MOREHEAD, Ky., (September 21, 2026) – Eastern Light Distilling, a Kentucky-owned and operated distillery currently under construction, has reached the key financing and investment milestones necessary to accelerate development of its new 50,000-sq-ft facility in Morehead, Ky. The investment secured thus far makes this one of the largest private capital raises in Kentucky this year, supporting what will soon become the state’s largest dedicated contract distillery.

Guided by Eastern Light’s strong strategic vision and dedication to investing in rural Kentucky, the distillery has secured a substantial private investment totaling $23.1 million, allowing the company to secure USDA backed financing via Magnolia Bank, while obtaining Commercial Property Assessed Clean Energy (C-Pace) funds via Avrio CleanFund to exceed its $60 million capital stack goal. Reaching these critical milestones is the product of thoughtful planning and disciplined execution, along with the support and trust of key investors including family offices, individual investors and investment funds from Kentucky and beyond

“Achieving this defining financial milestone for Eastern Light is a strong endorsement of the enterprise we are building,” said CEO and co-founder Cordell Lawrence. “We are creating a more flexible and transparent model for whiskey brands—one that gives them access to premium quality at a meaningful scale while allowing them to maintain control over their products and identity. With this support in place, we are excited to accelerate growth, deepen our partnerships, and fuel a distilling platform that can serve customers for years to come while also making a lasting impact across Eastern Kentucky.

Established in 2024 by bourbon industry leaders, Cordell Lawrence and Caleb Kilburn, Eastern Light has upheld a strong focus on their strategic vision to drive innovation in the spirits sector designed at a scale intended to serve both domestic and international whiskey markets, while also helping to bring Kentucky’s signature $9B bourbon industry to an untapped Eastern Kentucky region.

Completion of the financing package will significantly accelerate construction of the $60-million state-of-the-art distillery, complete with a 54-inch column still capable of producing more than 125,000 barrels per year. Lexington-based industry leader Gray Construction is overseeing construction and distilling operations are expected to begin onsite by late-2027.

Eastern Light’s 230-acre distillery will sit on the first rise of the Appalachian Mountains, making it ideal for bourbon maturation given the fresh and consistent natural airflow. The location, adjacent to Morehead-Rowan County Airport and just a four-minute drive from I-64, also offers significant logistical benefits to the distillery and its contract customers. This includes being located next to Independent Stave Company’s newest and most technologically advanced cooperage an abundant fresh water supply and plentiful grain from farmers in the region.

Eastern Light’s business plan and innovative approach to contract distilling garnered significant support from both lending and investment partners, reflecting confidence in the company’s operating model and the important role they will play in Kentucky’s $9B bourbon economy.

“Magnolia Bank was honored to structure and originate the USDA Rural Development-backed senior lending that serves as a cornerstone of this financing package, said Dana Dow, Interim President/CEO of Magnolia Bank. “Eastern Light has demonstrated exceptional preparation, financial discipline, and a clear understanding of how to build a world-class value-added manufacturing operation, which will create new opportunities for farmers, contractors, suppliers, transportation providers, and rural communities. We are a proud partner in a project that we believe will generate economic benefits for decades to come.”

“Eastern Light has assembled an exceptional management team with a clear vision for building a differentiated business in the spirits industry,” said Mike Stanchina, Managing Director of Matterhorn Securities, a strategic investment advisor for Eastern Light. “We were proud to work alongside their great team and commend them for achieving such significant financing and being well-positioned for the future with the capital and financial flexibility.”

“Eastern Light is redefining how independent brands bring their whiskies to life, but our vision has always been about more than just spirits. Eastern Kentucky has the heritage, talent, and ingredients needed to make its mark, and we are honored to play a role in its growth.” said Caleb Kilburn, Master Distiller and Co-Founder. “The support we have received throughout this journey has been overwhelming and we are deeply grateful for the partnerships that have brought us to this milestone.”

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