Kentucky has seen — and enjoyed — bourbon’s boom over the past decade.

Are we beginning to see its bust?

Since at least 2015, the distilling industry has steadily grown. Businesses large and small reaped the benefits.

But in recent months, one new Kentucky distillery has closed , another is millions in debt before it opens, a third is facing a lien the CEO calls “a minor blip,” while one of the giants of American whiskey has seen its stock price sink to its lowest point in over a decade .

What’s going on?

While the issues with Garrard County Distilling , Luca Mariano Distillery , Whiskey House of Kentucky and Brown-Forman vary, they all appear to touch on the most common market force of them all: Supply and demand.

Until recently, expensive new distilleries with busin

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