Welcome to the first episode of Gun Industry Insider—today is March 14, 2025. I'm your host Ray Toofan. As this is the first episode, I wanted to give you a little insight into my background. I’ve been in the firearms industry for over 10 years, starting out in manufacturing, then running a neighborhood gun shop, and now I focus on high-end and custom-built firearms. I have a decent understanding of the firearms industry, with personal connections to both well-known companies and smaller shops, and experience ranging from operations to ATF compliance and beyond.

This podcast is all about giving you—the shop owners, reps, gunsmiths, and anyone in the gun trade—the latest insight on what’s happening. I’ll cover new products, bankruptcies, legislation, recalls, dealer programs, you name it. I’ll keep it short and to the point, roughly 10 minutes or so, a couple times a week, or as there's news to report.  From time to time, I’ll do interviews with industry folks so you can get an insider’s take on what’s going on.

Today, we’re kicking things off with Smith & Wesson’s latest financial figures, Watchtower Firearms’ bankruptcy, some legislative moves in Colorado and Connecticut, Sig's P320 pistol, a brief mention about the Canadian firearms ban list, and we'll finish off with the recent Oregon ruling on high capacity magazines. 

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Let’s talk about the latest financial figures just released by Smith & Wesson. Their sales dropped 17% in February, which is definitely worth noting since they are one of the largest players in the industry. What’s behind it? Well, inflation’s hitting hard—folks are tightening their budgets, and guns aren’t always the priority. Plus, there’s a shift in what people are buying. Expensive ARs and large caliber revolvers aren't as hot right now. Instead, concealed carry handguns—small, practical, everyday use—are where the demand’s at. 

This could shake things up a bit in the industry. Shop owners might start seeing high-end inventory sit longer, while concealed carry stuff moves faster. Reps could notice their clients asking for different products than they did a couple years back, especially since the COVID-era. The industry’s not tanking—people are still buying guns—just not the same ones they used to. It’s a trend that’s hard to ignore, and it’ll be interesting to see how it plays out.

Now, let’s shift over to Watchtower Firearms. They’re a Texas company that filed for Chapter 11 bankruptcy on February 27. They’ve only been around since 2022, and back in 2023, they picked up F-1 Firearms to expand their reach. But things have gotten rough for them—they’re dealing with financial trouble, and court filings show assets and liabilities between $10 million and $50 million. They also owe the Treasury about $400,000 for excise taxes. That data was pulled from The Houston Chronicle and the bankruptcy filing. 

Watchtower’s mostly known for ARs, like the Type 15, and the 1911 Apache double-stack. I've personally had my hands on the Apache, both the Pew-View version as well as the Demolitia, and they are decent guns. Now, bolt-action isn’t their thing, but they just released a new one called the Bridger, even with all this going on. Chapter 11 means they’re reorganizing, not closing down—they’re still taking orders and trying to keep things moving. 

This could stir up some waves in the industry. Shops carrying Watchtower might see some supply hiccups down the line, potential warranty issues, and reps unloading their product and also getting asked by shop owners about what’s next for the brand. This should serve as a reminder to new start-ups in the industry, as well as established brands, that there's still some rough patches in this market. If you're not differentiating yourself in some way and just blending in with the noise of the industry, you might find it difficult to sell your product. This is definitely not like the COVID-era where anybody can put anything out there and expect to sell out before they've even delivered their product.

Let’s move on to what’s happening with state legislation. There’s some stuff going on that’s worth keeping an eye on. In Colorado, they’ve got Senate Bill 279 under discussion—hearings kicked off on March 5. The original plan was to ban semi-automatic firearms outright, but after some pushback, they’re working on a toned-down version. It’s not set in stone yet, but it’s definitely stirring things up. Over in Connecticut, there’s a different bill making noise. This one, as reported by CT Insider, would let people sue gun manufacturers and dealers directly. It’s still early, but it’s moving forward. 

