JUPITER, FL - Safety Shot, Inc. (NASDAQ:SHOT), the wellness and dietary supplement company, has announced a strategic partnership with KeHE Distributors, a leading distributor in the natural and organic food space in North America. This alliance is set to enhance the distribution network for Safety Shot, the company's patented wellness product designed to support alcohol metabolism and promote mental clarity and energy.
With KeHE's extensive distribution infrastructure, which includes over 6,800 employee-owners and 19 distribution centers across North America, Safety Shot aims to increase its product availability across numerous retail locations in the United States. This move is part of the company's broader strategy to meet growing consumer demand and extend its market reach.
Josh Wager, Safety Shot's Chief Revenue Officer, expressed enthusiasm about the partnership, stating, "We are excited to be joining forces with KeHE, whose large-scale network will be integral in helping to bring Safety Shot to the masses. This partnership will enable us to reach new heights in our distribution efforts, ensuring more consumers have access to Safety Shot."
The collaboration with KeHE follows Safety Shot's recent partnerships with Atlantic Beverage Distributors and Prime CSB, which were also aimed at expanding the product's accessibility nationwide.
Safety Shot is recognized as the first patented wellness product on the market that is designed to lower blood alcohol content while also boosting clarity, energy, and overall mood. The product is currently available online at DrinkSafetyShot.com and Amazon (NASDAQ:AMZN), with plans to introduce business-to-business sales to distributors, retailers, restaurants, and bars throughout 2024.
This partnership announcement is based on a press release statement and reflects Safety Shot's ongoing commitment to expanding its consumer base and ensuring the availability of its innovative formula to a wider audience.
In other recent news, Safety Shot, Inc., a wellness and dietary supplement company, has been making significant strides in expanding its distribution network and developing its flagship product.
The company recently entered into a strategic partnership with Atlantic Beverage Distributors, enhancing its presence in the Northeastern markets of Massachusetts and Rhode Island. This move is part of a larger strategy to increase market presence in the Northeast, which includes a recent partnership with Prime CSB for distribution in New York and New Jersey.
Safety Shot has also announced a significant expansion of its retail presence through a partnership with Capital Drugs, a pharmacy chain with 300 locations nationwide. The company's product, known for enhancing clarity, energy, and mood while supporting the metabolism of blood alcohol content, will now be available across all Capital Drugs stores.
Moreover, Safety Shot has expanded its distribution to New York and New Jersey via a partnership with Prime CSB, a boutique broker. The company's product is now available in high-volume regions, particularly during the peak summer season.
Safety Shot has also introduced 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.
Furthermore, 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. This funding is intended to support the development of Safety Shot's flagship product, a beverage aimed at rapid alcohol detoxification.
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. These are the recent developments based on press release statements from Safety Shot, Inc.
InvestingPro Insights
As Safety Shot, Inc. (NASDAQ:SHOT) embarks on its strategic partnership with KeHE Distributors to amplify its distribution network, the company's financials and market performance offer a mixed picture. With a market capitalization of $55.91 million, the company holds a unique position in the wellness and dietary supplement industry.
According to InvestingPro Tips, analysts are optimistic about Safety Shot's sales growth in the current year, which aligns with the company's expansion efforts. However, it is worth noting that Safety Shot is quickly burning through cash and has been grappling with weak gross profit margins, as reflected in the last twelve months as of Q1 2024, with a gross profit margin of -678.6%.
Despite these challenges, Safety Shot's liquid assets exceed its short-term obligations, which could provide some financial flexibility in its operations. The company has seen a significant revenue growth of 159.8% over the last twelve months as of Q1 2024, indicating potential in its market strategy and product offerings. Yet, investors should be aware of the company's high Price / Book multiple of 10.04 and its volatile stock price movements, which could affect investment decisions.
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