Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal weapons market, as U.S. cities face escalating costs from police misconduct. The 10 largest police departments in the United States have paid out $1.02 billion in settlements and court judgments for misconduct cases, with most involving improper use of force. This trend underscores the urgent need for effective non-lethal alternatives, positioning Wrap Technologies to establish a commanding presence in supplying such tools to law enforcement globally.
The company's flagship product, BolaWrap, is a handheld remote restraint device that discharges an eight-foot Kevlar tether to restrain individuals at a range of 10-25 feet. Developed by award-winning inventor Elwood Norris, the device is designed to assist law enforcement in safely controlling encounters, particularly those involving individuals experiencing mental health crises. Unlike traditional weapons, BolaWrap does not inflict pain, offering a humane restraint option.
Adoption of BolaWrap has been rapid. In 2019 alone, over 140 police departments across the United States received the devices, along with law enforcement agencies in 19 other countries. The company has received over 1,700 requests for demos, training, and quotes from U.S. departments, and over 600 from international markets. This demand highlights the growing recognition of non-lethal solutions in policing.
Wrap Technologies is scaling production to meet this demand, currently manufacturing up to 1,800 BolaWrap devices per month, with plans to expand capacity to 3,600 per month. The company also holds a strong intellectual property portfolio, with five U.S. patents granted and eight pending, along with four trademarks and patents pending in 34 additional countries.
The addressable market for non-lethal weapons is projected to grow from $6.32 billion in 2016 to $11.85 billion by 2023. In June 2020, Wrap Technologies raised $12.4 million through a primary share equity placement to scale engineering, fund product development, and provide working capital. This financial backing supports the company's strategy to capitalize on the expanding market.
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