Yes
As noted, you can sell this for half the market price, as you can do with any item you make or otherwise acquire which is valued below twice the settlement you wish to sell it in's purchase limit. In addition to cheap drinks like common ales, your spell can specifically create wines, beers, and meads, and is definitely able to create some other unspecified alcoholic beverages, while not necessarily being able to create any arbitrary alcoholic beverage. Whiskeys and such thus may be possible to create but also may not be, at the discretion of your DM.
Regardless, the most expensive mundane base alcoholic drink I am aware of in Pathfinder is Sealord Wine1, which is a wine and so within the category of definitely producible drinks. Sealord Wine sells for 15 gp per 1/2 pound, which means you can sell it for 7.5 gp per 1/2 pound, or 22.5 gp per Imperial Pint2(Wines, predictably, have approximately the same density as water). At level 1 you're looking at something like 67.5 gp/day assuming you don't specialize in this at all.
Some people argue that, on account of it being expensive, Sealord wine must be high quality wine, and the spell cannot make a Sealord wine of middling quality. This reasoning is, of course, wrong for a variety of reasons, not least of which that Sealord wine is not, in fact, high quality wine, but if your GM subscribes to such reasoning, you can get by nearly as well by substituting in the next most expensive broad category of alcoholic beverage your DM's houserules allow.
Pathfinder actually officially uses US wet pints/gallons/etc instead of Imperial ones, but I find that ridiculousso if you're constrained to those, you may make somewhat less coin. A US gallon of water is ~8 lbs, where as a medieval Imperialderived from the wine gallon of water is defined to be 10 lbs. I don't know why you would want to use a less-historically-appropriate, less-traditional, more-mathematically-annoying, more politically polarized measure, but if you, like Paizo, are so inclinedthat would actually make some sense here, you can usewhereas the conversion tool linked in this answerImperial Gallon is derived from the larger ale gallon.