SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                            ----------------------
                                  FORM 10-K

/X/  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED  September 30, 2000
                                            ---------------------------------

/ /  TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM       to
                                                        -------   -------
 Commission File Number  0-24708
                        --------

                          AMCON Distributing Company
-----------------------------------------------------------------------------
           (Exact name of Registrant as specified in its charter)


         Delaware                                              47-0702918
--------------------------------                          -------------------
(State or other jurisdiction                              (I.R.S. Employer of
incorporation or organization)                            identification No.)


                     10228 "L" Street, Omaha NE 68127
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                (Address of principal executive offices)

Registrant's telephone number, including area code: (402) 331-3727
                                                     --------------
Securities registered pursuant to Section 12(b) of the Act:

              Title of each class              Name of each exchange on
                                                   which registered

                     None                                None
               ----------------                     -----------------

         Securities registered pursuant to Section 12(g) of the Act:

                         Common Stock, $.01 Par Value
-----------------------------------------------------------------------------
                              (Title of class)

     Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 of 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes    X      No
                                                    --------     --------

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrants' knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any other amendment to this Form 10-K. /X/

     The aggregate market value of equity securities held by non-affiliates
of the Registrant on December 15, 2000 was approximately $5,056,327.

     As of December 15, 2000 there were 2,737,661 shares of common stock
outstanding.

                 - Documents Incorporated by Reference -
                 ---------------------------------------

     Portions of the 2000 Annual Report to Stockholders are incorporated
herein by reference into Parts I, II and IV.  Portions of the Proxy
Statement pertaining to the March 9, 2001 Annual Stockholders' Meeting
are incorporated herein by reference into Part III.

                                      1


                      AMCON DISTRIBUTING COMPANY
                      --------------------------

                     2000 FORM 10-K ANNUAL REPORT
                     ----------------------------
                           Table of Contents
                                                                         Page
                                                                         ----
                               PART I

Item 1.   Business.........................................................3

Item 2.   Properties......................................................10

Item 3.   Legal Proceedings...............................................11

Item 4.   Submission of Matters to Vote of Security Holders...............11

Item 4A.  Executive Officers of the Company...............................11

                              PART II

Item 5.   Market for the Registrant's Common Stock and Related
          Stockholder Matters.............................................12

Item 6.   Selected Financial Data.........................................12

Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations.............................12

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk......12

Item 8.   Financial Statements and Supplementary Data.....................12

Item 9.   Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure.............................13

                              PART III

Item 10.  Directors and Executive Officers of the Registrant..............13

Item 11.  Executive Compensation................................ .........13

Item 12.  Security Ownership of Certain Beneficial Owners and
          Management......................................................13

Item 13.  Certain Relationships and Related
          Transactions....................................................13

                               PART IV

Item 14.  Exhibits, Financial Statement Schedules and
          Reports on Form 8-K.............................................14

                                       2

PART I

ITEM 1.   BUSINESS

GENERAL

AMCON Distributing Company (together with its wholly-owned subsidiary, Food
For Health Co., Inc. and its wholly-owned subsidiaries Chamberlin's Natural
Foods, Inc. and Health Food Associates, Inc.) operates 8 distribution centers
and 14 retail health food stores in the Great Plains, Rocky Mountain, Western
and Southern regions of the United States.  Food for Health's former wholly-
owned subsidiary, U.S. Health Distributors, Inc. was merged into Food For
Health during fiscal 2000.  As used herein, unless the context indicates
otherwise, the term "ADC" means the separate company operations or
"traditional distribution business" of AMCON Distributing Company, the term
"FFH" means the "natural food distribution business" of Food For Health Co.,
Inc., the terms "CNF" and "HFA" represent the "retail health food stores"
operated by Chamberlin's Natural Foods, Inc. and Health Food Associates, Inc.,
respectively, both wholly-owned subsidiaries of FFH, and the term "AMCON" or
the "Company" means AMCON Distributing Company and its subsidiaries.

AMCON sells approximately 24,000 different consumer products, including
cigarettes and tobacco products, candy and other confectionery, beverages,
groceries, paper products, health and beauty care products, natural food and
related products, frozen and chilled products and institutional food service
products.

AMCON has over 8,500 retail customers, the largest of which accounted for less
than 5.2% of AMCON's total revenues during fiscal 2000.  The Company
distributes products primarily to retailers such as convenience stores,
discount and general merchandise stores, grocery stores and supermarkets,
health food stores, natural food stores, drug stores and gas stations.  In
addition, the Company services institutional customers, including restaurants
and bars, schools, sports complexes and vendors, as well as other wholesalers.

AMCON operates eight (8) retail health food stores in Florida and six (6) in
the Midwest.  These stores carry natural supplements, groceries, health and
beauty care products and other food items.

While cigarettes accounted for approximately 63% of the Company's sales volume
during its most recent fiscal year, AMCON continues to diversify its
businesses and product lines in an attempt to lessen its dependence upon
cigarette sales.

AMCON maintains a 52-53 week fiscal year which ends on the last Friday in
September.  For convenience, the fiscal years have been indicated as September
30, whereas the actual year ends were September 29, 2000, September 24, 1999
and September 25, 1998. Fiscal 2000 comprised 53 weeks.  Fiscal 1999 and 1998
each comprised 52 weeks.

