EXHIBIT 10.21

THIS 10% SECURED CONVERTIBLE NOTE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY, THE "SECURITIES"), HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES COMMISSION OF ANY STATE UNDER APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES ARE "RESTRICTED" AND MAY NOT BE OFFERED OR SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, OR PURSUANT
TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE SELLER WILL BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT
SUCH EXEMPTIONS ARE AVAILABLE.

HAWAIIAN NATURAL WATER COMPANY, INC.    10% Secured Convertible Note    Due February 28, 2001

$350,000.00
 September 29, 2000

FOR VALUE RECEIVED, Hawaiian Natural Water Company, Inc., a Hawaiian corporation (the "Corporation"), promises to pay to the order of
AMCON Distributing Company, a Delaware corporation (the "Holder"), the principal sum of Three Hundred Fifty Thousand and NO/100 Dollars ($350,000.00), on February 28, 2001 (the "Maturity Date"),
together with interest in the amount and manner hereafter provided.

IT IS FURTHER AGREED THAT:

1.Interest.The Corporation promises to pay interest on the principal amount of this 10% Secured
Convertible Note (the "Note") at the rate per annum of ten percent (10%), compounded quarterly. Interest will be computed on the basis of a three hundred sixty (360) day year of twelve (12), thirty
(30) day months. Interest will be paid quarterly on January 1, April 1, July 1, and October 1 of each year and at maturity, with the first such interest payment to be made on January 1, 2001.

2.Method of Payment.Except with respect to the rights of conversion provided herein, and subject to
Section 3 hereof, the Corporation will pay principal and interest by wire transfer of immediately-available money of the United States, or other form of payment of immediately available money of the
United States as the Holder may direct the Corporation, that at the time of payment is legal tender for payment of public and private debts. Information for making the wire transfers will be provided
in writing by the Holder to the Corporation. If any payment hereunder becomes due and payable on a day other than a business day, the due date thereof shall be extended to the next business day and,
with respect to payments of principal, interest thereon shall be payable at the applicable rate during such extension.

3.Right to Prepay.The Company shall have the right to prepay all or any part of the Note.

4.Right to Convert.



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5.Mechanics of Conversion.If the Holder desires to exercise such right of conversion, such Holder
shall give written notice to the Corporation in the form attached to this Note as Exhibit A (the "Conversion Notice") of that Holder's election to convert a stated whole dollar amount of outstanding
principal balance and unpaid accrued interest of the Note into shares of Preferred Stock, and/or Common Stock, as the case may be, and surrender to the Corporation, at its principal office or at such
other office or agency maintained by the Corporation for such purpose, this Note. The Conversion Notice shall also contain a statement of the name or names (with addresses) in which the certificate or
certificates for Preferred Stock and/or Common Stock, as the case may be, shall be issued. Notwithstanding the foregoing, the Corporation shall not be required to issue any certificates to any person
other than the Holder thereof unless the Corporation has obtained reasonable assurance that such transaction is exempt from the registration requirements of, or is covered by an effective registration
statement under, the Securities Act of 1933, as amended (the "Act"), and all applicable state securities laws, including, if necessary in the reasonable judgment of the Corporation or its legal
counsel, receipt of an opinion to such effect from counsel reasonably satisfactory to the Corporation. In no event would such opinion be required if the shares of Preferred Stock and/or Common Stock,
as the case may be, could, upon conversion, be resold pursuant to Rule 144 or Rule 144A under the Act. As promptly as practicable, and in any event within five business days, after the receipt of the
Conversion Notice (the "Date of Conversion") and the surrender of the certificate or certificates representing the Conversion Shares, the Corporation shall issue and deliver, or cause to be delivered,
to the Holder or his nominee or nominees, (i) a certificate or certificates for the number of shares of Preferred Stock issuable upon the conversion of this Note, and (ii) if less than the full dollar
amount of the outstanding principal balance and unpaid accrued interest of this Note is being converted, a new Note, of like tenor, evidencing the outstanding principal balance and unpaid accrued
interest of the Note after taking into account such conversion, provided that all unpaid accrued interest shall be applied to such partial conversion before any of the outstanding principal balance
shall be applied. Such conversion shall be deemed to have been effected as of the close of business on the Date of Conversion and the replacement Note, and the person or persons entitled to receive
the shares of Preferred Stock and/or Common Stock, as the case may be, issuable upon conversion shall be treated for all purposes as the holder or holders of record of such shares of Preferred Stock
and/or Common Stock, as the case may be, as of the close of business on such date.

