I am James Watt, co-founder of BrewDog and co-host of Brew Dogs. AMA!

1) You have recently criticised both Lagunitas and Ballast Point for selling out, and have stated that you will no longer buy their beer for your bars. You have advocated for a definition of craft beer which includes a 20% maximum ownership by breweries not themselves craft.

My question is: How do you reconcile that stance with BrewDog’s position?

You will be expanding to 400,000 HL in Ellon, and building a brewery in the US, so I assume you will produce more than 500,000 HL (the limit for a craft brewery in your own original definition posted here https://www.brewdog.com/lowdown/blog/defining-craft-beer)

So you will soon not be a “craft” brewery, yet own 23% of London’s Brew By Numbers. Doesn’t this strike you as a bit hypocritical? Aren’t you just moving the goalposts by dropping the arbitrary size requirement?

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2) How would you respond to people who would say that you have rewarded bond holders financially (with interest), yet shareholders have very little to hope for by way of return on their investment?

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3) A US based brewing facility was last on your list of priorities in your share prospectus. Work has begun on that facility - where are you with the higher priority sour beer production and craft distillery?

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4) You recently launched No Label, “the world’s first transgender beer”. Given that this beer is not the first to use the transgender hop Jester, how would you respond to the statement that the only difference between it and other Jester-hopped beers is that you have given it the very label it apparently rejects? Doesn’t the inclusion of this issue as a buzzword trivialise such an important subject?

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1) We have since updated our proposed definition of craft to remove any volume caps. This year our production will be about 10% of what Sierra Nevada brews and much less than the likes of Stone and DogFish Head. We are still searching for the perfect craft beer definition. I think independence will become more and more important. With that in mind we are negotiating to sell our shares in BBNO back to the guys for exactly what we paid for them as given the recent acquisitions in the USA we feel uncomfortable owning part of any other brewery, even through something as aspirational as our development fund.

2) Ha! Nonsense. Shareholders were able to sell their shares last October for increases in excess of 400% on our open share trading day on a platform provided by www.assetmatch.com which is a pretty staggering return!

3) Work has begun on the US project because a very solid local incentive package helped subsidise the project.

4) The beer style is a Kolsch - this beer still blurs the distinction between ale & lager. The Germans call it a top fermenting lager beer. For us this blurring of boundaries and distinctions was key to the statement we wanted to make here.

james

1) So what I said about moving the goalposts then? Great to hear that independence is important to you and that BBNO will have benefitted from your support. That is encouraging.

2) Shareholders did indeed make money, but will shareholders that bought during EFP4 make as much? With deals worth $1 billion flying around, they might I suppose.

3) A pretty capitalist answer for such a punk business. But totally fair enough. Who wouldn't have done the same?

4) Neither is it the world's first Kolsch, so same question.

Thanks for your replies!

1) No. Just trying to decide where the goalposts should be. You will notice on my notes on that blog we decided to remove size criteria. The blog was a proposal for discussion rather than a definitive endpoint. We are still working on a definition and a plan and trying to learn from the US industry in doing so. For me, independence is going to become more and more important in the beer industry.

2) I am convinced they will. If you compare our growth with Ballast Point for instance our figures stack up very positively. And we will soon have world class breweries on both sides of the Atlantic and over 50 amazing bars all over the world.

3) The incentive package means we can invest more in the 2 things we care most about - our beer and our people!

4) We love the beer and we love the collaboration with Queerest of the Queer here. We wanted to support a charity and make a beer which made a statement and we feel we achieved that with this beer.

j

1) Any plans to maintain some sort of development fund, maybe as a loan, to help fledgling breweries?

2) After the Ballast Point sale, I'm even reconsidering my original position on your value (which you may remember commenting on here http://themissingdrink.com/investing-in-brewdog/) Are you not worried that the bubble will burst, and your chance to sell at the optimum moment will pass by?

3) Now that your people includes 18,000 Equity Punks, will you start investing in them (and other non-equity customers)? Maybe offering Cicerone courses at BrewDog Bars?

4) As another poster mentioned, the fact that you created a beer as transgender has come across as a PR move. Is there anything you regret about the way it was marketed? Would you do it differently, without making the beer a transgender caricature?

