Woodford Reserve sits in a pocket of the American whiskey world shared by just a few other brands. On one hand, it’s the beginner-friendly, widely accessible bourbon that anchors bar carts and back bars across the country. On the other hand, it appeals to collectors with special-edition Derby bottles selling for hundreds (and sometimes thousands) at auction, a Master’s Collection that experiments with mashbill and cask finishes, and distillery-only releases that inspire serious fan loyalty.

When Elizabeth McCall took over as master distiller in 2023, she knew she had to strike a balance by maintaining the flavor foundation her predecessor Chris Morris established, while also shaping the brand’s ultra-limited innovations. We spoke to McCall about how Woodford was once considered a risky prospect, why certain barrels call to her, the brand’s surprising auction darlings, and what it takes to protect the core profile while still being open to bottling more unconventional liquid.

This interview has been edited for length and clarity.

The Unicorn Review: Let’s start way back. Woodford launched in the 1990s, which was a very different bourbon environment. How do you see that era now?

McCall: Is it that different? Because in the ‘90s when [Woodford] started, it was actually in a very tough spot. People thought bourbon whiskey might go extinct or just be this teeny-tiny little category. Back then, Owsley Brown II, who was CEO of Brown-Forman, made the decision to open a bourbon distillery when everything would’ve said [not to do that]. It was purely a passion-driven project for him, and it really was about bourbon heritage. It wasn’t even about a brand.

We went into it knowing it was a huge financial investment and that it probably wouldn’t make money for the first… some people said 25 years. That’s kind of the magic of Woodford. It surprised everybody. It went from this tiny brand to one that is globally recognized and nearing two million cases, which is astonishing. But that’s proof of excellent liquid and a great package.

Striking a Balance

Woodford gets described as both approachable and premium. How do you define that balance?

We’ve always had an approachable price point, even though it was considered aggressive when we introduced it. Having a bourbon at $25 or above was crazy in the early ‘90s. We’ve held an approachable price, but maintained superb quality. If someone trusts the core—because the core is approachable and consistent—then they feel safe moving up to the $60 offering or the $150 offering. 

Double Double Oaked went national this year after years of being a distillery exclusive. What was the response?

It’s been really well-received. People are still asking about it. I keep telling people, if you didn’t get it this year, we’re going to release it again nationally next year. It should be in some global markets by 2027.

It was distillery-only for a decade, right?

Yes, from 2015 until 2025. And it kind of started as an accident. We overproduced some Double Oaked. Once a barrel leaves the age-spec window—six to 12 months—it changes. By the time it's been 18 months, it’s very different. You could always blend that into a batch and sell it as regular Double Oaked, and it would taste great. But instead, we held the barrels longer to see how the extra age changed the flavor profile.

It was an accident in that we had an opportunity that we capitalized on. We had no expectation it would do as well as it did. We always hope things will do well, but the fact that we brought it back year after year was because people were asking for it.

Where do distillery-only releases sit for the brand?

They can have different roles. Double Double was this fun, low-risk, high-reward experiment that turned into something scalable. Other times, we have weird one-offs where the volume is so small there is no scalability.

But the original intention of the Distillery Series was to thank people for coming to visit. People would come to the distillery and say, "I can buy this anywhere. What am I getting here that I can’t get somewhere else?” That was the purpose. 

It’s also an opportunity to learn about a release. How does it play? Do people like it? Do we scale it up?

What indicators tell you a barrel has “collector potential”?

It’s really tasting it and seeing that it's a special liquid. With Chocolate Whisper Redux, for example, I kept tasting that liquid for years. I was telling the brand team, “I don’t know where we want to release this, but it’s special.” I wanted to release it at a high proof, which meant package testing and all of that. But it comes from me tasting something and thinking this is really good, save it for something special.

The Big Picture

Speaking of the brand team, Woodford is part of the Brown-Forman company. There’s quite a large apparatus there. Can you speak to how that affects decision-making?

It's been interesting, especially in the context of the evolution of Woodford Reserve. We started out this conversation talking about the mid-’90s, and up until maybe 2020 Chris Morris got to do whatever he wanted—and nobody cared! And I say that with all the respect in the world; it was such a small brand. Then, all of a sudden, it really started to be something where it was having a big impact on business. 

I feel like Chris set us up for success. Entering my era, it’s a brand where there's more planning going into releases, with more thoughts and more eyes on it. 

What I love is the freedom to be creative and make fun things. I'm still prototyping, but now it's under a greater microscope. I still get to play, but people are going to review.

