Cannabix Technologies (OTCMKTS:BLOZF) Ready for a Rebound?

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Cannabix Technologies (OTCMKTS:BLOZF) shares were down 6.92% on Tuesday to $0.300 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.08 to $0.37. The company is based in Vancouver and is developing tools for law enforcement and the workplace to detect THC in breath.

In its press release, Cannabix Technologies assured that the company is well-positioned to capitalize on marijuana legislation in the United States and Canada. It mentioned that voters in California, Arizona, Nevada, Maine and Massachusetts are set to vote on marijuana legalization for recreational use this fall while the Canadian Liberal government is planning to introduce legislation legalizing marijuana in the spring of 2017.

In line with this, law enforcement agencies in North America are exploring ways to address marijuana-impaired driving. Among the methods being considered are the use of breathalyzers that collect evidence of impairment from alcohol. Apart from that, employers could also be looking to address concerns about employees under the influence of marijuana during work hours, particularly when there is use of heavy machinery involved.

Cannabix Technologies is currently developing a point of care device that would be similar to alcohol breathalyzers and would be used at the roadside to collect evidence of marijuana impairment, which would be beneficial to both law enforcement officers on the road and to employers.

Cannabix Technologies breathalyzer would determine whether someone has consumed THC within the two hours preceding the test. This test would be unlike saliva or urine testing which can result in positive tests days after consumption of THC. The Cannabix Breathalyzer would consequently provide a critical measure of recency to avoid implicating drivers that are no longer high,” the press release indicated.

It went on to say that the company is in the final stages of completing its Beta 2.0 device and expects to have a pilot device ready for testing this fall.

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