TRADITIONAL DISTRIBUTION BUSINESS

ADC serves approximately 7,500 retail outlets in the Great Plains and Rocky
Mountain regions.  Food Logistics, a trade periodical, ranked ADC as the
thirteenth (13th) largest distributor in its industry out of approximately
1,000 distributors in the United States based upon 1999 sales volume.  From
its inception, ADC has pursued a strategy of growth through increased sales

                                      3


and through acquisitions.  Since 1993, ADC has focused on increasing operating
efficiency in its traditional distribution business by merging smaller branch
distribution facilities into larger ones.  In addition, ADC has grown through
expansion of its market area into contiguous regions and by introduction of
new product lines to customers.

ADC distributes approximately 9,000 different consumer products, including
cigarettes and tobacco products, candy and other confectionery, beverages,
groceries, paper products, health and beauty care products, frozen and chilled
products and institutional food service products.  ADC's principal suppliers
include Philip Morris USA, RJ Reynolds Tobacco, Brown & Williamson, Proctor &
Gamble, Hershey, Mars, William Wrigley and Nabisco.  ADC also markets private
label lines of cigarettes, tobacco, snuff, water, candy products, batteries
and film.

ADC has sought to increase sales to convenience stores and petroleum marketers
by adopting a number of operating strategies which it believes gives it a
competitive advantage with these types of retailers.  One key operating
strategy is a commitment to customer service.  In a continuing effort to
provide better service than its competitors, ADC carries a broad and diverse
product line which allows ADC to offer "one-stop shopping" to its customers.
ADC offers self-service health and beauty programs, grocery products and
custom food service programs which have proven to be profitable to convenience
store customers.  In addition, ADC has a policy of next-day delivery and
employs a concept of selling products in cut-case quantities or "by the each"
(i.e., individual units).  ADC also offers planograms to convenience store
customers to assist in the design of their store and display of products
within the store.

ADC has worked to improve its operating efficiency by investing in the latest
in systems technology, including computerization of buying and financial
control functions and introduction in 1999 of internet-based customer
maintenance and reporting options.  Inventory management has become even more
critical due to significant increases in the price of cigarettes over the past
three years.  ADC has also sought to reduce inventory expenses by improving
the number of times its inventory is renewed during a period ("inventory
turns") for the same level of sales.  Inventory turns improved to 25.4 times
in 2000.  Inventory turns for the past five years are as follows:

           Year              Times Inventory Turned
           ----              ----------------------
           2000                      25.4
           1999                      24.5
           1998                      19.6*
           1997                      21.8
           1996                      21.2

            * Inventory turns declined slightly in fiscal 1998 as ADC
              managed its inventory levels to take advantage of
              anticipated manufacturers' price increases.

By keeping its operating costs down, ADC is better able to price its products
in such a manner to achieve an advantage over less efficient distributors in
its market areas.

ADC's main office is in Omaha, Nebraska.  ADC has six distribution centers
located in Missouri (2), Nebraska, North Dakota, South Dakota, and Wyoming.

                                      4


These distribution centers contain a total of approximately 306,200 square
feet of floor space and employ state-of-the-art equipment for the efficient
distribution of the large and diverse product mix sold by ADC.  ADC also
operates a fleet of approximately 110 delivery vehicles, ranging from
over-the-road vehicles with refrigerated trailers to half-ton vans.

NATURAL FOOD DISTRIBUTION BUSINESS

FFH is a distributor of natural foods and related products serving
approximately 1,000 health and natural food retailers in the Southern and
Western United States.  FFH distributes approximately 15,000 different
products consisting of national brands, regional brands, private label and
master distribution products including vitamin and mineral supplements, herbal
preparations, skin and hair care, dairy and dairy substitutes, frozen foods,
general grocery and organic produce.  FFH's suppliers number approximately 600
and include well known national brands such as Twin Labs, Schiff Bio Foods,
Weider, Hain Pure Foods, Arrowhead Mills, Knudsen, Nature's Way and Health
Valley.  FFH also markets proprietary brand products under the trade names
Healthy Edge  and Nutri-Value .  The products offered are consumer packages of
nuts, seeds, grains, pastas, sweeteners, cereals and snack items.

The Company believes that FFH is positioned to provide service to independent
health and natural food retail stores of all sizes and types, as well as FFH's
14 retail stores operated by CNF and HFA.  FFH pays particular attention to
the ongoing needs of its customers and is forward looking in developing
progressive marketing programs such as the Nutri-Value Retailers Association
which provides co-operative and preferential buying advantages beyond those
generally available through other types of programs offered in the market.

FFH's primary distribution location and main office is located in a 132,000
square foot facility located in Phoenix, Arizona.  FFH also operates out of a
facility in Melbourne, Florida and a cross-dock facility located near Dallas,
Texas.  FFH operates its own fleet of approximately 33 over-the-road and
straight trucks equipped to provide full refrigerated, dry and frozen food
service.

