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 my plan B: Immediately get a .45 ACP pistol for home defense ( weak substitute for an M4 ), a 9mm pistol for an eventual concealed carry/backup, and an M4 in the future if/when available.
As luck would have it, Cabelas was out of the pistols I was interested in, not even counter models to pick up and evaluate.
I was disappointed that I had wasted a trip, and when I mentioned my plan B to the guy at the counter he said "I have the H2O version of the M4 right over here, want to take a look at it ?"
Stunned, all I could say was "Um, yeah!"
Needless to say, I bought it right then and there.