1) At the moment we are considering how we can continue to support start up breweries. 2) Not worried at all. We want to build an amazing company that transcends bubbles and trends and delivers awesome long term value to our shareholders and provides an amazing place to work for our team members. 3) We have over 30,000 Equity Punks. We are actually looking to offer Cicerone sources in 2016. 4) No. We love this project. The charity we supported, Queerest of the Queer, love this project. Maybe not everyone liked it. That is ok. But we stand behind the beer and the project completely.

j

James, first off thanks for making Columbus (specifically Canal Winchester) the home for Brew Dog in the USA. I grew up 15 minuets away from Canal and when I heard that you guys were building here I could not believe it. My great grandfather immigrated from Arbroath, Scotland to Ohio, and my dad settled down in the Columbus area, so I find it awesome that you guys are taking a similar path. I have two questions for you:

With the new operations starting up in Canal Winchester, are there any plans for Brewery Tours at the facility? Outside of the smaller craft brewerys in Columbus, it seems that there are not many options for Brewery Tours at a mid to large size brewery in the area/state. I personally would love to be able to do a brewery tour when friends and relatives come into town, but there are no places around that really do them.

Secondly, we have some great micro brewerys in the state of Ohio, do you have any plans to do collaborations with any local brewerys? Five minuets down the road from Canal in Lithopolis is a little MicroBrewery called Rockmill Brewery with some amazing Belgian style beers, I think it would be awesome to do a Brewdog/Rockmill Brewery special edition beer. Any thoughts?

1) Yes we will do awesome tours and have a bar & restaurant on site. 2) We love the breweries in Ohio. I visited Rockmill and was blown away with their brews! the brewery is beautiful too. I also love Columbus Brewing Company and their beers.

j

Hi there. I'm an American and beer enthusiast, which I can finally say with actual pride now that we relearned how to brew quality beer. I look forward to your beer being available locally.

My question is about canning. It's become increasingly popular recently, but I feel their is still a stigma against canned beer quality. Do you actively educate people on the quality of canned beer over bottled?

I'll take my answer off the air.

Yes!

Cans are lighter, easier to ship, better for the environment and they protect the beer better from light and oxygen.

We are huge can advocates!

j

How is the status of the soon to be opened Bar in Berlin?

Looking to be open in January. Was hoping for sooner but the handover of the building from the landlord was delayed. Excited for this launch - we've wanted a site in Germany for years and it's going to be a real game-changer for Berlin. RIP Reinheitsgebot.

Hi! So I have a few questions mostly regarding the beginnings of BrewDog:

1- How difficult was it financially at the start of the venture, and how long did it last before you were "safe" or "comfortable" for lack of a better word?

2- Do you think it would be as easy to start a brewery today given that the market competition has changed significantly since you started up BrewDog?

3- What's your favourite new experimental hop at the moment, and what does it taste like?

Cheers :)

1) Insanely difficult. We did not pay ourselves for the first 3 years and both moved back in with our parents. Every day until mid 2010 was a constant struggle to scrap enough cash together to both expand and stay afloat!

2) I think now is a great time to start a brewery. The beer market is changing so fast and more and more people want to drink full flavour craft beer!

3) We are developing our own experimental hop with a hop farmer in Yakima. Watch this space....

j

How are your nipples doing these days?

Winter time in scotland is a tough environment for any nipple......

James, I'm a homebrewer from Brazil, and I'm planning to make a business out of it. I really like your beer and I have been twice in brewdog bar in São Paulo, even though I live in Brasilia (Brazil's capital). I have ordered your book (business for punks) from amazon, it should arrive here next month. Can you tell anything you think is fundamental that I should keep in mind in this business journey?

Yes!

1) Ignore advice 2) Do something you are passionate about 3) Have a strong mission 4) Know your finances 5) have fun!

j

How much have you spent on cocaine since the shares went on sale?

not as much as i should have......

Has the Punk IPA recipe changed over the years to cope with demand? At first I thought it was my tastebuds, but other beers I feel in love with taste just as good as when I first had them. I swear that the Punk IPA I drank 4 years ago isn't the same as the one today.