RETAIL HEALTH FOOD STORES

FFH's retail health food stores are operated by CNF and HFA as Chamberlin's
Market & Cafe ("Chamberlin's") and Akin's Natural Food Market ("Akin's"),
respectively.  Chamberlin's, which was acquired in March 1999, was first
established in 1935, and is an award-winning and highly-acclaimed chain of
eight health and natural product retail stores, all offering an extensive
selection of natural supplements and herbs, baked goods, dairy products,
delicatessen items and organic produce.  Chamberlin's was selected the best
health food chain in the United States by Health Foods Business, a trade
publication. Chamberlin's is headquartered in Winter Park, Florida and
operates all of its stores in and around Orlando, Florida.

Akin's Natural Foods Market, also established in 1935 and headquartered in
Tulsa, Oklahoma, is a well-recognized chain of six health and natural product
retail stores, each offering an extensive line of natural supplements and
herbs, dairy products, delicatessen items and organic produce.  Akin's has
locations in Tulsa (2 stores) and Oklahoma City, Oklahoma; Lincoln, Nebraska;
Springfield, Missouri; and Topeka, Kansas.


                                      5


FFH's new retail health food store segment is being organized to utilize the
name recognition of the established health food retail chains that are
acquired.  Both retail chains are unique in their market areas.  The Company
plans to maintain the local identity of each chain while providing a means to
achieve operating synergies leading to cost savings.

ACQUISITIONS

ADC was incorporated in Delaware in 1986 to carry on the business of General
Tobacco and Candy Company ("General Tobacco"), a Nebraska corporation which
was the predecessor to ADC.  Since 1981, the Company has acquired 23 consumer
product distributors in the Great Plains, Rocky Mountain and Southern regions
of the United States.  In October 1997, ADC purchased the assets of a
traditional candy and tobacco distribution company in St. Louis, Missouri,
thereby expanding ADC's market area to include eastern Missouri, Illinois and
Indiana.  In November 1997, ADC purchased all of the outstanding stock of FFH.
In November 1998, FFH purchased all of the outstanding stock of U.S. Health
Distributors, Inc., which was merged into FFH during fiscal 2000.  In March
1999, FFH purchased all of the outstanding stock of CNF.  In September 1999,
FFH purchased all of the outstanding stock of HFA.  In November 1999, CNF
acquired all of the assets of MDF Health, Inc. In August 2000, CNF acquired
all of the outstanding stock of TINK, Inc. (d/b/a Natural Way Foods).  TINK,
Inc. was subsequently merged into CNF.

In November 2000, the Company entered into a merger agreement with Hawaiian
Natural Water Company, Inc. (OTC: HNWC), pursuant to which HNWC would be
merged with and into, and thereby become, a wholly-owned subsidiary of AMCON
Distributing Company.  As a result, the Company will issue between 358,168 and
477,558 shares of its common stock to HNWC shareholders, representing between
11.6% and 14.9% of the Company's outstanding shares after giving effect to the
merger.  The merger is expected to qualify as a tax-free reorganization and to
be recorded on the Company's books using the purchase method of accounting.
The merger is subject to various conditions, including the effectiveness of a
registration statement covering the shares to be issued in the merger, the
listing of such shares on AMEX and approval of the stockholders of HNWC.  It
is expected that the merger will be consummated on or before March 31, 2001.

PRINCIPAL PRODUCTS

CIGARETTES. Sales of cigarettes and the gross margin derived therefrom for the
fiscal years ending September 30, 2000, 1999, and 1998 are set forth below:

                                          (Dollars in Millions)

                                      Fiscal Year Ended September 30,
                                    --------------------------------------
                                     2000           1999           1998
                                    ------         ------         ------
    Sales                           $296.5         $251.1         $185.5
    Sales as a % of Total Sales       63.3%          65.1%          63.0%
    Gross Margin                    $ 18.2         $ 17.0         $ 13.3
    Gross Margin as a % of Total
     Gross Margin                     32.8%          40.1%          42.0%
    Gross Margin Percentage            6.2%           6.8%           7.2%


                                      6


Revenues from the sale of cigarettes during fiscal 2000 increased by 18.1% as
compared to fiscal 1999, while gross profit from the sale of cigarettes
increased by 7.1% during the same period (see "MANAGEMENT'S DISCUSSION AND
ANALYSIS-Results of Operations-Year Ended September 30, 2000 Versus Year Ended
September 30, 1999" in the Annual Report to Stockholders for the Fiscal Year
Ended September 30, 2000).  Sales of cigarettes represented approximately 63%
of the Company's sales volume during fiscal 2000.  This represents a 1.8%
decline from the prior year and related primarily to diversification into the
retail health food business in fiscal 1999.  The Company's retail segment, CNF
and HFA, which were both acquired in fiscal 1999, generated approximately $14
million in gross profit in fiscal 2000 compared to $2.9 million in fiscal
1999.

Since 1983, ADC has sought to position itself to capitalize on consumer demand
for discount or value-priced cigarettes by marketing its own private label
cigarettes as a high-quality, value-priced alternative to premium cigarettes.
Substantial price increases implemented by manufacturers of premium cigarettes
during the late 1980's and early 1990's resulted in a demand for private label
cigarettes, which are sold at lower prices than premium brands.  A significant
manufacturers' price decreases in premium brand cigarettes, aimed at
recapturing market share, occurred in 1993 and has caused a steady decline in
the sales of private label cigarettes since that point.  Sales of ADC's
private label cigarettes have declined an average of 31.5% annually since
1993.  Philip Morris USA has manufactured ADC's private label cigarettes since
1998 under an exclusive agreement.  This agreement was renewed in October 1998
for a term of three years.

