Alfred Barnard visited the Rosebank Distillery a few years before the publication of his book in 1887, The Whisky Distilleries of the United Kingdom. Rosebank, he wrote, "is one mile from Falkirk, and half a mile from the River Carron, and is built on the banks of the Forth and Clyde Canal. It is not isolated as many of the distilleries are, being placed by the main road, on which there is a constant stream of traffic, and also fronting the canal, where boats and steamers are continually passing to and fro".

The site, according to Barnard, "was chosen on account of the inexhaustible supply of water"; but it had other advantages. Its proximity to a coalfield must have reduced the cost of transporting fuel, and the canal provided an economic route for incoming barley and for consignments of whisky to Glasgow, Leith, and other seaports.

Rosebank Distillery was recorded in 1817-19, when it was managed by James Robertson. Its history on the present site seems to have begun in 1840, when James Rankine, a former grocer, acquired the maltings of Camelon Distillery, on the east bank of the canal, and began operations as a distiller. Five years later, according to Barnard, "the buildings were considerably enlarged", and Rankine got into temporary financial difficulties. They were "entirely rebuilt in a modern day form" by his son, R.W. Rankine, in 1864. Offices, described by Barnard as handsome and newly-built were later added. The red-brick buildings, facing the canal and backing on to the road, were grouped around an interior courtyard, and designed to make the best use of a restricted space.

Rankine demolished the main buildings of the Camelon Distillery in 1865, three years after it ceased trading, and replaced them with a maltings. The two ranges of buildings were connected by a swing-bridge and covered three acres (1.2 hectares). They adjoined another two acres accommodating "the grounds and gardens of Rosebank House, one of the residences of Mr. Rankine", who lived mainly in Edinburgh.

Rankine achieved his object: to distil a whisky that would stand comparison with the best Scottish makes. By Barnard's day, output had reached 123,000 gallons (319,000 litres), which was sold mainly to the Edinburgh and Glasgow markets. In the 1890s, at the height of the distillery boom, there was an extraordinary demand for Rosebank and many customers had to be content with an allocation of a smaller amount than they had ordered. The proprietor was the only malt whisky distiller at the time who was able to charge his customers warehouse rent.