We think Punk IPA today is tasting as good as it ever has. We now have a team of 8 people just in beer quality, the best brewing equipment money can buy and amazing hops shipped direct from the hop farms. Craft beer is a natural product and changes a little from year to year as hops and malt change from harvest to harvest. But the recipe has not changed and we love how Punk tastes at the moment.

Hi James.

First of all, thanks for doing this AMA. I'm a big fan of BrewDog and think it's interesting to watch what you guys do.

I wanted to know if you've ever tried any beers from my neck of the woods, Iceland, and if so which ones and what you thought of them? Any breweries here that you might be interested in collaborating with?

I don't think i have ever tried any Icelandic beers.

What should I look out for?

Hi, James. Hope you are still around. I am a huge fan of your beers and bars (felt in love with BrewDog Firenze, btw) and I also love your TV show.

My questions:

1. Which would be your top 3 European craft beer destinations and why?

2. I am planning to launch a website which focuses on travel, food and drinks in Romania. How hard will it be to reach you and Martin for an interview?

3. You guys are starting to develop a lot of bars around Europe. How hard will it be for you guys to open a bar in Romania or Bulgaria? South-eastern Europe craft beer is starting to develop these days, and a Brewdog bar would be huge for us.

Thank you very much! Keep up the good work!

1) Cantillion in Belgium. 2) The original Mikkeller bar in Copenhagen 3) the Bermondsey beer mile in London

Email [email protected]

j

Hi James, thanks for doing this AMA. I live in Aberdeen, and between your flagship pub, 6 Degrees North, and the Bottlecap Brewery, we're wonderfully spoiled for craft beer choice.

I'm soon going to be taking an MSc in brewing and distilling - have you worked with anybody who's done the HW course? Is it worth doing if I want to work in smaller-scale breweries?

Also, will you ever re-release My Name Is Vladimir...?

Hey,

where you thinking of doing the MSc?

j

Heriot-Watt looks to have a great programme.

Go for it.

Hi James. Just got Born To Die in a giveaway in Berlin. Should I drink it fresh or keep it for a couple of weeks?

drink it!

j

Hello. I've read somewhere that Michael Jackson (journalist) was responsible for you to start a brewery after he tasted a beer you and Martin made. Could you tell us more about that meeting and which which beer was it?

We met Michael Jackson in 2006 and let him taste an early version of Paradox we made at home. He told us to quit our jobs and start making beer. So we did. We still have a photo go Michael Jackson and Martin in our office!

j

What's up with the expensive shipping prices to Europe in your webshop? Delivery to Finland is listed as £44 even though for example Ales by Mail offers delivery for £18.75.

This is as cheap as we can get shipping. We are constantly looking to reduce this cost and if you can help us here or find a cheaper solution then let us know.

I have no idea how Ales by Mail can charge £18.75 - especially as they used to manage our online shop for us!

j

Why is it important to establish a definition for 'craft beer'?

I understand and respect the principle behind no longer stocking the likes of Lagunitas and Ballast Point, although I have no particular qualms about drinking it myself if the quality remains. And I would kind of agree that is no longer craft beer.

I think a definition is important to protect what the craft brewers have built and the craft beer community.

Big brewers are going to try and bastardise and smash to pieces what we have built. A definition will help offer some protection but is only part of the puzzle.

j

Hey James

1. Why is Trashy Blonde only available for export ?
2. Would you rather have lobster claws for hands or a snake for a tongue ?

Absolutely love your beer !

1) We only make this for Sweden and Norway. This is because it has long-standing listings there. In all other markets this beer got replaced with Dead Pony Club. 2) Lobster Claws!

j

You make one of your core beers under a private label for a certain very large British retailer. I assume you're under contractual obligation to do so at this point. Will this be ending sometime in the future, or is that business important enough that it may continue?

We want to make other people as passionate about great beer as we are.

We want to put awesome beers into as many people's hands and as many places as we can.

This project let's us do that so it will be something we will continue.

j

How many units a week do you drink?

Not as much as you may think!

I taste beers a lot but i probably drink on average 500ml of beer per day.

Hey James! Keep up the awesome work. My question: what's your favourite BrewDog collab beer?

Bashah aged in highland park casks....

