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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 APKOlEiSqIxRzjvMYRaC+A==

<SEC-DOCUMENT>0001209191-09-015089.txt : 20090310
<SEC-HEADER>0001209191-09-015089.hdr.sgml : 20090310
<ACCEPTANCE-DATETIME>20090310124040
ACCESSION NUMBER:		0001209191-09-015089
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090227
FILED AS OF DATE:		20090310
DATE AS OF CHANGE:		20090310

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMCON DISTRIBUTING CO
		CENTRAL INDEX KEY:			0000928465
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & GENERAL LINE [5141]
		IRS NUMBER:				470702918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122
		BUSINESS PHONE:		4023313727

	MAIL ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DRAUPNIR LLC
		CENTRAL INDEX KEY:			0001237926

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15589
		FILM NUMBER:		09668520

	BUSINESS ADDRESS:	
		STREET 1:		500 N DEARBORN, 2ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60610
		BUSINESS PHONE:		3125279636

	MAIL ADDRESS:	
		STREET 1:		500 N DEARBORN, 2ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60610
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c82320_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-02-27</periodOfReport>

    <issuer>
        <issuerCik>0000928465</issuerCik>
        <issuerName>AMCON DISTRIBUTING CO</issuerName>
        <issuerTradingSymbol>DIT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001237926</rptOwnerCik>
            <rptOwnerName>DRAUPNIR LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>515 NORTH STATE STREET, SUITE 2650</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60654</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series C Convertible Preferred Stock, par value $.01/share</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2009-02-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>80000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>25.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-03-07</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $.01 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>146842</value>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Draupnir Capital, LLC</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Series C Convertible Preferred Stock was, prior to its redemption, convertible into a number of Common Stock of AMCON Distributing Company determined by dividing $25.00 by the Conversion Price, which was $13.62 and was subject to customary anti-dilution adjustments in the event of stock splits, stock dividends and certain other distributions on the Common Stock.</footnote>
        <footnote id="F2">Twenty-five dollars ($25.00) is the per share amount received for the sale to AMCON Distributing Company of the Series C Convertible Preferred Stock, par value $.01 per share, on February 27, 2009.  In addition to the per share price, an aggregate of $19,333.33 in accrued dividends was received for the sale of the Series C Convertible Preferred Stock.</footnote>
        <footnote id="F3">The 146,842 shares of Common Stock beneficially owned by Draupnir Capital, LLC, of which Draupnir, LLC is the sole member, were in the form of 80,000 Series C Convertible Preferred Stock, par value $.01 per share, which were convertible into 146,842 shares of Common Stock.</footnote>
        <footnote id="F4">Draupnir, LLC is the sole member of Draupnir Capital, LLC.</footnote>
        <footnote id="F5">N/A</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jeremy W. Hobbs, Chief Executive Officer</signatureName>
        <signatureDate>2009-03-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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