NATURAL FOODS AND RELATED PRODUCTS.  Natural foods and related products, which
are primarily sold by FFH, CNF and HFA, constitute the Company's second
largest-selling product line, representing approximately 16.2% of the
Company's total sales volume during fiscal 2000.  Sales of natural foods and
related products and the gross margin derived therefrom for the fiscal years
ending September 30, 2000, 1999 and 1998 are set forth below:

                                           (Dollars in Millions)

                                      Fiscal Year Ended September 30,
                                    -------------------------------------
                                     2000           1999           1998
                                    ------         ------         ------
    Sales                           $ 75.5         $ 49.6         $ 31.2
    Gross Margin                      24.9           13.5            7.7
    Gross Margin Percentage           33.0%          27.2%          24.8%

CONFECTIONERY.  Candy, related confectionery items and snacks, which are
primarily sold by ADC, constitute the Company's third largest-selling product
line, representing approximately 7.0% of the Company's total sales volume
during fiscal 2000.  Sales of confectionery items and the gross margin derived
therefrom for the fiscal years ending September 30, 2000, 1999, and 1998 are
set forth below:

                                      7


                                          (Dollars in Millions)

                                      Fiscal Year Ended September 30,
                                    --------------------------------------
                                     2000           1999           1998
                                    ------         ------         ------
Sales                               $ 31.1         $ 30.2         $ 29.3
Gross Margin                           3.7            3.8            3.6
Gross Margin Percentage               11.9%          12.6%          12.3%

ADC supplies customers with over 1,900 different types of candy and related
products, including chocolate bars, cookies, chewing gum, nuts and other snack
items.  Major brand names include products manufactured by Hershey (Reese's,
Kit Kat, and Hershey), Mars (Snickers, M&M's, and Milky Way), William Wrigley
and Nabisco.  The Company also markets its own private label candy under a
manufacturing agreement with Palmer Candy Company.

OTHER PRODUCT LINES.  Over the past decade, ADC's strategy has been to expand
its portfolio of consumer products in order to better serve its customer base.
ADC's other product lines include cigars and other tobacco products, water and
other beverages, groceries, paper products, health and beauty care products,
frozen and chilled products and institutional food products.  During fiscal
2000, ADC's sales of other products increased $8.4 million or 15.4%.  During
fiscal 2000 the gross profit margin on these types of products was 13.9%.

COMPETITION

Both the traditional and natural food distribution businesses are highly
competitive.  There are many similar distribution companies operating in the
same geographical regions as ADC and FFH.  Management believes that ADC is one
of the largest distribution companies of its type operating in its market
area. ADC's principal competitors are national wholesalers such as McLane Co.,
Inc. (Temple, TX) and regional wholesalers such as Farner-Bocken (Carroll,
IA), Merchants Wholesale (Quincy, IL) and Minter-Weisman Co. (Minneapolis, MN)
along with a host of smaller grocery and tobacco wholesalers.  FFH's principal
competitors are national distributors such as Tree of Life and United Natural
Foods and regional distributors such as Nature's Best along with numerous
smaller specialty distributors of natural products.  Most of these competitors
generally offer a wide range of products at prices comparable to the
Company's.  Therefore, the Company seeks to distinguish itself from its
competitors by offering a higher level of technology and customer service.

The natural food retail industry is highly fragmented, with more than 9,000
stores operating independently or as part of small chains.  The two leading
natural food chains, Whole Foods Market and Wild Oats, continue to expand
their geographic markets by opening stores in new markets and acquiring
smaller independent competitors.  In addition, conventional supermarkets and
mass market outlets have also begun to increase their emphasis on the sale of
natural products.  These strategies have contributed to the saturation of
health food retail stores in some markets and have caused same store sales to
generate minimal increases over the past year.  Management believes the
Company's retail stores separate themselves from other competitors by offering
smaller, more friendly, community-oriented settings run by people who share a
passion for healthy living and natural foods and that this approach will
continue to attract health food consumers.

                                      8


GOVERNMENT REGULATION

Various state government agencies regulate the distribution of cigarettes and
tobacco products in several ways, including the imposition of excise taxes,
licensing and bonding requirements.  Complying with these regulations is a
very time-consuming, expensive and labor-intensive undertaking.  For example,
each state (as well as certain cities and counties) requires the Company to
collect excise taxes ranging from $1.20 to $5.80 per carton on all cigarettes
sold by it in the state.  Such excise taxes must be paid in advance and, in
most states, is evidenced by a stamp which must be affixed to each package of
cigarettes.

The Company is also subject to regulation by state and local health
departments, the U.S. Department of Agriculture, the Food and Drug
Administration and the Drug Enforcement Administration.  These agencies
generally impose standards for product quality and sanitation, as well as for
security and distribution policies.

EMPLOYEES

As of September 30, 2000, the Company had 1,009 full-time and part-time
employees in the following areas:

                Managerial                      20
                Administrative                 139
                Sales & Marketing              458
                Warehouse                      288
                Delivery                       104
                                             -----
                  Total Employees            1,009
                                             =====

None of AMCON's employees are subject to any collective bargaining agreements
with the Company and management believes its relations with its employees are
good.