What was the thinking behind opening Shuffledog in Leeds, and will there be other themed bars appearing around the country/world?

We love shuffle-board. And we love beer. With Dog House Merchant City and Dog Eat Dog in London we are opening a few spins on the standard BrewDog bar concept.

Hey James. How much work went into your Master Cicerone certification? There aren't many out there.

There are 10 of us now. I loved the process and I love writing about beer, speaking about beer, tasting beer and studying beer history so it was a privilege to be able to do the exam. And i was chuffed to pass. it was tough!

j

Hi

1. Its been claimed that "No Label" is a PR move after you were filmed mocking transgenders in a Scottish bar window. Is the beer a PR move ?

2. Do you worry that Brewdog is getting away from that alternative image that made it such a instant and recognisable brand ?

3. The rebranding of packaging. At the AGM the response from attendees was mixed but now everyone is on board. Are you happy that the bottle branding worked out so well ?

4. Any chance of getting some sort of transport link sorted for visitors to the Ellon facility ?

1) No. We wanted to do something with Queerest of the Queer and make a beer that donated it's profits to a worthy cause. 2) No at all. We are still the same today as we have ever been. 3) I always loved the new packaging and felt the time was right to change. I am happy that others seem to love it now too. 4) There is a great bus connection from the park and ride service which is a 8 minute walk from the brewery.

james

When are you going to release more details about UCB... its been over a month since you were going to say anything. Why such a long wait after the launch?

Great question.

Everyone in the industry is just so busy running their own ever expanding breweries it is tough getting us all together to move this forward on schedule.

j

What is perfect beer for me to drink at Thanksgiving tomorrow?

Dogma would work for some day-off indulgence, but Dead Pony Club would be awesome with turkey.

From the USA, perhaps Victory Prima Pils.

Hi James, I used to work part-time at BrewDog Bristol and I've recently taken up home brewing. What key piece of advice would you give to someone starting out? Cheers!

Clean. Clean. Clean. Clean. Clean.

When it comes to making good beer, at home or at a brewery cleanliness is next to godliness.

j

Love your work sir, especially the two Glasgow bars.

With all the new Equity Punks do you think the AGM will have to move away from Aberdeen?

It will be in Aberdeen for 2015.

We may look at an alternative location for 2016. If so, Glasgow would be high up on the list.

j

Which is currently your favourite UK craft brewery (other than your own of course) and your favourite beer of theirs?

How long will it be until Southampton is open? and How many times will your recruitment people see my CV before I'm given a job or told to give up haha

I sell a lot of your beer at the pub I currently run - which would you guess sells out the quickest?

Hey,

1) i love Kernel but there are just so many good beers in the UK at the moment. Wild Beer are pretty awesome at the moment too.

2) Not sure on Southampton at the moment. Waiting for licensing and planning.

3) Punk IPA!

Hey James! First of all, thanks a lot for having this AMA. I’m sure everyone here really appreciate that you’re taking time answering our questions. So, I’m an 18-year-old Norwegian guy, and I’m obsessed with beer. I brew my own beer, and I love to try new beer. I spend most of my spare-time either thinking about how I can improve my recipes or how my next recipe should be. I also spend a great time brewing, which is my favorite thing to do. I want to become a brewer, and my ultimate dream is to become a brew master, like you, Mike Murphy, and Martin. So, my questions are:

1. What education should I get? Is it really necessary?

2. How can I get involved in the brewing community (Communities in real life, not online)? I’m quite young, and there are not a lot of people at my age, unfortunately.

If you’re ever in Norway, please stop by for a beer, homemade of course. Thanks for answering.

1) Read great brewing books. Read forums. And listen to all the episodes of The Beer Smith podcast. 2) Offer to intern at some of the great craft breweries in Norway. j

Hi James!

Something I have admired about BrewDog is the fact that it arguably opened the doors for every Scottish craft brewery founded since 2007. In the bars, there is great support of Scottish craft, and through projects like collabfest it feels like you understand the nature of the brewing scene here in that it's more of a community than a bunch of rival competitors. In the last few years, it seems as though exporting beer to the US has seemed an enormous and futile task for even larger craft breweries given the saturation of the market there where not only are brewers making bigger, bolder beers than most breweries here, but they're also much cheaper given the huge cost of export. There's also the suggestion that brand power goes a long way, and that Scottish beer either relies too heavily on simply being Scottish, or they just don't have a strong enough brand identity to carry them in that market with big identities like Stone. However, given your extensive travels and work over in America, your opinion interests me!

