JUPITER, Fla. - Safety Shot, Inc. (NASDAQ:SHOT), a wellness and dietary supplement company, has entered into a strategic partnership with Atlantic Beverage Distributors to extend the distribution of its products into the Northeastern markets of Massachusetts and Rhode Island, the company announced today.
Atlantic Beverage Distributors, with its headquarters in Holliston, Massachusetts, has been a prominent figure in the distribution of specialty beverages since 1995. The company's expansive distribution network and a sales team of 75 individuals are poised to play a crucial role in making Safety Shot's offerings widely available in the targeted states.
Josh Wager, Chief Revenue Officer of Safety Shot, remarked on the significance of the partnership, highlighting the alignment of Atlantic Beverage's expertise with Safety Shot's growth objectives in the region. He expressed confidence that this collaboration would bolster the company's distribution capabilities and facilitate connections with an expanded consumer base in the Northeast.
This move is part of Safety Shot's broader strategy to increase its market presence in the Northeast following a recent partnership with Prime CSB for distribution in New York and New Jersey. The company aims to leverage these partnerships to enhance the accessibility of its flagship wellness product, Safety Shot, which is touted as the first patented product designed to support the metabolism of blood alcohol content while promoting clarity, energy, and mood.
Safety Shot is currently available for purchase online and is set to roll out business-to-business sales throughout 2024, targeting distributors, retailers, restaurants, and bars.
In other recent news, Safety Shot, Inc., a wellness and dietary supplement company, has made significant strides in their expansion and product development efforts. The company successfully raised $5 million in funding from Core 4 Capital Corp through a private placement, issuing 2,369,668 shares at a price of $2.11 each to support the development of its flagship product, a beverage aimed at rapid alcohol detoxification.
Safety Shot has also announced its expansion into the New York and New Jersey markets via a partnership with Prime CSB, a boutique broker. This move is part of the company's broader strategy to increase its footprint in the Northeast region. The expansion includes various distribution channels, such as Cash N Carry, wholesale distributors, specialty distributors, and independent supermarkets.
Furthermore, Safety Shot has launched its formula in a new 4-ounce bottle format, aimed at providing consumers with a more convenient way to access its product. The newly packaged product is expected to hit the shelves in Q3 and will be distributed in convenience stores and liquor stores across the United States.
In a significant expansion of its retail presence, Safety Shot has announced a partnership with Capital Drugs, a pharmacy chain with 300 locations nationwide. This partnership is part of Safety Shot's strategic initiative to increase its product availability and align with retailers that cater to health-conscious consumers.
Finally, Safety Shot has announced a partnership with the Nelk Boys, a prominent entertainment group, to serve as brand ambassadors, aiming to boost product awareness.
InvestingPro Insights
As Safety Shot, Inc. (NASDAQ:SHOT) advances its distribution network through strategic partnerships in the Northeastern markets, the financial metrics and analyst insights from InvestingPro offer a lens into the company's fiscal health and market potential. With a market capitalization of $53.84 million, Safety Shot is a niche player in the wellness and dietary supplement industry, which is reflected in its high Price / Book ratio of 9.66 as of the last twelve months ending Q1 2024. This suggests that the stock is trading at a premium compared to its book value, a common trait among growth-oriented companies in competitive markets.
Despite remarkable revenue growth of 159.8% during the same period, the company's gross profit margin stands at a concerning -678.6%. This indicates that Safety Shot is facing challenges in converting its revenue into actual profit, which may be a point of consideration for investors as the company scales up its operations. Additionally, the stock's price has experienced significant volatility, with a 1-week total return of -7.96% and a 3-month price total return of -58.57%, underscoring the risks associated with the company's stock.
InvestingPro Tips highlight that analysts are anticipating sales growth in the current year, in line with Safety Shot's expansion efforts. However, the company is also quickly burning through cash, which could impact its ability to sustain growth without additional funding. For investors seeking a more in-depth analysis, there are over 10 additional InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/SHOT. Those interested in a subscription can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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