FRESNO, CA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Operational Security Solutions (“OSS”), the premier provider of full-spectrum risk management services with specialization in secure cash management and logistics, compliance services, security consulting, and facility hardening, announced today its company growth and expansion highlights in 2022 and goals for 2023.
With the rapid growth of emerging markets including fintech, cannabis and other high-risk industries, OSS has aligned itself with these industries by expanding their facilities and services in time with demand. In the last quarter of 2022, OSS opened a new, 16,000-square-foot secure vaulting and processing facility in the greater Philadelphia, PA, area in order to serve customers along the eastern seaboard - from Massachusetts through Maryland. As a complement to current services on the west coast and in an effort to expand offerings to new clients on the east coast, OSS launched several new offerings, including SmartSafes and cash recyclers, ATM cash management, traditional armored car services for commercial banks and businesses, secure document storage, and more.
With OSS seeing a 33% increase year-over-year in active FI partners in 2022, the company looks forward to ongoing talks with prospective FIs and other payment solution providers going into 2023. Similarly, OSS saw a 29% increase in high-risk accounts serviced. The addition of ATM cash fulfillment services for both high-risk and conventional businesses, plus the takeover of conventional cash movements for Financial Institutions, provided a boost to corporate revenue in light of a decrease in product prices and declining cash deposits. Nevertheless, the company moved more than $1 billion in funds during calendar year 2022.
The company also increased their presence on the east coast in 2022 following the opening of OSS East, growing their staff resources by more than 20%. OSS is projecting another 40% to 50% overall company growth in 2023.
“Looking back a couple years to 2021, OSS experienced exponential growth based on a combination of factors: We added Financial Institution partners and high-risk clients during a period when markets and the underlying product prices were at all-time highs. However, market prices declined as we transitioned into 2022. As a result, we needed to become more agile and efficient. New service offerings were needed to sustain revenue. Not only did we dramatically increase our Financial Institution partners (and their high-risk accounts) in 2022, but we gained conventional cash business, added government contracts, and partnered with electronic payment processors and premier compliance organizations to provide more business verticals.
In 2023, we will see the opening of new markets along the east coast. OSS was able to internally fund the OSS East facility without leveraging debt or outside investment. So, it was a period of re-investment into OSS in order to position us for another period of growth as we duplicate our west coast model in the east,” said Scott Solomon, Chief Executive Officer of OSS.
Operating Highlights for 2022 Included:
- After standing up a secure vaulting and cash processing facility in the greater Philadelphia, PA, area, OSS East launched operations and started servicing clients on the east coast
- The company further expanded west coast services outside of California, with a specific focus on Nevada
- OSS announced the rollout of their ATM cash management services to further diversify their service offerings
- OSS secured a series of new corporate partnerships to provide a new suite of cash management and storage equipment for its clients
- In order to provide more opportunities to accommodate customers, OSS partnered with an electronic payment processor for both B2B and B2C transactions
- OSS announced a strategic partnership with leading fintech company Green Check Verified to provide Cash In Transit services
- OSS announced several strategic partnerships with financial services credit unions on the east coast and across the US
- The company announced their exhibition at the EXCEL 22 convention in New York to network with credit unions and financial institutions and discuss breaking into banking for high-risk industries
- OSS attended CrossState Reconnect Annual Convention to meet with high risk businesses, FIs and credit unions to discuss OSS’ solution-driven offerings
- The company exhibited and sponsored at the PBC Conference in Washington, DC, in September where their CEO Scott Solomon was featured as a panelist on security, cash logistics and management, and equipment options to reduce the probability of theft
- OSS attended the Marijuana Business Conference in Las Vegas in October, securing meetings with a number of MRBs and FIs to walk through the company’s existing and newest product offerings
Key Press Highlights for 2022 Included:
- Forbes - Vets And Medical Cannabis: It’s The Least We Can Do; Tim Tofaute, OSS Director of Operations and Security
- Karma Koala Podcast - Episode 76: OSS
- MJNews Network - As Pot Shop Smash-and-Grab Robbery Spree Terrorizes West Coast, States Forced to Fend for Themselves With New Laws
- Leaf Report - Veterans Are Increasingly Protesting the VA’s Prohibition of Medicinal Cannabis
- Cannabis Radio - Blunt Business - Scott Solomon, CEO of OSS Podcast Interview
- Benzinga - Why Do Medical Cannabis And Gun Ownership Rights Conflict So Often?
- MJBulls - Raising Cannabis Capital - Episode E364 ft. Scott Solomon, CEO of OSS
- Cannabinoid Connect - Interview with Scott Solomon, CEO of OSS
- Benzinga - Green Check Verified Partners with Operational Security Solutions for Cash In Transit Services
- The Center Square - Pennsylvania’s Cannabis Industry Lacks Financial Institution Access
- Benzinga - New York State’s Cannabis Market Faces Steep, Familiar Challenges
OSS offers industry-leading security offerings, cash intensive and high risk-specific financial service solutions and relationships, connecting highly regulated businesses that struggle to get banking services with financial institutions that have specific programs designed for the industry or organizations that are unable to be serviced by certain banks. Notably, OSS is the only risk management company specializing in secure Cash-In Transit services that boast a no-loss record to date. To learn more about OSS visit www.opsecsolutions.us.
About Operational Security Solutions
Operational Security Solutions (OSS) was assembled in 2017 by a team of former law enforcement, military and federal service professionals to support the security and banking needs of the legal cannabis industry. OSS was started by professionals that have spent their previous careers battling against the harms done by the illicit narcotics trade -- but have now founded a security and risk management company for the legitimate, legal cannabis industry. OSS breaks down the real risks for an industry that has limited access to banking services and provides the solutions needed from long years of law enforcement and government experience.
Public Relations Contact:
Cassandra Dowell
oss@cmwmedia.com
858.264.6600
www.cmwmedia.com
