- 3 Sixty is expanding operations to the US Cannabis market
- The Company has been issued its private security services license to operate in the State of Nevada
- Entry into Nevada initially provides multi-year predictable recurring revenue of 2,000,000 USD annually with 30 full time staff
- Providing security services to 1933 Industries and multiple cannabis dispensaries in the State of Nevada
- Operational readiness is now complete with licensing, logistics, and managed services in Florida, Ohio, and New Jersey
- The Company plans continued expansion in Q3 and Q4 2019 including the States of Missouri, New York and California
ALMONTE, Ontario, July 11, 2019 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE:SAFE) (SAYFF) (62P2.F) is pleased to announce that the Company, which operates through its wholly-owned subsidiary, 3 Sixty Secure Corp., is providing security services in the US cannabis market. The Company has secured applicable licenses, facilities and office space in the State of Nevada which is facilitating the delivery of a full suite of security services which include security consulting, protective guarding, and security management services. 3 Sixty is already providing security services to multiple cannabis dispensaries and will begin providing security services to 1933 Industries Inc. (“1933 Industries”) (CSE:TGIF) (TGIFF) commencing in July 2019. Entry into Nevada initially provides multi-year predictable recurring revenue of more than $2,000,000 USD annually with gross margins of roughly 20% and adjusted EBITDA in line with Canadian operations.
“Entering the US cannabis market has been a strategic priority for us,” said Thomas Gerstenecker, CEO and Founder of 3 Sixty. “We are pleased that since going public we have meaningfully grown our Canadian business and we have established international operations in the US. We have hired a director of protective services and established banking relationships in the state of Nevada to support cultivators and dispensaries. There is a large financial opportunity in Nevada, and we believe that this expansion, predicated on our successful model in Canada, will serve as a launch pad for 3 Sixty’s growth ambitions in the US.”
“We are excited to be working with industry leaders like 1933 Industries, one of the largest cannabis companies operating in Nevada,” added Thomas Gerstenecker. “1933 Industries is progressing with plans to launch one of Nevada’s largest hemp extraction facilities to become a major player in the CBD (cannabinoid) industry and we look forward to serving them and other leaders in Nevada with world-class security services.”
Nevada has emerged as a significant market for adult-use cannabis. The State of Nevada reported that taxable sales reported by adult-use retail stores and medical dispensaries from April 2018 to March 2019 exceeded US$600 million. The most recent data published for the month of March 2019 showed a 21% year-over-year increase in sales to monthly record revenue of $59.7 million.
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada's leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3 Sixty provides cannabis security consulting, guarding and secure transport security services to more than 500 customers and more than 60 licensed cannabis producers, including some of the world's largest, such as licensed producers owned by Canopy Growth Corporation. 3 Sixty has a staff of over 275 employees and employs a fleet of over 60 vehicles, which management believes provides a combined security footprint to approximately 30 million square feet of patrolled area.
About 1933 Industries Inc.
1933 Industries Inc. is a vertically integrated cannabis company with operations in the United States and Canada. 1933 Industries owns licensed medical and adult-use cannabis cultivation and production assets, proprietary hemp-based, CBD infused products, CBD extraction services and a specialized cannabis advisory firm. Its proprietary brands include AMA, Canna Hemp™, Canna HempX™, Canna Fused™, Canna Hemp Paws™, and Nineteen 33 THC. Birdhouse Skateboards™, OG DNA Genetics, Denver Dab Co., The Real Kurupt’s Moon Rocks and Gotti’s Gold under licensing agreements.
For further information regarding the Company, please contact:
Carlo Rigillo, Chief Financial Officer, 3 Sixty Secure Corp.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.