                                      9


ITEM 2. PROPERTIES

The location and approximate square footage of the eight principal
distribution centers and 14 retail stores operated by AMCON as of September
30, 2000 are set forth below:

            LOCATION                            SQUARE FEET
            --------                            -----------
     DISTRIBUTION
     ------------
       ADC - Missouri, Nebraska, North Dakota
              South Dakota & Wyoming              306,200
       FFH - Arizona & Florida                    167,000
                                                  -------
         Total Distribution                       473,200
                                                  -------

     RETAIL
     ------
       CNF - Florida                               47,700
       HFA - Kansas, Missouri,
              Nebraska & Oklahoma                  50,800
                                                  -------
         Total Retail                              98,500
                                                  -------
         Total Square Footage                     571,700
                                                  =======

AMCON owns its distribution facility in Bismarck, North Dakota.  This facility
is subject to a first mortgage securing borrowings under the Company's
revolving credit facility (see "MANAGEMENT'S DISCUSSION AND ANALYSIS-Liquidity
and Capital Resources" in the Annual Report to Stockholders for the Fiscal
Year Ended September 30, 2000).

AMCON leases its remaining distribution facilities, retail stores, offices and
certain equipment under noncancellable operating leases.  Leases for the eight
distribution facilities and 14 retail stores leased by the Company have terms
expiring from 2001 to 2006.  Minimum future lease commitments for these
properties and equipment total approximately $15.3 million as of September 30,
2000.

Management believes that its existing facilities are adequate for the
Company's present level of operations; however, larger facilities and
additional cross-dock facilities and retail stores will be required to
accommodate the Company's anticipated growth in certain market areas.

AMCON owned a condominium in the Cayman Islands that was sold during fiscal
2000.  In accordance with an agreement with its former parent, one-half of the
gain from the sale was allocated to the former parent.  See Item 13 - "CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS."

                                      10


ITEM 3. LEGAL PROCEEDINGS.

The Company is subject to claims and litigation in the ordinary course of its
business.  However, in the opinion of management, no currently pending legal
proceedings or claims against the Company will, individually or in the
aggregate, have a material adverse effect on the Company's financial condition
or results of operations.  The Company believes that all of its real property
is in compliance with all regulations regarding the discharge of toxic
substances into the environment and is not aware of any condition at its
properties that could have a material adverse affect on its financial
condition or results of operations.  In that regard, the Company has not been
notified by any governmental authority of any potential liability or other
claim in connection with any of its properties.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no matters submitted to a vote of security holders during the
fourth quarter ended September 30, 2000.

ITEM 4A.  EXECUTIVE OFFICERS OF THE COMPANY.

The Company's day-to-day affairs are managed by its executive officers, who
are appointed by the Board of Directors for terms of one year.  The Company
has entered into employment agreements with Mr. Wright, Ms. Evans and Mr.
Fleming, each with a term expiring on December 31, 2002.  The executive
officers of AMCON are as follows:


      Name                        Age                  Position
      ----                        ---                  --------
William F. Wright                 58         Chairman of the Board, Director

Kathleen M. Evans                 53         President of ADC, Director

Jerry Fleming                     62         President of FFH, Director

Michael D. James                  39         Secretary, Treasurer and
                                              Chief Financial Officer

WILLIAM F. WRIGHT has served as the Chairman and Chief Executive Officer
of AMCON Corporation (the former parent of ADC) since 1976 and as Chairman
of the Company since 1981.  From 1968 to 1984, Mr. Wright practiced corporate
and securities law in Lincoln, Nebraska.  Mr. Wright is a graduate
of the University of Nebraska and Duke University School of Law and is a
certified public accountant.  Mr. Wright is also a director of Gold Banc
Corporation, Inc., a NASDAQ company.

KATHLEEN M. EVANS became President of the Company in February 1991.  Prior to
that time she served as Vice President of AMCON Corporation from 1985 to 1991.
From 1978 until 1985, Ms. Evans acted in various capacities with AMCON
Corporation and its operating subsidiaries.



                                      11


JERRY FLEMING became President of FFH in 1992.  Mr. Fleming is a 37 year
veteran of the health and natural foods industry and prior to joining FFH,
served as President of Nature's Way (Murdock Health Care),a leading
manufacturer of herbal remedies; Vice President of the Natural Foods Group for
Tree of Life, Inc.; President of the South East division of Tree of Life;
President of Collegedale Distributors; President of Healthway Specialty Foods,
Inc.; Vice President of Landstrom Specialty Foods, Inc. and served eight years
on the board of directors of the National Nutritional Foods Association.

MICHAEL D. JAMES became Treasurer and Chief Financial Officer of the Company
in June 1994.  In November 1997, he assumed the responsibilities of Secretary
of the Company. He is a certified public accountant and is responsible for all
financial and reporting functions within the Company.  Prior to joining AMCON,
Mr. James practiced accounting for ten years with the firm of
PricewaterhouseCoopers LLP, serving as the senior tax manager of the Omaha,
Nebraska office from 1992 until 1994.  Mr. James graduated from Kansas State
University in 1983.


                                   PART II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
         MATTERS.

