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I wanted to do a rum-based version of the Old Fashioned, that relies on Falaernum for spice and sweetness. With only three ingredients, it's also a minimalist version of a tiki drink.
1½ oz blended rum
½ oz Velvet Falaernum
2 Dashes Peychaud’s bitters
Build in mixing glass with ice. Stir well, strain and serve in a lowball glass over ice. Garnish with lime wedge