Cannabix Technologies Inc. (OTCMKTS:BLOZF) shares dipped 6.54% on Wednesday but could be in for a rebound after the company's latest announcement.
Cannabix Technologies Inc. (OTCMKTS:BLOZF) shares dipped 6.54% on Wednesday to $0.500 and stayed flat in after-hours trading. Share prices have been trading in a 52-week range of $0.08 to $0.62.
Cannabix Technologies Inc is a company that is developing a marijuana breathalyzer for law enforcement and the workplace. The company has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana impaired driving offences on roads at a time when marijuana is becoming legal in many global jurisdictions.
In a press release, Cannabix Technologies Inc announced updates on the development of its Hand-held THC Marijuana Breathalyzer. In particular, the company had news about its high-field asymmetric waveform ion mobility spectrometry, which is used in the instrument for detection of trace amounts of tetrahydrocannabinol from exhaled breath at the roadside and in the workplace. The company proudly announced that it has developed a Beta 2.0 device with major advances in the design and size of the device.
These advances include greater sensitivity and improved performance by the square waveform generator. Also, the updated design has features to allow for the addition of a rechargeable battery and touch screen and the device is approximately 10 times smaller than the Beta 1.0 device. For now, scientists are working on the protocol to conduct live THC breath testing using the Beta 2.0 Cannabix Marijuana Breathalyzer in the coming weeks in Vancouver, Canada.
From there, the results of the tests will be used to prepare submissions for approval of the Cannabix Marijuana Breathalyzer as a court-approved device by the Minister of Justice in Canada and the National Highway and Safety Authority in the United States. Note that the cannabis industry has been enjoying the limelight ahead of the US elections, as these could result in legislation being approved for the use of medical marijuana.
According to President of Cannabix Technologies Inc Kal Malhi, strides in marijuana legislation could increase the need for law enforcement to have a tool to gather scientific evidence of marijuana impairment in drivers. Prior to their announcement, though, Breathtec has already announced an updated version of their earlier device as well, which means that there could be some stiff competition in this regard.
Breathtec continues to progress its flagship FAIMS technology with the recent completion of a V2 prototype breathalyzer design. The latest design has significant advances over the previous prototype including larger dynamic range and improved efficiency in the square waveform generator, greater sensitivity achievable by the detector, improvements in the design, implementation of the novel ionization source, and is overall more than 10X smaller than the V1 prototype,” the Breathtec announcement indicated.
Still, it’s worth noting that Cannabix Technologies Inc shares have been enjoying significant upside momentum lately, with the recent dip offering a chance to hop in at the $0.500 psychologically significant support level. Besides, Breathtec is marketed more towards bio-medical applications while Cannabix has its product geared towards the detection of controlled substances in driving and in the workplace.
In any case, do stay on the lookout for any updates regarding the scientific testing being conducted on Cannabix Technologies Inc Breathalyzer as more signs of progress could lend more upside to the stock. An accelerated manner of approval by the Minister of Justice in Canada and the National Highway and Safety Authority in the United States could open a huge market for these products in the long run.
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