The information required by this item is incorporated by reference from
the Annual Report to Stockholders for the fiscal year ended September 30,
2000 under the heading "Market for Common Stock" on pages 4 and 5.

ITEM 6.  SELECTED FINANCIAL DATA.

The information required by this item is incorporated by reference from
the Annual Report to Stockholders for the fiscal year ended September 30,
2000 under the heading "Selected Financial Data" on pages 2 through 4.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS.

The information required by this item is incorporated by reference from the
Annual Report to Stockholders for the fiscal year ended September 30, 2000
under the heading "Management's Discussion and Analysis" on pages 5 through
14.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The information required by this item is incorporated by reference from the
Annual Report to Stockholders for the fiscal year ended September 30, 2000
under the heading "Management's Discussion and Analysis" on pages 5 through
14.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The financial statements and accompanying notes, together with the report of
independent accountants are incorporated by reference from the Annual Report
to Stockholders for the fiscal year ended September 30, 2000 on pages F-1
through F-25.  Supplemental financial information is incorporated by reference
from the Annual Report to Stockholders for the fiscal year ended September 30,
2000 under the heading "Selected Quarterly Financial Data" on pages 3 and 4.

                                      12


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

None

                                  PART III


ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

The Registrant's Proxy Statement to be used in connection with the 2001 Annual
Meeting of Stockholders (the "Proxy Statement") contains under the caption
"Election of Directors" certain information required by Item 10 of Form 10-K
and such information is incorporated herein by this reference.  The
information required by Item 10 of Form 10-K as to executive officers is set
forth in Item 4A of Part I hereof.

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
directors and executive officers, and certain persons who own more than ten
percent of the Company's Common Stock, to file with the Securities and
Exchange Commission (the "SEC") reports of their ownership of Company Common
Stock.  Officers, directors and greater-than-ten-percent shareowners are
required by SEC regulation to furnish the Company with copies of such reports
received by the 16(a) reports they file.  Based solely upon review of the
copies of such reports received by the Company and written representations
from each such person who did not file an annual report with the SEC (Form 5)
that no other reports were required, the Company believes that there was
compliance for the fiscal year ended September 30, 2000 with all Section 16(a)
filing requirements applicable to the Company officers, directors and greater-
than-ten-percent beneficial owners.

ITEM 11.  EXECUTIVE COMPENSATION.

The Proxy Statement contains under the captions "Compensation of Directors",
"Compensation of Executive Officers" and "Compensation Committee Interlocks
and Insider Participation", the information required by Item 11 of Form 10-K,
and such information is incorporated herein by this reference.  The
information set forth under the captions "Report of Compensation Committee on
Executive Compensation" and "Company Performance" is expressly excluded from
such incorporation.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

The Proxy Statement contains under the caption "Voting Securities and
Beneficial Ownership Thereof by Principal Stockholders, Directors and
Officers" the information required by Item 12 of Form 10-K and such
information is incorporated herein by this reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

The Proxy Statement contains under the caption "Certain Relationships and
Related Transactions" the information required by Item 13 of Form 10-K and
such information is incorporated herein by this reference.

                                     13


                                   PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

(a)(1) FINANCIAL STATEMENTS
       The following financial statements of AMCON Distributing Company are
       incorporated by reference under Item 8.  The Annual Report to
       Stockholders for the Fiscal Year Ended September 30, 2000 is attached
       as Exhibit 13.
                                                             Reference Page

       Report of Independent Accountants                          F-1
       Consolidated Balance Sheets as of
          September 30, 2000 and 1999                             F-2
       Consolidated Statements of Income for the Years
          Ended September 30, 2000, 1999, and 1998                F-3
       Consolidated Statements of Shareholders' Equity
          and Comprehensive Income for the Years Ended
          September 30, 2000, 1999 and 1998                       F-4
       Consolidated Statements of Cash Flows for the
          Years Ended September 30, 2000, 1999 and 1998           F-6

       Notes to Consolidated Financial Statements                 F-7

   (2) FINANCIAL STATEMENT SCHEDULES

       Report of Independent Accountants                          S-1

       Schedule II - Valuation and Qualifying Accounts            S-2

   (3) EXHIBITS

       2.1   Stock Purchase Agreement dated November 3, 1997, between the
             Company and FFH Holdings, Inc. (incorporated by reference to
             Exhibit 2.1 of AMCON's Current Report on Form 8-K filed on
             November 25, 1997)

       2.2   Stock Purchase Agreement dated February 24, 1999, between Food
             For Health Company, Inc. ("FFH"), Chamberlin Natural Foods, Inc.
             ("Chamberlin") and its shareholders (incorporated by reference
             to Exhibit 2.2 of AMCON's Quarterly Report on Form 10-Q filed on
             May 10, 1999)

       2.3   Stock Purchase Agreement dated August 30, 1999, by and among Food
             For Health Company, Inc., Health Food Associates, Inc. and its
             shareholders (incorporated by reference to Exhibit 2.1 of AMCON's
             Current Report of Form 8-K filed on September 30, 1999)

       3.1   Restated Certificate of Incorporation of the Company, as amended
             March 19, 1998 (incorporated by reference to Exhibit 3.1 of
             AMCON's Quarterly Report on Form 10-Q filed on May 11, 1998)

