March Networks, a video security company based in Ottawa, Canada, has struck a partnership with Canada’s largest cannabis producer. As part of the agreement, March Networks will install smart cameras in company's operation centers, transport vehicles, and dispensaries throughout the country.
The partnership comes from March Networks' diversified service offering that reaches beyond the typical video security solution. Their searchlight for retail technology, which connects purchase transactions with the related video feed, allows businesses to comply with industry regulations and manage storefronts more effectively.
In addition to their transaction-tracking software, they are capable of delivering radio frequency identification (RFID) tags for “seed to sale” tracking of each plant. Their adoption of additional technologies to become an exclusive provider of cannabis security will help them continue to be the go-to company in the market.
Although almost any security company could provide security solutions to a cannabis-based company, they don’t have the same full-service package approach that this specific market will require. Therefore, security companies who want to attract a new market, need to speak specifically to who they want to work with. And that means they need to provide products that are not typically offered by a traditional security company. i.e. RFID tags to track plant movement.
The Early Bird Gets The Worm
It is safe to say that if March Networks had delayed in making their decision to partner with a controversial market like cannabis distributors, they would have missed out on an immense opportunity. Although Canada has enacted a country-wide legalization, the United States has yet to deliver the same availability. Now that March Networks has established themselves as the premier video solution for Cannabis growers, their name will become synonymous with security in the cannabis market as new geographies move toward legalization.
A Union Of Growers
Amidst a rapid influx of legalization for cannabis use, 2017 sales for the controversial plant have surpassed $1.5 billion in Colorado alone. Canada, which has a much broader potential market population, can expect to reach revenue points upwards of $10 billion per year. That spells for a great motivation for security companies to get a foot in the door. Even before the cannabis market has reached universal availability, it is surpassing many other industries that have broader availability.