6.Fractions of Share.The Corporation shall not be required to issue fractions of a share or scrip
representing fractional shares of Preferred Stock and/or Common Stock, as the case may be, upon the exercise of any conversion right hereunder. If any fraction of a share of Preferred Stock and/or
Common Stock, as the case may be, would, except for the provisions of this Section 6, be issuable upon
any conversion exercise, the Corporation shall pay a cash adjustment in respect of such fraction, equal to the value of such fraction based on the Conversion Price per share of Preferred Stock.

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7.Security.



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8.Corporation Covenants.The Corporation represents, warrants, covenants and agrees that:



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9.Rights of Holder.The Holder of this Note shall not be entitled to vote or receive dividends or be
deemed the Holder of Preferred Stock or Common Stock of the Corporation for any purpose, nor shall anything contained in this Note be construed to confer upon the Holder, as such, any of the rights of
a stockholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon a merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Note shall have been exercised and the
Preferred Stock or Common Stock purchasable upon the exercise hereof shall have become deliverable.

10.Rights Upon Exercise.Irrespective of the date Preferred Stock or Common Stock is issued and of
delivery of certificates for any shares issuable upon the exercise of the conversion privilege under this Note, each person in whose name any such certificate is issued shall for all purposes be
deemed to have become the holder of record of the shares represented thereby on the Date of Conversion.

11.Investment Representation; Transfer.The Holder hereby represents and warrants to the Corporation
that it has purchased this Note and will purchase shares of the Preferred Stock and/or Common Stock, as the case may be, of the Corporation issuable upon conversion hereof for investment purposes only
and not with a view to the distribution thereof. The Holder acknowledges that it has been advised by the Corporation that neither this Note nor the Conversion Shares has been registered under the
Securities Act of 1933 or any state securities law for the reason that no distribution or public offering of this Note or the Conversion Shares is to be effected.

12.Dissolution.In case any voluntary or involuntary dissolution, liquidation or winding up of the
Corporation shall at any time be proposed, the Corporation shall give at least thirty (30) days' prior written notice thereof to the Holder stating the date on which such event is to take place and
the date (which shall be at least thirty (30) days after the giving of such notice) as of which the holders of Preferred Stock of record shall be entitled to exchange their Preferred Stock for
securities or other property deliverable upon such dissolution, liquidation or winding up.

13.Default.Any one or more of the following shall be events of default under this Note ("Events of
Default"):



Upon
the occurrence of one or more Events of Default and at any time thereafter, the Holder may, by notice in writing to the Corporation, declare the entire outstanding principal amount of the Note to
be,

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and such entire principal amount of the Note shall thereupon become forthwith, due and payable in full together with interest accrued thereon, anything in this Note to the contrary notwithstanding.
Upon the occurrence of one or more Events of Default, the Corporation agrees to pay out-of-pocket expenses, including reasonable attorneys' fees and legal expenses, whether or not suit is commenced,
incurred by the Holder. If an Event of Default shall have occurred and has not been cured by the Corporation within 90 days after the occurrence thereof, then thereafter this Note shall accrue
interest at the rate per annum of eighteen percent (18%), compounded quarterly and computed in accordance with Section 1 of this Note.

14.Notice.All notices and other communications from the Corporation to the Holder shall be mailed by
first class registered mail, postage prepaid, to the principal business address of the Holder or other address furnished to the Corporation in writing by the Holder. All notices and other
communications from the Holder to the Corporation shall be mailed by first class registered mail, postage prepaid, to the principal business address of the Corporation or other address furnished to
the Holder in writing by the Corporation. All notices and other communications delivered in the manner set forth above shall be deemed delivered two (2) days after the date mailed.

15.Governing Law; Certain Waivers.This Note, without regard to the place of execution, delivery or
payment, shall be construed and enforced according to and governed by the laws of the State of Delaware. The Corporation waives presentment and demand for payment, notice of dishonor, protest and
notice of protest.

16.Severability.Whenever possible, each provision of this Note shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.

| | HAWAIIAN NATURAL WATER COMPANY, INC.
| | ------------------------------------
| | By:                                 

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EXHIBIT A    CONVERSION NOTICE

(To be executed by the Holder in order to Convert the Note)

TO:
HAWAIIAN NATURAL WATER COMPANY, INC.

The
undersigned hereby irrevocably elects to convert $            of the principal amount of, and $            of any accrued but
unpaid interest on, the above 10%
Secured Convertible Note into (i)             shares of Series C Preferred Stock, par value $1.00 per share, of Hawaiian Natural Water Company, Inc. (the "Company"), and
(ii)       shares of Common Stock of the Company, in each case according to the conditions stated in such Note, as of the Conversion Date written below.



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