       3.3   Bylaws of the Company (incorporated by reference to Exhibit 3.2
             of AMCON's Registration Statement on Form S-1 (Registration
             No. 33-82848) filed on August 15, 1994)

                                      14


       4.1   Specimen Common Stock Certificate (incorporated by reference to
             Exhibit 4.1 of AMCON's Registration Statement on Form S-1
             (Registration No. 33-82848) filed on August 15, 1994)

       10.1  Grant of Exclusive Manufacturing Rights, dated October 1, 1993,
             between the Company and Famous Value Brands, a division of Philip
             Morris Incorporated, including Private Label Manufacturing
             Agreement and Amended and Restated Trademark License Agreement
             (incorporated by reference to Exhibit 10.1 of Amendment No. 1 to
             AMCON's Registration Statement on Form S-1 (Registration
             No. 33-82848) filed on November 8, 1994)

       10.2  Amendment No. 1 to Grant of Exclusive Manufacturing Rights, dated
             October 1, 1998, between the Company and Famous Value Brands, a
             division of Philip Morris Incorporated, including Amendment No. 1
             To Private Label Manufacturing Agreement and Amendment No. 1 to
             Amended and Restated Trademark License Agreement (incorporated by
             reference to Exhibit 10.2 of AMCON's Annual Report on Form 10-K
             filed on December 24, 1998)

       10.3  Loan Agreement, dated November 10, 1997, between the Company and
             LaSalle National Bank (incorporated by reference to Exhibit 10.1
             of AMCON's Current Report on Form 8-K filed on November 25, 1997)

       10.4  Amended Loan Agreement, dated February 25, 1998, between the
             Company and LaSalle National Bank (incorporated by reference to
             Exhibit 10.5 of AMCON's Quarterly Report on Form 10-Q filed on
             May 11, 1998)

       10.5  Note, dated November 10, 1997, between the Company and LaSalle
             National Bank (incorporated by reference to Exhibit 10.2 of
             AMCON's Current Report on Form 8-K filed on November 25, 1997)

       10.6  First Allonge to Note, dated February 25, 1998, between the
             Company and LaSalle National Bank (incorporated by reference to
             Exhibit 10.7 of AMCON's Quarterly Report on Form 10-Q filed on
             May 11, 1998)

       10.7  Loan and Security Agreement, dated February 25, 1998, between the
             Company and LaSalle National Bank (incorporated by reference to
             Exhibit 10.8 of AMCON's Quarterly Report on Form 10-Q filed on
             May 11, 1998)

       10.8  Promissory Note, dated February 25, 1998, between the Company and
             LaSalle National Bank (incorporated by reference to Exhibit 10.9
             of AMCON's Quarterly Report on Form 10-Q filed on May 11, 1998)

       10.9  Loan and Security Agreement, dated February 25, 1998, between
             Food For Health Co., Inc. and LaSalle National Bank (incorporated
             by reference to Exhibit 10.10 of AMCON's Quarterly Report on
             Form 10-Q filed on May 11, 1998)

       10.10  Promissory Note, dated February 25, 1998, between Food For
              Health Co., Inc. and LaSalle National Bank (incorporated by
              reference to Exhibit 10.11 of AMCON's Quarterly Report on
              Form 10-Q filed on May 11, 1998)

                                      15


       10.11  First Amendment to Loan and Security Agreement, dated November
              18, 1998, between Food For Health Co., Inc. and LaSalle National
              Bank (incorporated by reference to Exhibit 10.11 of AMCON's
              Quarterly Report on Form 10-Q/A filed on August 5, 1999)

       10.12  First Amendment and Allonge to Promissory Note, dated November
              18, 1998, between Food For Health Co., Inc. and LaSalle National
              Bank (incorporated by reference to Exhibit 10.12 of AMCON's
              Quarterly Report on Form 10-Q/A filed on August 5, 1999)

       10.13  Unconditional Guarantee, dated February 25, 1998, between the
              Company and LaSalle National Bank (incorporated by reference to
              Exhibit 10.12 of AMCON's Quarterly Report on Form 10-Q
              filed on May 11, 1998)

       10.14  8% Convertible Subordinated Note, dated September 15, 1999 by
              and between Food For Health Company Inc. and Eric Hinkefent,
              Mary Ann O'Dell, Sally Sobol, and Amy Laminsky (incorporated by
              reference to Exhibit 10.1 of AMCON's Current Report on Form 8-K
              filed on September 30, 1999)

       10.15  Secured Promissory Note, dated September 15, 1999, by and
              between Food For Health Company, Inc. and James C. Hinkefent and
              Marilyn M. Hinkefent, as trustees of the James C. Hinkefent
              Trust dated July 11, 1994, as amended, Eric Hinkefent, Mary Ann
              O'Dell, Sally Sobol, and Amy Laminsky (incorporated by reference
              to Exhibit 10.2 of AMCON's Current Report on Form 8-K filed on
              September 30, 1999)

       10.16  Pledge Agreement, dated September 15, 1999, by and between Food
              For Health Company, Inc. and James C. Hinkefent and Marilyn M.
              Hinkefent, as trustees of the James C. Hinkefent Trust dated
              July 11, 1994, as amended, Eric Hinkefent, Mary Ann O'Dell,
              Sally Sobol, and Amy Laminsky (incorporated by reference to
              Exhibit 10.3 of AMCON's Current Report on Form 8-K filed on
              September 30, 1999)

