3 Sixty Risk Solutions, a subsidiary of 3Sixty Secure (SAFE.C), has penned a three-year agreement to provide security for Canopy Growth’s (WEED.T) Canadian operations.
The legal medical and recreational cannabis industries are still in their infancy, and they come with a handful of security concerns regarding everything from growth operations to transportation and dispensary security.
Because the demand for the product is high, it’s a high value target for retail crime and that makes it a wide-open market for a company like 3 Sixty, which only went public on Jan. 8.
The company has a board loaded with former security and military personnel, such as Igor Gimelshtein, a former Ottawa police chief, and Thomas Gestenecker, the CEO and founder of 3 Sixty. Gestenecker who served in Special Operations Joint Task Force Two, and as chief of safety and security during a United Nations mission to Cambodia from 2007 to 2009.
“Reaching an agreement that extends and expands security services provided to Canopy Growth marks another important milestone for 3 Sixty as we continue to assert ourselves as leaders in cannabis security,” said Thomas Gerstenecker, CEO and founder of 3 Sixty.
The agreement has 3 Sixty Secure providing year-round security coverage to Canopy Growth’s Canadian sites, in addition to whatever as-yet undisclosed security services the company may require in the future.
3 Sixty’s deal also extends to all future Canopy Growth facilities across Canada, and expands services reaching all of its national facilities. 3 Sixty had had a prior agreement with Canopy for a one-year term, and this addition expands it to a three-year term.
Some of their previous clients include providing the security and logistics for the FIFA 2015 Women’s World Cup, and specifically in the cannabis space with Tilray (TLRY.Q), Highland Park and Aphria (APH.T), compounded with their pre-existing deals with Ontario’s provincial cannabis store and British Columbia’s Liquor Distribution Centre.
“I believe that our selection by Canopy Growth, a world-leading cannabis company, reaffirms the quality of our protective service offerings and supports our position as a leader in security services. Our sales pipeline is robust, and we are engaged with numerous companies seeking leading security solutions tailored to the cannabis industry and within non-core industries that require a full-spectrum of exceptional security services and solutions,” Gerstenecker said.
Having only gone public within the past two weeks, there isn’t much of a story to tell for 3 Sixty. The company went public in a reverse takeover of PetroVista (PTV.V). It’s a cannabis security company servicing more than 60 licensed producers, now including Canopy.
3 Sixty also has over 250 employees, more than 60 vehicles and patrol a footprint of 30 million square feet to their credit. The company recently attracted David Hyde, the founder of David Hyde and Associates and one of Canada’s leading cannabis consulting firms, to sit as their president.
Not even a week as a public company and they’re already kicking ass and taking names, as evidenced by their 55% bump in stock price on their second day of trading.
Grand View Research has the global cannabis industry hitting $146.4 billion by 2025 and that will put companies like 3 Sixty in demand, as that will make for an awfully enticing target to unscrupulous types looking to make a quick buck.
Here is a YouTube snapshot of what 3 Sixty has to offer:
–Joseph Morton
Full Disclosure: 3 Sixty Secure is an Equity.Guru marketing client.