Company: IPST
Filing Date: 2025-06-23
Form Type: 424B3
Source: 0001641172-25-015954
Chunk: 136

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-06-23
Form: 424B3
Chunk 136
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 in the third quarter of 2024. Our    
 wholesale leadership team is actively meeting with additional distributors in other states,    
 including several large beer wholesalers that are starting to distribute spirits as they       
 see the volumes of beer in decline and the growth of spirits emerging in their markets, to     
 expand our footprint for wholesale sales in 2025 and beyond.                                   |

| ● | Tribal                                                                                          
 Beverage Network.     According to 500nations.com, a                                            
 website focused on Native American tribal casinos and casino gambling, there are currently      
 245 tribes in the U.S. operating 524 gaming operations in 29 states, generating annual revenues 
 of approximately $32 billion. In most counties across the U.S. in which there are tribal        
 casinos, the casinos are the largest accounts for spirits, beer and wine in such counties.      
 We believe a significant percentage of the millions of visitors collectively visiting those     
 tribal-owned operations will patronize Heritage-branded TBN distillery tasting rooms to sample  
 and consume cocktails, sign up for one or more of our subscription-based member programs        
 and purchase bottles of spirits to go. Under this model, the tribes exercise their tribal       
 sovereignty and enter a new business with significant revenue and margin potential. The TBN     
 model also includes us working with each of the participating tribes to develop their own       
 unique brands to feature in their properties and regions.                                       |

We believe the TBN model is unique in the adult beverage industry. To set up this network, we have leveraged the role of our Chief Executive Officer in overturning in 2018 a 184-year-old law prohibiting Native Americans from distilling spirits on tribal lands. We designed the TBN to assist Native American tribes in developing a new business, complementary to their existing casino and entertainment businesses, to attract new visitors and consumers. By working with us, tribes get access to our expertise and our full portfolio of brands. We believe this is a significant new business opportunity for tribes with the potential for strong revenue and profit growth, allowing tribes to capture the full margin benefit as manufacturers and the ability to collect and keep state spirits taxes for products made and sold on their sovereign land. We have already entered into agreements with multiple tribes, including agreements for a new Heritage Distilling branded tasting room that opened at the Stillaguamish Tribe’s Angel of the Winds casino north of Seattle, Washington in October 2024, the ongoing construction of a Heritage Distilling-branded tasting room at the Tonto Apache Tribe’s Mazatzal Casino in Arizona, which is