism Commission (SATC) to develop its new distillery
  • The companies intend to use the grant to upgrade the Kangaroo Island Distillery in Cygnet River, Kangaroo Island
  • The planned upgrades will improve the distillery's cellar door, add an immersive experience at the distillery and bring production capacity to more than 200,000 bottles
  • The SATC says Kangaroo Island is a premium tourism destination in South Australia, and this project will promote the region and attract additional visitors
  • Mighty Craft is trading flat at 35 cents a share

Mighty Craft (MCL) and subsidiary Kangaroo Island Spirits (KIS) have received $500,000 from the South Australian Tourism Commission (SATC) to help develop its new distillery.

The funding, in addition to Mighty Craft's $3 million investment, would support an upgraded distillery at the Kangaroo Island Distillery in Cygnet River, Kangaroo Island.

The development plans are said to include an improved cellar door and an immersive experience at the distillery, which will showcase the KIS brand.

Mighty Craft is also focussed on upgrading the commercial distillery and storage facilities. The new distillery will aim to have an initial production capacity of over 200,000 bottles with scope to further increase that number.

"Upgrades to its humble site origins at Cygnet River will allow Kangaroo Island Distillery to become one of Australia’s most iconic experiential distilleries, attracting global visitation and contribution to the broader economy. We are
thrilled to be partnering with the State Government to make this a reality," commented Mighty Craft's Managing Director, Mark Haysman.

Attracting tourists is also front of mind for the commission, with SATC chief executive Rodney Harrex commenting that, "Kangaroo Island is a premium tourism destination in South Australia and we are delighted to support this project of Mighty Craft and Kangaroo Island Spirits which will help promote the region and attract additional visitors."

A KIS brand refresh is underway and is set to be launched later this year.

Mighty Craft is trading flat for 35 cents per share at 2:32 pm AEDT.

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