Heritage Distilling Co. Expands into Colorado with Innermountain Distributing

Rhea-AI Summary

Heritage Distilling (NASDAQ: CASK) announces expansion into Western Colorado through partnership with Innermountain Distributing Co. The company will distribute its award-winning spirits portfolio, including Cocoa Bomb, Stiefel's Select, flavored vodkas, and the Salute Series collection. The partnership, led by Innermountain's General Manager and retired Green Beret Heathe Poston, aligns with Heritage's commitment to supporting military veterans. The Salute Series, launched in November 2023, has raised over $130,000 for veteran organizations in less than a year.

Positive

• Strategic expansion into Western Colorado market through Innermountain Distributing
• Salute Series program generated $130,000 for veteran organizations in less than a year
• Previous fundraising initiative raised $150,000 for Special Forces-related charities

Negative

• None.

Insights

Market Research Analyst

This expansion into Western Colorado represents a modest market opportunity for Heritage Distilling. While Colorado's craft spirits market is growing, with Western Colorado's population and tourism base providing potential customers, the immediate revenue impact will likely be given the company's small market cap of $16M. The partnership with Innermountain Distributing provides efficient market entry, but significant sales traction will take time to develop.

The military-veteran connection through the Salute Series program adds brand authenticity and community goodwill, having raised $130,000 for veteran charities. However, the financial impact of charitable giving should be monitored given the company's size. The diverse product portfolio, including specialty vodkas and premium whiskeys, aligns well with Colorado's craft spirits consumer preferences, but faces strong competition in an already crowded market.

Heritage’s award-winning brands are now available in Western Colorado to satisfy the increasing demand for craft spirits

GIG HARBOR, Wash., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Heritage Distilling Holding Company Inc. (“Heritage” or the “Company”) (Nasdaq: CASK), a leading craft distiller of innovative premium brands, including whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails, announced today its expansion into the Western Colorado market through its strategic partnership with Innermountain Distributing Co., a highly-respected leader in wholesale beverage distribution. The new marketing relationship will scale the reach of Heritage’s acclaimed craft spirits, making them available at select on-premise and off-premise retailers throughout the western portion of the state.

Heritage’s award-winning suite of spirits now offered in Colorado includes Cocoa Bomb, Stiefel’s Select, Ghost Pepper Vodka, Lavender Vodka, Florescence Vodka, Huckleberry Vodka, Blood Orange Vodka, Salute Series’ D-Day Land and Air, and ARMY SOF.

“Heritage Distilling’s expansion into Colorado underscores our commitment to delivering high-quality spirits and supporting the communities we serve,” said Heritage Distilling co-founder and CEO, Justin Stiefel. “Partnering with Innermountain Distributing, a family-owned business with strong military veteran leadership, aligns with our values and mission. We look forward to sharing our unique offerings with the Rocky Mountain region and the positive impact this partnership will bring to our company.”

Innermountain Distributing Co. General Manager, Heathe Poston, a retired Green Beret and U.S. Army veteran, expressed: “We are honored to introduce Heritage Distilling’s exceptional craft spirits to Colorado. As a veteran-founded brand with a profound commitment to giving back to the Special Operations community, Heritage aligns perfectly with our values. I personally followed Heritage and its products when I was deployed at Joint Base Lewis McChord in Washington, and quickly became a fan of its products and its commitment to our military personnel and their families. When I joined the team at Innermountain, Heritage was the first brand I sought out to add to our portfolio. This partnership is a significant addition for our team and a step forward in supporting efforts like Heritage’s Salute Series program that benefits the veteran community.”

Created by Heritage in November 2023, the Salute Series is a super-premium whiskey collection dedicated to honoring, celebrating, and raising funds for organizations supporting U.S. military veterans and their families. Since its inception, the program has raised more than $130,000 for partner charities in less than a year.

What Heritage initially started as a limited fundraising initiative with 1st Special Forces Group (Airborne) – raising nearly $150,000 for Special Forces-related charities local to Joint Base Lewis-McChord eight years ago – has evolved into a nationwide initiative through partnerships with organizations such as: Green Beret Foundation, The Honor Foundation, Marine Raider Foundation, Joint Task Force K9s (JTFK9s), Shields and Stripes and others. Non-profit organizations interested in raising funds for their organizations through the program can complete an intake form on the Heritage Salute Series webpage.

Founded in 2011, Heritage Distilling has built a stellar reputation, earning accolades from prestigious institutions such as the American Distilling Institute, the San Francisco World Spirits Competition, and the World Whiskey Awards. The company’s expansion into Colorado will allow consumers to experience a diverse lineup of craft spirits.

For more information about Heritage Distilling Company and its products, or for wholesale inquiries, please visit heritagedistilling.com.

About Heritage
Heritage is among the premier independent craft distilleries in the United States offering a variety of whiskeys, vodkas, gins, rums and ready-to-drink canned cocktails. Heritage has been the most awarded craft distillery in North America by the American Distilling Institute for ten years in a row out of the more than 2,600 craft producers, plus numerous other Best of Class, Double Gold, and Gold medals from multiple national and international spirits competitions. It is one of the largest craft spirits producers on the West Coast based on revenues and is developing a national reach in the U.S. through traditional sales channels (wholesale, on-premises, and e-commerce) and its unique and recently-developed Tribal Beverage Network (“TBN”) sales channel, which is collaborating with Native American tribes to develop Heritage-branded distilleries, brands, and tasting rooms and to develop brands unique to the tribes, to serve patrons of tribal casinos and entertainment venues, creating compelling social and economic benefits for participating tribal communities while allowing the tribes another channel through which to exercise tribal sovereignty.

Forward-Looking Statements
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding anticipated results or benefits anticipated from Heritage’s partnership with Innermountain Distributing Co. or anticipated benefits of expansion into Colorado.

Any forward-looking statements in this press release are based on Heritage’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks of expansion into new markets and the risks of partnering with new distributors. These and other risks concerning Heritage’s programs and operations are described in additional detail in its registration statement on Form S-1, which is on file with the SEC. Heritage explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

Contacts:

Investors
Scott Eckstein
heritage@ksca.com
(212) 896 1210

Media
Patrick Maddox
heritage@kcsa.com
(501) 680 5220

FAQ

What new market did Heritage Distilling (CASK) expand into in December 2023?

Heritage Distilling expanded into Western Colorado through a partnership with Innermountain Distributing Co.

How much has Heritage Distilling's (CASK) Salute Series program raised since November 2023?

The Salute Series program has raised over $130,000 for veteran organizations in less than a year since its launch in November 2023.

What products will Heritage Distilling (CASK) distribute in Western Colorado?

Heritage will distribute Cocoa Bomb, Stiefel's Select, Ghost Pepper Vodka, Lavender Vodka, Florescence Vodka, Huckleberry Vodka, Blood Orange Vodka, and Salute Series products.