Why Richmond's brewing powerhouses are teaming up

State of play: The U.S. craft beer market has been experiencing historic declines in production and sales in recent years amid changing consumer tastes and market oversaturation, Axios' John Frank reports.

• Both Richmond breweries acknowledged the challenges when announcing the partnership, writing in a news release that it "represents a proactive, collaborative approach to navigating a highly competitive craft beverage market."
• Meanwhile, Legend is now looking to sell its brewery business, BizSense reported.
• It closed its in-house Manchester restaurant at the end of 2023 and listed its property for sale in 2024, though its pub remains open and will be "for the foreseeable future," per a news release.

Yes, but: The collaboration is also a full-circle moment for both Legend — the state's oldest continuously running brewery — and Hardywood, which helped craft the legislation that shepherded in the region's golden era of craft breweries.

• When Hardywood was getting its start 15 years ago, the team at Legend helped them brew the very first commercial batch of Hardywood's first beer: the Singel.
• "To now be trusted with the stewardship of Legend Brown Ale is an incredible honor for our entire team," Hardywood co-founder Eric McKay said in a statement.