Moving Money Safely
Jan 29, 2018 12:15PM
Colorado is known for its towering Rocky Mountains. Colorado’s cannabis industry is famous for the enormous mountain of cash it creates daily.
“There is about $1.2 billion in revenue currently generated by the cannabis industry, most of it from Fort Collins to Colorado Springs, and almost all of it cash. Tracking and transporting it safely is one of the
biggest challenges these businesses face,” says Tom Siciliano, president of Denver-based Canna Security America, which provides services at more than 500 licensed facilities in 14 states. As one of the original cannabis security firms, it helped formulate the security regulations for the industry.
One of Canna Security’s key services is securing cash transport. “We have the largest single vault in Denver— it’s 900 square feet. It handles a great deal of the cash movement in the state’s industry,” he shares. The company works closely with the only four banks and credit unions in Colorado that take the cash deposits. It is one of a handful of companies providing armored car services to the industry and
allowed to take cash to the Federal Reserve Bank. “We go to your location and pick up the cash. We use up armored Mercedes Benz Sprinter vehicles with a four-point camera system live streaming to a command center. We invested in state-of-the-art counting equipment that literally takes a picture of every single bill, tracks it, and also pulls counterfeits. We report the deposit to the bank,” Siciliano says. The cash is in the business’ account within 24 hours, and available as operating capital.
Canna Security America’s wide range of services includes helping companies acquire their licenses from the state. “We understand the ins and outs of compliance. As part of a business plan they need a detailed security plan. We have 100 percent success in getting security plans approved,” Siciliano explains.
He continues: “We take the floor plan of the facility and design a surveillance and alarm system plan custom to that site, providing access control and digital camera recordings which are stored on the premises.”
The company also supplies physical security, a job that requires a mindset, not just a weapon’s permit. “We only hire guys and girls who understand the security protocols, and how to provide customer service. The majority are former members of law enforcement and the military,” he says.
Whether they use Canna Security or not, Siciliano advises owners not to cut costs on security. “They put the cash in a bag and have an employee deliver it in their car. That is a situation that will get someone hurt. All you need is one robbery to sink a business,” he says.
For more information on Canna Security: