A smart holster for a firearm or other valuable, which may be worn on a belt, comprising and enclosure having an interior volume and containing an opening in a surface thereof, a retractable cover for covering the opening when the retractable cover is in a non-retracted position, a firearm retaining mechanism disposed within the interior volume; a firearm extending mechanism disposed within the interior volume; and a releasable latch for maintaining the firearm extending mechanism in a retracted position. A user may manually retract the cover causing a firearm contained within the interior volume to be extended for easy access. Geolocation, status and other information may be communicated to a remote user through a wireless data link. A camera may be activated by retracting the cover were upon video data may be transmitted to a remote monitor. The smart holster may be remotely locked or unlocked.