Willamette Valley Vineyards is celebrating expansion. We see warning signs. An unpermitted hospitality vision, vineyard expansion into an industry glut, and preferred shares offered above market reinforce our view that WVVI’s growth story is increasingly disconnected from financial reality.

Willamette Valley Vineyards is running out of room to maneuver. Our latest report examines WVVI’s mounting liquidity crisis, growing preferred-stock burden, RNDC-related losses, and a proposed destination resort that is not allowed under Oregon law. We explain why management’s narrative does not match the financial reality and why we believe the common equity could ultimately be worth little to nothing.