3 Sixty Secure Acquires INKAS® Security Services Ltd. Creating One of Canada’s Largest Secure Cannabis Transport Companies
3 Sixty Risk Solutions Ltd. (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) a leader in the risk management and security services sector of the burgeoning cannabis industry is pleased to announce its acquisition of substantially all of the assets and business of INKAS® Security Services Ltd. valued at approximately $13.75 million, payable in cash, shares, vendor take-back note and earn-out.
Today’s announcement launches the Company into a leading role in the cannabis secure transport and cash management service sector nationwide.
Highlights of the Transaction
The Transaction brings together two of the leading Security companies in Canada with fully-aligned strategic visions and a strong network of infrastructure. The combined company becomes one of the largest cash management security firms nationally, creating a powerful platform for accelerated growth in Canada and the USA.
- Becomes one of the largest cash management security firm nationally: 3 Sixty has rapidly gained market share within 3 months of public listing with national capabilities to service additional industries outside of cannabis and cash in transit.
- Extensive distribution network and infrastructure across Canada: 3 Sixty has become a nationwide cannabis secure transport leader to deliver coast to coast service to all our customers. With expanded infrastructure 3 Sixty also brings an additional 16 cannabis operators into our client base. This robust distribution network exceeds the needs of our largest customers, paving the way for increased revenue generating opportunities.
- Enhanced revenue diversification: ISSL brings a diversified revenue mix of non-cannabis customers, some of which are leading financial institutions in Canada. This Transaction will also help to service cannabis dispensaries.
- Route density and enhanced customer responsiveness: 3 Sixty’s workforce and vehicle fleet immediately increases providing enhanced customer responsiveness, cost-saving enhancements, and improved customer penetration across the country with the support of facilities in Alberta, Quebec and Ontario.
- Cost Synergies: As a result of the Transaction, 3 Sixty will see cost synergies from combined auto and cargo insurance, access to secure storage facilities for cannabis storage, additional access to skilled and licensed transport drivers, enable less than a load (LTL) services and secure storage facilities strategically located near major airport hubs. 3 Sixty will also have direct access to armouring additional vehicles through the former parent company of ISSL.
Thomas Gerstenecker, CEO of 3 Sixty Secure states, “In very short order, and through our vision to directly focus on the cannabis sector, we have experienced rapid growth from a small regional provider to a nationwide presence with a significant vehicle fleet and secure facilities. With this acquisition we become one of the largest cannabis sector secure transportation outfits, and one of the largest cash management operators in Canada. This speaks volumes to the growth of the cannabis industry and the demand for focused and dedicated services. We are excited and pleased to welcome ISSL to continue the push for an even greater future.”
ISSL Chairwoman Margarita Simkin notes, “This is truly a win-win for our company, the Canadian security sector, our clients, partners and stakeholders alike. Today’s announcement means our team will continue to build momentum and continue to provide exemplary service across the nation and hopefully beyond. We are very pleased to share this vision with the team at 3 Sixty and anticipate truly exceptional results.”
“In conclusion,” notes 3 Sixty’s Gerstenecker, “today’s news propels us to where we can meet the challenges and needs of any national cannabis operator regardless of size and operational complexity. Our strategic plan is on-track and firmly focused on delivering results for our customers, partners, stakeholders and employees while building shareholder value as a trusted leader in this exciting industry.”
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