Canaccord Genuity Initiates Coverage on 3 Sixy Risk Solutions Ltd. (OTC: PTVYF) (CSE: SAFE) | Financial Buzz

Canaccord Genuity Initiates Coverage on 3 Sixy Risk Solutions Ltd. (OTC: PTVYF) (CSE: SAFE)

The cannabis industry is growing exponentially due to the plant’s widespread legalization. More and more countries are now exploring opportunities in the medical cannabis sector, while the U.S. and Canada dominate recreational sales. However, recreational sales are expected to eclipse medical sales in the near future, led by states like California and Nevada. According to data compiled by Grand View Research, the global cannabis market is expected to reach USD 146.4 Billion by the end of 2025, while growing at a CAGR of 34.6%.

While businesses like cultivators, dispensaries, and retailers are primarily associated with the cannabis industry, new segments are entering the market as it continues its expansion. Recent trends have led to the creation of businesses that dabble in fields such as technology, finance, consulting, or even law. However, one sector that has been attracting attention due to the lack of its availability in the industry, security.

Security services are growing in demand due to many businesses that require protection, whether it’s at their facilities or even while transporting the cannabis. Also, due to the legal issues of cannabis, many public sector businesses have avoided, or been barred from, working with anything related to cannabis. Companies are looking for services such as surveillance monitoring, intrusion alarms, guards, and transportation methods.

3 Sixty Risk Solutions Ltd. (OTC: PTVYF) (CSE: SAFE) is one of the leading cannabis security service providers in Canada. 3 Sixty provides businesses with security consulting, guarding and secure transporting services to over 60 licensed cannabis producers. 3 Sixty has also recently entered into a 3-year agreement with Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) to provide 24/7 guarding and other security services to protect its facilities in Canada.

Canaccord Genuity reviewed 3 Sixty Risk Solutions, which recently launched its initial public offering on the Canadian Securities Exchange. Analysts Doug Taylor and Brendan Chong initiated coverage on the company with a speculative buy rating and price target of CAD 0.85. The firm highlights several investment opportunities for 3 Sixty, saying that it is “tapping into a rare greenfield opportunity.”

Canaccord emphasized that customers demanding secure transport and guarding services grew by 65% since August 2018 and with the trend of the industry, expects it to double in 2019. The analysts expect 3 Sixty’s revenue to increase from approximately CAD 1.2 Million per month in December of 2018 to more than CAD 5 Million per month by the end of 2019, due to the influx of customers seeking services. The analysts expect 3 Sixty to deliver revenues of CAD 41.1 Million in 2019 and CAD 72.7 Million in 2020.

The cannabis security industry is still in its infancy stage, but as the cannabis market continues to develop, its demand is expected to accelerate. The explosive growth of the segment is projected to be an attractive opportunity for investors as well as companies diving into the industry.

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