A former momentum leader late last year, Cannabix Technologies Inc (OTCMKTS:BLOZF) shares have been consolidating in a range positioned mostly above the 200-day simple moving average and the $1.25/share level, which launched the stock higher in December. However, we have seen a new launch get going over recent days.
The apparent catalyst was an announcement by the company that recent testing with Beta 3.0 has shown “the identification and first-order separation of two key metabolites of ∆9-tetrahydrocannabinol, being 11-hydroxy-delta-9-tetrahydrocannabinol and 11-nor-9-carboxy-tetrahydrocannabinol in standards. In addition, scientists have made significant progress towards using lower flow rates that will become important for user groups with poor lung function. Furthermore, engineers have been testing a new breath capture method that can hold THC breath samples in a stable manner for several days.”
Cannabix Technologies Inc (OTCMKTS:BLOZF) is developing its FAIMS- (field asymmetric waveform ion mobility spectrometry) based marijuana breathalyzer for the detection of delta-9-tetrahydrocannabinol in human breath.
Testing using the Cannabix Marijuana Breathalyzer Beta prototype device with human subjects after smoking THC cigarettes demonstrated the successful detection of THC, the psychoactive component of marijuana, in real-time. In addition to THC, several metabolites were identified in the breath of the human subjects including 11-hydroxy-delta-9-tetrahydrocannabinol and delta-9-carboxy-tetrahydrocannabinol, and three other cannabinoids related to cannabigerol, were confirmed by mass spectrometry after the inhalation of cannabis.
The ability to detect THC and its metabolites in human breath is a significant scientific breakthrough that allows for real-time pharmacokinetic analysis. Such analysis provides a method for the identification of frequent users of marijuana who tend to retain THC in their body for longer periods of time, relative to infrequent marijuana users who tend to clear THC from their body more quickly.
According to company materials, “Cannabix Technologies Inc. is a leader in marijuana breathalyzer development for law enforcement and the workplace. BLOZF has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana-impaired driving offenses on roads at a time when marijuana is becoming legal in many global jurisdictions. Cannabix is working to develop drug-testing devices that will detect THC- the psychoactive component of marijuana that causes intoxication- using breath samples. In particular, Cannabix is focused on developing breath testing devices for detection of recent use of THC, in contrast to urine testing for THC metabolite that requires an invasive collection and reflects use days or even weeks earlier. The devices will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.”
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The chart shows 66% during the past week in terms of shareholder gains in the name. Moreover, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running just shy of 320% beyond its prior sustained average level.
Rav Mlait, CEO, stated, “With the passing of Bill C-45 in Canada the growing problem of drugged driving will increasingly become an issue of paramount concern for federal, provincial and civic governmental officials and the public at large who are concerned about maintaining public safety on our roads, institutions and in our workplaces. A recent study by the Governors Highway Safety Association found that drugs are being detected more often in drivers responsible for fatal crashes. The problem of drugged driving is compounded by lack of nationally accepted method for testing drugged driver impairment. Cannabix Technologies has been at the forefront of research and development in this arena and understands the complexities related to breath testing for marijuana. As the issue of drugged driving becomes increasingly acute, Cannabix is committed to using its technology, R&D and scientific experience to provide effective tools to aid law enforcement and help governments and the public transition to marijuana legalization in various jurisdictions.”
Currently trading at a market capitalization of $142M, BLOZF has a significant war chest ($4.9M) of cash on the books, which stands against virtually no total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $BLOZF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BLOZF, either long or short, and we have not been compensated for this article.