A system and method for dispensing subcooled CO2 liquid includes a vacuum insulated bulk tank containing a supply of the liquid CO2. A pressure builder having an inlet in communication with a bottom portion of the bulk tank and an outlet in communication with a top portion of the bulk tank vaporizes liquid from the bulk tank and delivers the resulting gas to the top portion of the tank so as to pressurize it. A baffle is positioned within the bulk tank. Below the baffle, a refrigeration system is connected to the heat exchanger coil so that a refrigerant fluid is supplied to and received from the heat exchanger coil so that the liquid below the baffle is subcooled and the liquid above the baffle is stratified. A liquid fill line is in communication with the interior of the bulk tank via a fill line opening that is positioned above the baffle. A liquid feed line is in communication with a bottom portion of the interior of the bulk tank so that subcooled liquid may be dispensed.