Brinks CEO: We’re ‘ready’ for Canadian marijuana legalization

  • Brinks CEO Douglas Pertz said that the company is talking to some of the largest players in the cannabis industry in Canada to manage their deliveries and cash after marijuana becomes legal there.
  • Canada is only the second country in the world to legalize cannabis nationwide, which provides Brinks with the opportunity to see how its business profits from marijuana when it's legal throughout an entire country.
  • Brinks closed its acquisition of Dunbar Armored, one of its top rivals, on Monday.

Brinks' CEO Douglas Pertz said that the cash management company is ready to benefit from Canada's legalization of cannabis.

"We're talking to some of the largest players there today to manage all of their deliveries, as well as their cash management of that," Pertz told CNBC's Jim Cramer on Monday.

Canada is the first Group of Seven country to approve recreational use of marijuana and only the second worldwide to legalize it nationwide. Starting Oct. 17, cannabis will be available for purchase in pot shops.

Brinks stands to gain from cannabis legalization. In the United States, marijuana dispensaries can only accept cash. That means that Brinks and its armored trucks are a necessary part of doing business.

"We are the largest player globally in high-value transportation, that's one piece of it, and the second piece of it is the cash payments," Pertz said. "We're in the best position for that as well."

However, the drug has only been legalized on a state-by-state basis in the U.S. Canada will give Brinks the chance to test how its business can profit from cannabis when it's legal throughout an entire country.

One factor that might help the Richmond-based business make the most of the opportunity is its deal with Dunbar Armored, previously one of its top rivals, which closed on Monday.

However, in a blow to Brinks, the Canadian province of Ontario also announced on Monday that recreational marijuana will only be available to consumers online when cannabis becomes legal. Regulated privately-owned retail stores will be allowed to start selling the drug in April 2019.

The decision means that Brinks' services will likely be less in demand than originally anticipated as Ontario is Canada's most populous province.

Watch the full interview with CEO Douglas Pertz:

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