Total Cannabis Security Solutions acquires risk management consultancy

Cannabis security and compliance consulting firm Total Cannabis Security Solutions has acquired David Hyde & Associates. Together, the two Toronto-based security and risk management firms will create Canada’s go-to source for security consulting services in the legal cannabis sector.

Jurisdictions around the world are increasingly legalizing recreational marijuana use and sales. A number of US states, including California, Colorado, and Oregon have legalized cannabis, while Uruguay became the first country to legalize it. Now, in October, Canada is set to become the second country in the world to legalize the drug (many other jurisdictions have decriminalized personal use, but sales, manufacturing and distribution are still illegal). The legal market for cannabis is set to be worth over $4 billion according to a report from accounting and consulting firm Deloitte.

With the switchover of cannabis production and distribution to legitimate enterprise, there is a growing demand for consulting services – including security, risk management, and regulatory compliance. One of the leading firms in the space is Toronto-based Total Cannabis Security Solutions, which helps legal cannabis industry clients secure all facets of their enterprise. TCSS provides solutions in the areas of physical security, due diligence and security culture, regulatory compliance, supply chain transportation, and corporate security.

TCSS has now acquired Toronto-based David Hyde & Associates (DHA), a leading cannabis security and licensing consulting firm. Founded in 2013, the company has provided security and compliance advice to over 300 regulated cannabis producers, and has worked with more than half of licensed producers in Canada. The firm has also attended over 30 licensing inspections with Health Canada."We are very proud to welcome David Hyde and his team to TCSS," said TCSS CEO Neil Weaver. "We are setting the gold standard for security solutions and compliance in the highly regulated legal cannabis industry. Our integrated risk management approach provides a holistic, one-stop platform in support of our clients' business initiatives."

The deal creates a heavyweight in the cannabis security and compliance consulting area, with strengthened capabilities and a greater number of personnel and resources. The acquisition also brings in David Hyde, a seasoned security and risk management consultant. At TCSS, he will take on the role of Chief Operating Officer.

"Our firm has established a very effective niche as Canada's leading consulting company in the cannabis industry during the past five years, and we are delighted to continue that as a part of Total Cannabis Security Solutions," commented David Hyde, Owner and Principal Consultant at DHA. "The important growth in scale and expertise created by this transaction will provide extraordinary value to our clients in the business-critical areas of security solutions and regulatory compliance within Canada, the US, and across the globe."

In related industry news, Vancouver-based tech company BLOCKStrain has entered into a memorandum of understanding with strategy and security advisory firm Spire Secure Logistics. The firms will work together to market a blockchain solution that stores and tracks legal cannabis genetic strains, preventing organized crime and black market intrusion.