Spotlight on Cannabis Security Companies

65During the recent Marijuana Business Conference and Expo in Las Vegas, many cannabis entrepreneurs – or “ganjapreneurs” – gathered, networked, and discussed new business ideas in the industry. The ever-expanding marijuana space presents more opportunities for innovations and businesses. According to CNBC’s Kate Rogers, startups in the cannabis industry are already creating innovative business models and jockeying for market share.

Among the new business offerings to watch is marijuana security.

Companies that now provide security to cannabis businesses were well-represented during the marijuana expo. There were not only startups, but also existing companies that are expanding their reach to cater to cannabusinesses.

An example is Tactical Security, a security firm based in Chicago. The company is evolving: Originally, it has been working the pawn and antique shows circuit, escorting and providing armored cars to exhibitors with valuable items such as rare coins. Now, it is offering its security services to cannabis entities as well.

Tactical Security’s founder Joel Brumlike emphasized that within the marijuana industry, workers and entrepreneurs need a higher level of security and safety. This is because the business involves a lot of cash and products on hand.

Furthermore, the security needs of marijuana businesses go beyond physical protection. Security is also essential to convince banks that a cannabis company is low-risk, which will then help secure funding. Rogers points out that getting bank funding for a pot business isn’t always easy.

On the other hand, banks are also uncomfortable when a cannabis entrepreneur is left with no choice but to operate from his or her home. The chief executive and president of the First Security Bank of Nevada, John Sullivan, explains that when businesses accumulate large amounts of money at a certain business location or residence, it is target for criminal activity. That is something that doesn’t make banks happy either.

So when solid security structures are in place for marijuana businesses, the two sides are brought together.

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