Company: IPST
Filing Date: 2025-05-07
Form Type: POS AM
Source: 0001641172-25-009076
Chunk: 138

Company: Heritage Distilling Holding Company, Inc.
Filing Date: 2025-05-07
Form: POS AM
Chunk 138
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 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 Coquille Tribe of Oregon and the Oregon Liquor Control Board to allow for the first tribal distillery in Oregon. A Heritage Distilling-branded tasting room is under construction and scheduled to open in late 2025 at Coquille’s Mill Casino Hotel & RV Park on the water in Coos Bay, Oregon. This is the first such agreement between a Native American tribe and one of the 18 liquor control states in the United States and that project is under construction with a targeted opening in late 2025