Anheuser-Busch (NYSE:BUD) is boosting production of its latest hard seltzer offering after the beverage, developed alongside rapper Travis Scott, saw furious demand, CEO Michel Doukeris told the media on Wednesday.
The drink — called Cacti Agave Spiked Seltzer — launched earlier this week. Its official website said the product was sold out online, as of Wednesday evening, and directed visitors to search for stores that carry it.
In an interview Doukeris said physical retailers are reporting strong sales, too. “Several of them are saying that they have never seen anything like this before: sold out within one day,” Doukeris said. “We are ramping up now production and delivery because we sold out completely yesterday.”
Cacti Agave Spiked Seltzer now comes in three flavors — pineapple, lime and strawberry — and has 7% alcohol by volume. Anheuser-Busch, which is a subsidiary of Belgium-based AB InBev, said in a press release the hard seltzer is made with “100% premium blue agave from Mexico.”
Cacti is not Anheuser-Busch’s first foray into hard seltzer, which has had explosive growth in recent years. The company also has launched Bud Light Seltzer and Michelob Ultra Organic Seltzer. Cacti is the “last one to arrive in our innovation pipeline,” Doukeris said.
Competition in the category has heated up, too, following the success of early players such as White Claw and Boston Beer Company’s (NYSE:SAM) Truly in 2019. Molson Coors (NYSE:TAP) now has multiple offerings of its own, including Coors Seltzer, and last year it inked a distribution deal with Coca-Cola (NYSE:KO) for its Topo Chico Hard Seltzer.
BUD shares docked 81 cents, or 1.3%, to $63.02.