Do you have a favorite release from Chris’s era?

Chris will tell you his favorite was the Chardonnay finish. People loved Four Wood. My own heart pulls to the Pinot Noir finish. I was in London and they had bottles everywhere at an event, and I have literally a drop left in my bottle at home. 

It says a lot about our palates—we love fruitiness in bourbon. If Chris isn’t drinking bourbon, he’s drinking Chardonnay. I love a good red wine.

What’s your mandate now that you’re leading the brand?

My primary function is to maintain quality, to make sure the flavor of the core doesn’t change. That’s what has built this brand, that’s the foundation.

In terms of innovation, I’m not only looking at Master’s Collection and Distillery Series, but also exploring ways to celebrate small releases that haven’t had a home. As silly as it sounds, sometimes I say that if I don’t have the right vessel, I can’t share it. It seems dumb, but packaging matters more than people realize. 

We're in the process of designing another package right now, so that if I find a few barrels in the warehouse—maybe I only have 10 of those barrels—we have a bottle that celebrates how rare and special that liquid is. It can then go out to a larger crowd, instead of being put in the 375-ml bottle, or being in the Distillery Series and being limited only to Kentucky. 

Sometimes, I want to share something with more people.

The Collector Crowd

How do you see collectors and whiskey nerds? Where do they live in your mind?

It’s nice to be acknowledged by that crowd, because it’s tough to really get their attention. When they pay attention, it creates a halo effect. They create chatter. And then people who don’t care suddenly feel like they should care. I don’t make things to appease them, but the buzz matters. 

Chocolate Whisper Redux at 139.4 proof is a good example. I knew there would be people freaking out about the higher proof, but that was not the intention behind it. I did it because I thought it tasted really good at that proof point. I hope they didn’t miss appreciating the beautiful liquid.

Derby bottles have done well at auction. Why do you think that is?

It’s probably because of the bottle art! I wasn’t expecting you to say that, I was thinking it would be a Master’s Collection or something. I think it has something to do with the collectibility of the bottle art, instead of the size. The one-liter bottles have bigger artwork. 

I’m assuming it’s the artist, and it was probably some really old bottles that you can’t find. 

We started doing that partnership in 1999, and it was a great opportunity for us to be the official bourbon at Churchill Downs. We worked with an artist to do something unique, and it was a very small release at the time. I don't think anybody knew what it was going to turn into, and people didn’t think to collect them back then. Now they want the full run. 

I get asked all the time, “Do you know where I can find the first one I’m missing?” It’s usually the early ones. People are fans!

Espresso Martini Inspiration

What are some of your own favorites? What stands out from your tenure?

I really loved Chocolate Malted Rye. From a grain recipe perspective, I just think it's so interesting to see how that flavor of grain played. The nose on it was amazing, and then the flavor kind of had this dryness to it that came from the rye. It was malted to such a degree that it gave these cacao nib notes.

I do want to explore some rye things next. That'll be my next endeavor. With rye I’m looking at some old grain recipes from ledgers we had from 1915–1916, plus Kentucky-grown rye with the Kentucky Rye Project.

Also, I have a prototype sitting on my desk right now that I’m working on, inspired by espresso martinis. It’s not a flavored whiskey, it’s a Kentucky straight bourbon, and that’s all I’ll say! 

State of the Whiskey World

How is Woodford dealing with the slowing whiskey market?

It’s interesting, because there is all that going on out there in the world, and I feel like with Woodford, we’re one of the top premium spirits in the world, so we're going full steam ahead. It’s not like we’re untouched—we’re slowing production, but we’re filling it in with innovation. 

It’s been a silver lining to the climate, and the premium-plus category is still growing nicely. People aren’t consuming as much, but they’re being more cognizant of what they are consuming. We’re making sure that we present some whiskeys that are beautiful and well-deserving of that category.

On the topic of prices, how do you mentally hold together releasing both $35 core bottles and $15,000 Baccarat bottles?

I never want loyal Woodford drinkers to feel taken advantage of. Some high-price things—like the $15,000 Derby 150 Baccarat—are PR plays. They create the halo. 

But at the $150 range, liquid quality has to justify the price. With Double Double Oaked at $199—limited, long time in barrel, exquisite liquid. If it doesn’t taste good, who cares? If it tastes good, you should want to pay that much.

Anything collectors should know?

I don’t like waiting in line, and people will wait in the cold for bottles. Kudos to them. But I’m proud we make rare, premium liquid without forcing people to stand in the rain. You shouldn’t have to get sick to get good whiskey.