Smith Mountain Lake's Most Popular Event! The Smith Mountain Lake Wine Festival takes place the last weekend in September each year and regularly draws crowds of more than 11,000 to our beautiful lake. In addition to nearly 30 Virginia wineries, SML Wine Festival visitors can peruse the booths of dozens of quality artisans, as well as craft and food vendors. Both days feature live music with plenty of room for dancing. In recent years, the festival has welcomed a limited number of craft breweries and distilleries, too.