Microbrews on display in a cooler at the International Tap House in St. Louis, Missouri, on Nov. 9, 2010. MUST CREDIT: Whitney Curtis/Bloomberg The likes of Anheuser-Busch InBev were snapping up craft breweries at a brisk clip in the middle of the decade, changing little but the back-office management and creating a stable of what many derisively dubbed phantom crafts: They tasted and looked the same, but they weren't legit.

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