Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal weapons market, a sector projected to grow to $11.85 billion by 2023. This comes as the ten largest U.S. police departments have paid out $1.02 billion in settlements and court judgments for police misconduct cases, many involving excessive force.
The company's BolaWrap device, a handheld remote restraint tool that deploys an eight-foot Kevlar tether to restrain individuals from 10-25 feet, offers a painless alternative. Developed by award-winning inventor Elwood Norris, the device is designed to assist law enforcement in safely managing encounters, particularly with individuals experiencing mental crises.
Adoption is accelerating. In 2019, over 140 U.S. police departments and departments in 19 other countries received BolaWrap products. The company has received over 1,700 demo, training, and quote requests from U.S. departments and over 600 from international markets. Current manufacturing capacity stands at 1,800 devices per month, with plans to double to 3,600 per month.
Wrap Technologies holds five U.S. patents with eight pending, plus four trademarks and patents pending in 34 additional countries. The company raised $12.4 million in June 2020 through a primary share equity placement to scale engineering, fund product development, and provide working capital.
The non-lethal weapons market, valued at $6.32 billion in 2016, is forecast to nearly double by 2023, positioning Wrap to establish a commanding global presence. As police departments seek to reduce liability and improve community relations, BolaWrap offers a tool that can de-escalate situations without causing pain or injury.
For more information, visit the company's newsroom at https://ibn.fm/WRAP.
