Sign New Mexico Banking Contract Secure

Industry sign banking california claim secure

hi I'm Mike Kelly and you're watching CEO live TV in this episode we're joined by Dan Allen he's the CEO of blue line protection group a leading security transportation and risk mitigation solutions provider for financial institutions servicing the legal cannabis industry so to start off tell us about the different kinds of services you offer and why they're in such high demand right now within the legal cannabis industry we have a array of this dispensary services that we use and we're not totally centered on dispensaries we service over the parts of the community as far as security services special events VIP people and other pd's we support them in various different circumstances as they need additional personnel primarily at the dispensaries we have security that's on-site we provide transport and logistics service to the dispensaries both to and from the dispensary to the bank and from the from the grow back to the dispensary we also have compliance services that benefit the bank we go out on their request provide technical compliance service we do a total review of the operation of either a grow or the dispensary itself we complete a report it gets completed and sent back to the dispensary a copy of it to dispensary to copy of it to the bank the bank uses that when it has examinations for violations and any of that we've tested all that so we feel very confident in our compliance package and it's a very robust review that we have we also have training on-site we recently moved into a 12,000 square foot building which contains a commercial walk involved we have on-site security monitoring that we also do for the dispense reason for the grows if there's not a operator on-site from blue line we have various security cameras strategically located throughout the grow in the dispensary that monitor the operation and then obviously we notify the authorities if there's any issues going on so it's pretty diverse and a wide array of different services this cash intensive choke point businesses that we service there's a criminal element that's always out there and we are an insurance policy and a risk mitigator for both the dispensary and the in the grows and dan next from an investor's perspective the caliber of blue lines customers is impressive you manage security operations for Colorado's most prominent lawful cannabis dispensaries and cultivation facilities what else can you tell us about the current state of the business how many customers are you currently serving and what kind of growth do you anticipate over the next couple of years well that's a great question we're anticipating some phenomenal growth in the next couple of years as the opportunities present themselves as more states open up legalizing cannabis and cannabis related products we're on the forefront for that we have national prominence with respect to name recognition and also the level of professionalism security that we provide from from blue line the the growth rate that we see even in Colorado there's a 30% projection in revenues from cannabis sales our growth in Colorado will mimic or mirror that growth level at 30% and that's just in Colorado those growth percentages did not include any outside states and we're very excited about the opportunities that the new states would would bring on as they as they become legal and lawful to sell the product well that gets into my next question is which do you have plans to expand into other states as legalization spreads and it sounds like the answer is yes yes most definitely we do we have opportunities in Arizona California Nevada Oregon in Washington are the prime states that we're looking at even New Mexico is added to that list we have several partnerships with software companies primarily hyper which is a software Compliance a vehicle that banks use and we are really the tactical part of that compliance package our association with hyper brings us into the banks as they provide the in-house software and blue line goes out and provides the on-site tactical reviews and security risk mitigation opportunities and do you foresee financial institutions being able to accept deposits from legal dispensaries anytime in the near future I think that they can right now if they do it according to FinCEN and the Cole memo that's out there there's very specific guidelines additionally the states will have some of their own regs that they would institute in order to permit the lawful sale of cannabis both from the medical standpoint and the recreational side so III think that yes there will be more banks we provide part of the compliance requirements for them to be able to bank these particular businesses I think it's important that banks do enter this particular side of the business it's a very cash intensive and I think there's numerous opportunities for banks for fee revenue and expanding they're proud of their customer base by taking a real strong look at Bank in the cannabis market and so right now these facilities are storing their cash on site some of them are storing their cash on site we now have the ability to store for the with the vault that we have and the safety deposit boxes and the security that we have here we can vault that for them here we also will do and have done cash processing for banks where we process the cash after its picked up from the dispensary and deliver it directly to the Federal Reserve so you know investors from their standpoint might say well if banks can start stocking you know the cash we're taking the cash why would they need security services but the fact is they're always gonna have to move product they're always gonna be a strong need as this industry grows for specialized security services and as you say some of those compliance services so it sounds like the demand for everything you're offering right now is only going to explode over the next couple of years as legalization spreads yes it's the demand for our services and personnel is very strong right now the demand outstrips the personnel that we have to fill the spots we are actively recruiting for additional operators to come on and fill these specific positions that are available now so we're very very excited with the future prospects of the company and the direction that's heading in well then that's all the questions we had for today blue line protection group obviously already a very well established and trusted brand and a very specialized but rapidly growing industry anything else investors should know right now about the company before we close there's a couple things I think the ability for Blue Line to partner with banks and financial institutions in the future is only going to augment their ability to service them we can process the cash we can pick up the cash and we can do the same with the product we're basically a full-service security firm that can take it from security on-site to training to processing of the cash and delivery to the Federal Reserve so we're very excited about our positioning and we look forward to to serving that industry in the future dan I want to thank you again for your time it was a pleasure having you on the show Thank You Mike I appreciate it anytime take care you've been watching CEO live TV and we've been talking to mr. Dan Allen he's the CEO of blue line protection group a leading security transportation and risk mitigation solutions provider for financial institutions servicing the legal cannabis industry to learn more about them please visit their website at www.911.gov