These could mean some shifts in the industry. In Colorado, if that ban—or even a lighter version—passes, you might see a rush of buyers trying to get ahead of it. Connecticut’s bill, if it goes through, could put more pressure on manufacturers with lawsuits and legal costs. And the fact that people can sue dealers directly, well, we don't know what kind of effect that'll have on the industry. That kind of thing tends to ripple out—maybe higher prices or changes in how companies operate, or if products would even be shipped to Connecticut from out of state dealers. It’s not a done deal for either one, but it’s the kind of thing that can change the landscape pretty quick.

The Sig Sauer P320 pistol is back in the spotlight, and it’s tied to an old issue: claims it can fire without a trigger pull. This isn’t new—talk started around 2017 when reports surfaced of the gun discharging if dropped, especially with early models. Lawsuits piled up, mostly from law enforcement officers injured in those incidents. Sig offered a voluntary upgrade program back then to fix a drop-fire problem, insisting it wasn’t a recall. Fast forward to March 7, and The Firearm Blog reported a fresh statement from the company. They’re addressing renewed claims about uncommanded discharges, saying the P320 is safe and any issues come from user error or mishandling. No redesign or recall this time either—just a firm defense of the gun.

For shop owners, don't be surprised if customers walk in with questions on an issue that you might think is old news. They may have heard about this and will want to know about the P320s on your shelves. You can rely on Sig's position, but it’s smart to stay informed—perception can shift quickly. And reps, you might get calls from shop owners as well, maybe about warranties issues if buyers start worrying. It’s not a major disruption yet, but it’s worth keeping an eye on.

Let’s shift north to Canada for a moment. The government there recently expanded its list of prohibited firearms, adding 179 models as of March 7. This targets semi-automatic firearms with features like rapid-fire capability and high magazine capacity—labeled “assault-style” by regulators. For most U.S. dealers, this won’t hit your radar, but if you’re near the Canadian border, it’s worth a glance.

Cross-border trade could feel a slight ripple. Canadian customers might change what they’re after, and dealers with export ties may need to adjust. Stricter magazine capacity rules are also in the works up there, so that’s another layer to track if Canada’s in your market. It’s not a big shift for everyone, but for those near the line, it’s a heads-up to stay informed.

Now, on to Oregon, where a recent court ruling has put magazine capacity limits back in the spotlight. Ballot Measure 114, which bans magazines holding more than 10 rounds, was upheld by the Oregon Court of Appeals on March 12. While it’s not in effect yet—legal challenges are still playing out—this is a heads-up for online and local firearms dealers.

So, what does this mean if the ban kicks in? Well, you won’t be able to sell, transfer, or ship any magazines over 10 rounds into Oregon, unless it’s for law enforcement or military use. For online dealers, this is a big deal if you’ve got customers in that state. You’ll need to make sure your Oregon-bound orders comply. Start by tweaking your inventory system to spot restricted items before they go out the door. From there, you might want to narrow down what you offer Oregon customers—stick to products that fit to the state’s rules. And Oregon dealers, when it comes to transfers, used guns, or trade-ins, watch out for any non-compliant magazines sneaking through.

To stay on top of this, update your shipping policies, get your staff up to speed on Oregon’s restrictions, and let your customers know what’s up. The legal situation is still shifting—so more appeals could shake things up. We’ll keep you posted as this develops.

Well, it’s been a busy stretch for the firearms industry lately, with sales shifts, company filings, and legal rulings all hitting at once. It’s a reminder of how fast things can move in this space—keeping up isn’t optional if you’re in the trade. For our next episode, I’ll bring you more updates on what’s unfolding. I’m already digging into a couple of new developments that could matter to your shop or your next sales call, so expect some fresh insights.

If you’ve got thoughts on what we covered today, ideas for future topics, or if you've got news that's relevant to the podcast, I’d like to hear from you—send an email to insider@gunindustryinsider.com. You can also find us on X at @GunInsider for quick updates between episodes. And that's a wrap for this first run. Thanks for being here. Until next time.