       10.17  First Amended and Restated AMCON Distributing Company 1994 Stock
              Option Plan (incorporated by reference to Exhibit 10.17 of
              AMCON's Current Report on Form 10-Q filed on August 4, 2000)

       10.18  AMCON Distributing Company Profit Sharing Plan (incorporated by
              reference to Exhibit 10.8 of Amendment No. 1 to the Company's
              Registration Statement on Form S-1 (Registration No. 33-82848)
              filed on November 8, 1994)

       10.19  Employment Agreement, dated May 22, 1998, between the Company
              and William F. Wright (incorporated by reference to Exhibit
              10.14 of the Company's Quarterly Report on Form 10-Q filed on
              August 6, 1998)

       10.20  Employment Agreement, dated May 22, 1998, between the Company
              and Kathleen M. Evans (incorporated by reference to Exhibit
              10.15 of the Company's Quarterly Report on Form 10-Q filed on
              August 6, 1998)


                                      16


       10.21  Employment Agreement, dated May 22, 1998, between the Food For
              Health Co., Inc. and Jerry Fleming (incorporated by reference to
              Exhibit 10.16 of the Company's Quarterly Report on Form 10-Q
              filed on August 6, 1998)

       11.1  Statement re: computation of per share earnings (incorporated by
             reference to footnote 4 to the financial statements included in
             Item 1 of Part I herein)

       13.1  Annual Report to Stockholders for the Fiscal Year Ended September
             30, 2000

       21.0  Subsidiaries of the Company

       23.1  Consent of PricewaterhouseCoopers LLP

       27.0  Financial Data Schedules

(b)  REPORTS ON FORM 8-K

           No reports on Form 8-K were filed by the Company during the fourth
           quarter ended September 30, 2000



                                      17



                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Act of
1934, the Registrant, AMCON Distributing Company, a Delaware corporation, has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Omaha, State of Nebraska, on the
28th day of December, 2000.


                                               AMCON DISTRIBUTING COMPANY

                                           By: /s/ William F. Wright
                                               ----------------------
                                               William F. Wright, Chairman




                                      18


Pursuant to the requirements of the Securities Act of 1934, this report
has been signed below by the following persons in the capacities indicated on
the 28th day of December, 2000.

       Signature                                 Title
       ----------                                 -----

/s/ William F. Wright                    Chairman of the Board (Principal
------------------------                   Executive Officer) and Director
William F. Wright


/s/ Kathleen M. Evans                    President and Director
------------------------
Kathleen M. Evans


/s/ Michael D. James                     Treasurer, Chief Financial Officer
------------------------                   and Secretary (Principal Financial
Michael D. James                           and Accounting Officer)


/s/ J. Tony Howard                       Director
------------------------
J. Tony Howard


/s/ Allen D. Petersen                    Director
------------------------
Allen D. Petersen


/s/ Jerry Fleming                        Director
------------------------
Jerry Fleming


/s/ Timothy R. Pestotnik                 Director
------------------------
Timothy R. Pestotnik


/s/ William R. Hoppner                   Director
------------------------
William R. Hoppner



                                      19



REPORT OF INDEPENDENT ACCOUNTANTS


To the Shareholders and Board of Directors of AMCON Distributing Company:

Our report on the consolidated financial statements of AMCON Distributing
Company is included in this Form 10-K.  In connection with our audit of such
financial statements, we have also audited the related financial statement
schedule listed in Item 14 for the years ended September 30, 2000, 1999 and
1998.

In our opinion, the financial statement schedule referred to above, when
considered in relation to the basic financial statements taken as a whole,
presents fairly, in all material respects, the information required to be
included therein.



PRICEWATERHOUSECOOPERS LLP
Omaha, Nebraska
November 22, 2000


                                      S-1



                              AMCON Distributing Company
                             Financial Statement Schedule


SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
-----------------------------------------------
<TABLE>
<CAPTION>
                                                                         Net
                                                                       Amounts
                           Balance at          Provision    Other   (Written Off)         Balance at
   Description         Beginning of Period     (Benefit)     /1/      Recovered          End of Period
------------------    ---------------------    ---------   -------  -------------    -----------------------
<S>                      <C>         <C>          <C>        <C>        <C>              <C>          <C>
Allowance for
 doubtful accounts    Oct 1, 1997   206,249      386,630   339,545    (471,671)      Sep 30, 1998   460,753
                      Oct 1, 1998   460,753      314,720         -     (98,672)      Sep 30, 1999   676,801
                      Oct 1, 1999   676,801      372,724         -    (265,919)      Sep 30, 2000   783,606

Allowance for
 inventory
 obsolescence         Oct 1, 1997    30,000      253,864    76,000     (30,000)      Sep 30, 1998   329,864
                      Oct 1, 1998   329,864            -         -    (253,864)      Sep 30, 1999    76,000
                      Oct 1, 1999    76,000       40,000         -           -       Sep 30, 2000   116,000


     /1/ Recorded as a result of the acquisition of Food For Health Co., Inc.

</TABLE>


                                      S-2