What is the best way, in your opinion, for Scottish breweries to break into that tough market? Is it brewing actually in America as BD is about to do? Also, if you disagree with price point and variety being the reason imported beer doesn't do as well, what are the reasons?

We have found America impossible to supply with fresh beer at a sustainable price point which is why we are investing over $30m to build an awesome brewery in Columbus.

We have also never wanted to play the Scottish card too hard. We are proudly Scottish, yes, but we want people to buy our beer for what it is, not where it comes from.

j

Do you contract Everards to brew Punk IPA for you? Do they or have they ever canned beer for you?

Due to demand and installation of equipment would you ever contract out your beers?

Hey,

we contract brewed a little in 2011 with both Meantime and with Thwaites. It was the biggest mistake we ever made and we will never do it again even though it was less than 5% of our production. From 2012 all BrewDog beer has been made by us at our awesome brewery and this will always remain the case going forward.

j

What's the ETA for the Norwich bar?

Could be as soon as January - watch this space.

Any update on the second bar in Edinburgh? No action since the announcement at the AGM

We are just working through some licensing and planning process at the moment. A little frustrated at how long this is taking. Sorry for the delay.

j

Any sign of a Brewdog bar opening in Dublin any time soon? Big fan of your beer!

We are working hard to find a location!

What's the status on BottleDog Manchester?

No more news unfortunately. Still looking for a site.

Hi James

Is there a firm date for Aberdeen Bar 2 yet? We are eagerly waiting for the opening.

Any plans for more sour beers?

Cheers

Aberdeen Castlegate is Friday 11th December. We are looking for a building for our sour beer facility at the moment.

j

How do you think American breweries venturing in the European market will fair? For example Stones Berlin site.

Stone will smash it wherever they go because they make fantastic beers and stick resolutely to their principles and craft. It is great they will be making the beers in Europe. Too many American beers just taste old and oxidised by the time they get to Europe. Everything we import from the US we ship over in chilled containers and look to serve as freshly as possible.

j

Would you ever consider shaving your beard and tanning like TV hosts in LA?

Erm. Scottish people don't tan well. We like clouds, cynicism and whisky.

As demand for hops increases, would you support the use of transgenic hops? Are you against GMO food?

This is not something we have considered at the moment.

Have you got coat hooks under the bar in Doghouse Merchant City yet?!

working on it...... :)

Hey James! I'm excited for those of us in the colonies to be able to taste fresher brewdog beers once the Columbus location opens. I know shipping IPAs across the Atlantic doesn't always result in the freshest product, and I feel like our Brewdog beers here don't always match what I've tasted in the UK. In what US cities can we expect Brewdog pubs?

I know you guys like to make some high alcohol beers, what's the long term plan for making those in your Columbus location? Will you try to change the ABV limit in Ohio eventually?

We want to help raise the limit for ABV in Columbus and will do all we can on this one.

We are looking to open our first BrewDog bar in the US in downtown Columbus.

j

Hi James, big fan (and homebrewer) from Greece here.

1. There are a lot of stories around about your first ads with broken Stella/Heineken/whatever bottles being quite visible. Did you guys pay huge fines for that? What happened, exactly? Reddit seems like a great place to set the record straight on this one.

2. What is your end game? Do you imagine brewdog bars becoming as ubiquitous as Starbucks (adjusted for beer/coffee overall popularity), introducing as many ppl as possible to your beers and other local craft brews? Or is it something else? How do you imagine that you'll combine the company's largest possible size in the future, with keeping the already achieved product quality constant?

Thanks for the AMA, great to see you guys keep up with online trends too.

1) You can watch this here https://vimeo.com/15479031

2) We have no end game. We just want to share the passion we have for great beer with as many people as we can.

j

Dude, I've seen the video, my question is what did the Big Beer lawyers do (to you) when they saw it.

nothing.

