Splash Beverage Group is a small, early-stage consumer beverage company that acts as a brand owner and distributor rather than a manufacturer. Splash's current active business is distributing Chispo Tequila, an authentic blue agave blanco tequila produced in Jalisco, Mexico by ZB Distillery under a contract manufacturing arrangement. Splash sells through a three-tier distribution system — to independent regional distributors, who sell to retailers and on-premise accounts — in select U.S. states, Guatemala, and Europe. Splash shipped its first inventory to a distributor in March 2026, marking its first revenue-generating activity since early 2025. A notable early commercial win is Chispo's selection as the house tequila for Senor Frog's across initial locations in Florida, the Bahamas, and Mexico. Splash's stated primary strategic priority is the pending acquisition of Medterra CBD, a manufacturer and multi-brand operator of federally compliant cannabinoid wellness products, at an enterprise value of approximately $37.6M. If completed, this deal would pivot Splash from beverages into cannabinoid wellness. The transaction has not closed, and Splash needs to raise roughly $10M in cash to fund the deal's cash component. Splash is highly capital-constrained, with a stockholders' deficit of approximately $15.3M as of December 31, 2025, and management estimates it needs approximately $3M to fund Chispo operations and general expenses over the next 12 months.