Wrap Technologies Inc. (NASDAQ: WRAP) is emerging as a key player in the non-lethal weapons market, as U.S. police departments face mounting pressure to adopt restraint tools that reduce injuries and fatalities. According to the company, the 10 largest U.S. police departments paid $1.02 billion in settlements and court judgments for misconduct cases, with many incidents involving excessive force. This has spurred interest in alternatives like the BolaWrap, a hand-held device that fires a Kevlar tether to restrain individuals from a distance.
In 2019, over 140 U.S. police departments received BolaWrap products, alongside agencies in 19 other countries. The company has fielded more than 1,700 demo, training, and quote requests from U.S. departments and over 600 from international markets. Wrap Technologies currently produces up to 1,800 devices monthly, with plans to scale to 3,600 per month. The addressable market for non-lethal weapons is projected to grow from $6.32 billion in 2016 to $11.85 billion by 2023, according to the press release.
The BolaWrap, invented by chief technology officer Elwood Norris, is designed to restrain individuals without causing pain, making it suitable for encounters with people in mental crisis. The company holds five U.S. patents with eight pending, and has filed patents in 34 additional countries. In June 2020, Wrap raised $12.4 million through a primary share equity placement to fund engineering, product development, and working capital.
Investors can find the latest news on WRAP at the company’s newsroom: https://ibn.fm/WRAP. For more on non-lethal weapons market trends, see InvestorWire’s disclaimer at https://www.InvestorWire.com/Disclaimer.
The adoption of BolaWrap could signal a shift in policing tactics, as departments seek to balance public safety with community trust. With the non-lethal weapons market expanding, Wrap Technologies is positioning itself to meet growing demand for humane restraint options.
