I got my M4 H2O 2 weeks ago by sheer dumb luck at a nearby Cabelas ( 15 miles away ).
My Cabelas doesn't even list the M4 as something they carry.
I saw a regular M4 in stock on my area BassPro website a few months ago, but hesitated and it was gone. Their order online/pickup in store option was not available at that point either. I considered their waitlist option but decided not to bother.
I got the list of my local dealers ( north of Atlanta ) off the Benelli USA website, contacted each and every one of them, and came up empty.
I sadly drove to Cabelas 2 weeks ago for m
