Company: IPST
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001641172-25-009684
Chunk: 126

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-05-12
Form: 424B3
Chunk 126
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 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.                                       |

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| ● | 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 anticipated to open in late 2025, and a landmark agreement between        
 the