Wrap Technologies Inc. (NASDAQ: WRAP) is gaining attention as a key player in the non-lethal weapons market, which is projected to grow from $6.32 billion in 2016 to $11.85 billion by 2023. This growth comes amid heightened scrutiny of police use of force, as the 10 largest U.S. police departments have paid over $1.02 billion in settlements and court judgments for misconduct cases, many involving excessive force.
The company's flagship product, the BolaWrap, is a handheld remote restraint device that fires an eight-foot Kevlar tether to restrain individuals from 10-25 feet away without causing pain. Developed by award-winning inventor Elwood Norris, the device is designed to de-escalate encounters, particularly with individuals experiencing mental crises. In 2019, over 140 U.S. police departments and agencies in 19 other countries adopted BolaWrap. The company has received more than 1,700 requests for demos, training, and quotes from U.S. departments, plus over 600 from international markets.
Wrap Technologies holds five U.S. patents with eight more pending, and has filed patents in 34 additional countries. The company can currently manufacture up to 1,800 BolaWrap units per month and plans to expand capacity to 3,600 per month. In June 2020, Wrap 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's expansion is driven by increasing demand for alternatives to lethal force. Wrap's BolaWrap offers a humane option that could reduce injuries and fatalities. As police departments face pressure to reform use-of-force policies, the adoption of tools like BolaWrap is likely to accelerate. For more information, visit the company's newsroom at https://ibn.fm/WRAP.
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