Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal law enforcement tools market, a sector gaining urgency as data reveals the high cost of police misconduct. The 10 largest U.S. police departments have paid out $1.02 billion in settlements and court judgments for misconduct cases, many involving improper use of force. This underscores the need for effective non-lethal options like Wrap’s BolaWrap device.
The BolaWrap is a hand-held remote restraint device that deploys an eight-foot Kevlar tether to restrain individuals from 10-25 feet away without causing pain. Developed by award-winning inventor Elwood Norris, it aims to de-escalate encounters, particularly with individuals in mental crisis. In 2019, over 140 U.S. police departments and agencies in 19 other countries received BolaWrap products, with more than 1,700 demo, training, and quote requests from U.S. departments and over 600 internationally.
Wrap Technologies has strong intellectual property protection, with five U.S. patents granted, eight pending, and patents pending in 34 additional countries. The company can manufacture up to 1,800 devices per month and plans to expand to 3,600. 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 non-lethal weapons market is forecast to grow from $6.32 billion in 2016 to $11.85 billion by 2023, presenting a significant opportunity for Wrap. As police departments seek alternatives to traditional force, Wrap’s innovative solution could help reduce costly misconduct incidents while improving public safety. For more information, visit the company’s newsroom at https://ibn.fm/WRAP.
