Cannabis Market Expected to Dramatically Grow in the Next 10 Years

Posted by David Charney on December 17, 2018

The marijuana industry is growing like, you guessed it, a weed. While it remains illegal in the U.S. at a federal level, more states are legalizing it for widespread use. It’s becoming a true vertical that is attracting investments and new technologies.

According to research firms, the legal cannabis industry is expected to grow dramatically in the next year. The largest area of legal consumption of cannabis products will be in North America. Canada, for example, legalized marijuana in 2018, making it only the second country in the world to do so. In 2017, there were $9.2 billion legal consumers of marijuana in North America but by 2027, experts predict there will be roughly $47.3 billion users.

As the cannabis industry landscape changes dramatically in the United States and Canada, so, too will the perception of the general public, especially when it comes to the actual dispensary. While some facilities in California may resemble “head shops” of years past, today’s dispensaries are targeting more upscale consumers. Some shops even look like high-end boutiques.

Whatever design and aesthetic a cannabis facility adopts, it will need to incorporate a security solution. State and local governments have different security requirements, but the consensus is the same. Cannabis facilities, shops and growing areas must utilize private security personnel and surveillance video. Although a security guard service is very common, it isn’t always the most effective solution. In one incident, thieves subdued an armed security guard at a California cannabis shop. The property did have surveillance cameras, but nobody was watching the video feed. The suspects left the cannabis dispensary with inventory, cash, cell phones and the security guard’s gun.

Live video surveillance is a proactive alternative. Trained security operators remotely watch a property with indoor and outdoor security cameras. If they see something suspicious, they can call the local police and often stop the crime in progress.

In addition to live video monitoring, our proactive solution offers many other value-added solutions. Among them are mobile and solar monitoring surveillance for facilities in remote locations with limited power sources; gate and access control to help manage activity on your property and reduce the risk of unauthorized access to crucial areas; long-range surveillance and thermal cameras to better monitor perimeters and large outdoor areas; and video review and analysis to help verify your business remains in compliance with your state’s regulations. Our entire solution can help protect your inventory and other valuable assets.

The cannabis industry is expected to change and grow dramatically in the next 10 years. As it becomes more widely accepted, the opportunities and risks will also grow.

If you would like to learn more about our customized proactive security solution for cannabis dispensaries and growers, contact us here.

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