Despite the effects of alcohol consumption on human health and on society as a whole, imbibing has become a significant activity for ordinary citizens of Sri Lanka, making it one of the most profitable industries in the country. The industry has become a valuable contributor to the economy, despite alcohol restraining policies introduced by the government. However, misconceptions on the legal alcohol trade, politicization of the alcohol industry as well as matters related to the illicit alcohol industry remain issues of concern. Therefore, the main objective of this study is the formulation of a balanced policy option for decision makers in Sri Lanka. The study reviews the opinions of a cross-section of stakeholders from the industry, wholesalers, retailers, illicit brewers and producers, moderate drinkers, law enforcement officials, government officials and religious dignitaries, in order to develop a rational policy framework on alcohol production, sales and consumption in Sri Lanka.