I would ask a serious question, and being a shareholder I probably should, but I just want to know if you plan on having the next AGM on the same day as the Champions League final again next year? I left the AGM early hoping for a good game and it was shit, would be good not having to run the risk of missing out on either.

Also get Idlewild again next year, they're fuckin amazing.

It will be on April 9th in Aberdeen.

See you there.

Oh and Idlewild fucking rock.

Hi James,

Lifetime Ohioan and a big fan of your beer.

1. Once the Columbus brewery is up and running, will you be doing any collaborations with other Ohio breweries?

2. If you had to pick 3 malts, 3 hops, and 2 yeast strains to use the rest of your brewing career, what would they be?

1) Yes! 2) Marris Otter. Weyermann Munich. Simpson's Caramalt. Simcoe & Nelson Sauvin. US 05 & our house yeast.

j

Hi James,

Being Aberdonian I just want to say I'm a big fan of Brewdog and what they are doing in the area for craft beer. With bars and breweries popping up locally you guys have led the way!

With the Castlegate bar opening up does that include the lower, formally snafu, venue and will that area still be used for bands and live music? Beer and music go well together if you ask me!

If you ever need more business support staff let me know and help get me out of shite Oil and Gas!

Yes- bands and live music downstairs. It will be called UnderDog and open in a few weeks.

j

Do you agree that the film Drinking Buddies is fucking dreadful?

i have never seen it. But I have been to revolution in Chicago and that was far from terrible!

j

James, love the AMA. My question is around Equity for Punks. For those of us in the U.S. who bought shares earlier, will we still be a part of the global EFP community, or will our shares be converted to the new EFP U.S that we heard is launching?

I LOVE EFP, and I love that I have had shares going back to EFP III.

Finally, will you share my referral code? R516026

THANKS

Still part of the global EFP community.

We will also soon be launching EFP USA where people can invest directly in then US venture.

j

I'm sure a lot of people will ask something similar regarding they're own city. So I'm going to ask it about mine.

Any chance of a Brew Dog bar in Belfast?

Other than brew dog what is your favourite beer?

Yes. We are actively looking for a location in Belfast.

My fav non-BrewDog beer at the moment is Alesmith Speedway Stout.

j

Do you still consider Blue Moon Brewing Co, Sierra Nevada Brewing Co., Stone Brewing Co, and New Belgium Brewing Co "Craft" Brewers still?

Blue Moon has never been craft.

Sierra, Stone and New Belgium are everything good craft beer is all about.

j

Would you rather be able to run as fast as Usain Bolt or have a full head of hair ? From Martin Dickie

I would just like to be able to grow a better beard.

j

Of all the American Premium Domestics, which one is your favorite/least favorite and why?

none. I would rather drink water.

1) Which is your favorite huge brewery beer?
2) Which is (or was) your favorite brewdog beer?

1) None. 2) Today it is Born to Die. Tomorrow? Maybe Punk IPA!

Hey James!

I live in York, and am super excited on the new bar opening here, any news on when we might see it open? I'd love to work with you guys.

So so pleased about nailing that site, should be launching the first Quarter of 2016. What are you going to drink first?

Hey man.

Huge fan of your beer. I am currently drinking the Camden Hells but I have two bottles of Punk I PA. I am also a shareholder. :-)

When was the last time you drank a pint of Carling? ;-)

Carling?

Maybe 2004. I can still remember how bad it was though!

j

Could you create a crazy high ABV beer, cheap, and readily available to the people in the US?

no.

Hello. I need to bring some brewdog happiness to the people of Chile, South America When can we talk business? There is a legal issue that is pending.

Im currently in contact with Kieth Bennet and Narayanan Madasamy.

Please keep speaking to Keith & Nara.

Hopefully they can help you out here.

Does Brew Dog have marketing or sales related work experience internships programmes? If so, I am most interested! Love the initiative, cheers from Holland.

We run an annual graduate scheme. Details are on our blog.

Do you think that demand for hops by increasing numbers of brewers (home, craft, and commercial) will force hop growers to develop new methods of meeting demand? Something like... hydroponic growing units that can be collocated with the brewer? or other advances in technology/grow science/etc?

Possibly. With such a focus on hop forward beers and the explosion of craft beer it is interesting times for hop supply!