JUPITER, FL - Safety Shot, Inc. (NASDAQ:SHOT), a wellness and dietary supplement company, today announced the termination of its partnership with professional boxer Ryan Garcia. The company cited a breach of its zero-tolerance policy towards discrimination and hate speech as the reason for the severance.
The former brand ambassador, Garcia, is no longer associated with Safety Shot following the company's decision to uphold its high standards for representatives. In a statement, Safety Shot CEO Jarrett Boon expressed disappointment in Garcia's actions, which did not align with the company's core values. Boon also noted that while Safety Shot is disheartened by the situation, they wish Garcia well in his rehabilitation efforts.
Safety Shot is known for its patented wellness product designed to support alcohol metabolism and enhance mental clarity, energy, and mood. The product is available for online purchase and is set to expand its distribution to various businesses throughout the year.
This move comes as Safety Shot continues to position itself as a responsible company, prioritizing the behavior and values of its public figures and ambassadors.
The above news is based on a press release statement
In other recent news, Safety Shot, Inc. has made several strategic moves to expand its market presence. The wellness and dietary supplement company has inked a distribution deal with Atlantic Beverage Distributors, extending its product reach to the Northeastern markets of Massachusetts and Rhode Island. This development comes after Safety Shot's recent partnership with Prime CSB for distribution in New York and New Jersey.
Additionally, Safety Shot has partnered with Capital Drugs, a pharmacy chain with 300 locations nationwide, marking a significant expansion of its retail presence across the United States. The company has also introduced a new 4-ounce bottle format for its product, aimed at providing consumers with a more convenient way to access its wellness beverage.
Furthermore, Safety Shot has raised $5 million in funding from Core 4 Capital Corp through a private placement, issuing over 2 million shares to support the development of its flagship product. The company's expansion strategy also includes collaborations with the Nelk Boys, a prominent entertainment group, to serve as brand ambassadors and boost product awareness.
InvestingPro Insights
In light of recent developments at Safety Shot, Inc. (NASDAQ:SHOT), the company's financial health and stock performance are of particular interest to investors. According to InvestingPro data, Safety Shot holds a market capitalization of approximately $55.91 million. Despite the challenges faced, analysts remain optimistic about the company's sales growth in the current year, which is a positive signal for potential investors.
InvestingPro Tips indicate that Safety Shot has more cash than debt on its balance sheet, providing a degree of financial stability. This is a crucial factor for the company, especially in times of unexpected events or market shifts. Additionally, the company's stock price has experienced significant volatility, with a one-year price total return of 252.45%, showcasing the potential high-reward nature of the investment.
It's worth noting that the company's stock has taken a considerable hit over the last week, with a 1-week price total return of -9.24%. Investors may want to keep an eye on Safety Shot's performance over the next few months to assess the impact of the recent news and market reactions.
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