Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal weapons market, a sector forecast to grow from $6.32 billion in 2016 to $11.85 billion by 2023. This growth is driven by the urgent need to reduce police misconduct incidents, which have cost the 10 largest U.S. police departments $1.02 billion in settlements and court judgments, primarily related to excessive force, according to the company's press release.
The company's flagship product, BolaWrap, is a hand-held remote restraint device that fires an eight-foot Kevlar tether to restrain individuals from 10-25 feet away. Developed by award-winning inventor Elwood Norris, the device is designed to help law enforcement de-escalate encounters without inflicting pain, particularly during mental health crises. In 2019, over 140 U.S. police departments and agencies in 19 other countries adopted the BolaWrap, and the company has received over 1,700 demo and training requests domestically and over 600 internationally.
Wrap Technologies has strong intellectual property protections, with five U.S. patents granted and eight pending, plus patents pending in 34 other countries. The company currently manufactures up to 1,800 devices per month and plans to expand to 3,600 per month. In June 2020, it raised $12.4 million through a primary share equity placement to scale engineering, fund product development, and provide working capital.
The addressable market for non-lethal weapons is expanding as law enforcement agencies seek alternatives to lethal force. The BolaWrap's unique mechanism offers a humane option that can reduce injuries and fatalities, potentially lowering liability costs for municipalities. As the company scales production and expands its global footprint, it is well-positioned to establish a commanding presence in the non-lethal tools market.
For more information on Wrap Technologies, visit their newsroom at https://ibn.fm/WRAP.
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