A concentrate/extract cartridge for dispensing a liquid concentrate/extract is provided. The cartridge includes a hollow body and a dispensing tube that contains a pumping device. The cartridge includes a valve having a valve stem that passes through a port of a valve seat connected to the dispensing tube. A piston is located at a first end of the valve stem and a valve body is located at a second end of the valve stem in removable contact with the valve seat for alternately opening and closing the port. A liquid dispenser suitable for numerous applications and having a removably insertable concentrate/extract cartridge and a method of dispensing a liquid are also provided.