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Helix Technologies sells security guarding business as it transitions to pure-play tech company focused on cannabis

The disposal is expected to increase the group's gross margins and allow management to focus on growing its scalable, high margin suite of critical technology infrastructure services

Helix Technologies - Helix Technologies sells security guarding business as it transitions into pure play tech company focused cannabis
Helix will use the net proceeds to pay off existing liabilities and strengthen its working capital position

Helix Technologies Inc (OTCQB:HLIX) announced Tuesday it has sold its security guarding business as part of a strategic move to transition itself into a pure-play technology company focused on the cannabis industry.

The company said the divestiture of the guarding business is expected to increase gross margins and allow management to focus on growing its scalable, high margin suite of critical technology infrastructure services. 

Denver-based Invicta Group purchased the business and Security ProAdvisors LLC represented Helix Technologies in the sale. Helix Technologies said it will use the net proceeds to pay off existing liabilities and strengthen its working capital position.

READ: Helix's BioTrack cannabis point-of-sale system to integrate with springbig loyalty platform

"We are incredibly proud of what we have accomplished with Helix Security,” Helix Techniologies CEO Zachary Venegas said in a statement. “In a short time, we went from start-up - without a single client - to the undisputed leader in the Colorado security market, clearing the field of well-established, larger competitors, and leveraged that dominant position to expand into higher-margin critical technology infrastructure, and data.” 

He added: "The additional working capital and narrowed focus provided by the divestiture will allow us to accelerate growth and continue shaping the cannabis technology landscape."

Helix Technologies, based in Denver, is the leading provider of critical infrastructure services, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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OTCQB:HLIX
Market: OTCQB
Market Cap: $11.61 m
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