This post first appeared on Micro Cap Daily
Cannabix Technologies Inc. (OTC PINK: BLOZF) stock price saw a lot of ups and downs in 2018, particularly in the second half of the year. One of the firm’s largest stock price declines came in late December 2018, when the price crashed to $0.75. Prior to that, the price was at around $1.25, which served as major support throughout 2018.
After the crash, the price started seeing significant growth in 2019, quickly returning to $1.25 level, and even breaching it. The growth was largest in mid-January of this year when the price rose to $1.50. However, this level started acting as a powerful resistance — one which was only breached once, shortly. The breach came in the final days of January, and the price grew to $1.58, although the resistance proved too strong for the price to remain above it. The surge was followed by a correction that took the price down, breaking the support at $1.25, and only stopping in mid-March at $1.08. However, after nearly two months at this level — the price is currently seeing another decline, but this might not be the case for much longer.
Who is Cannabix Technologies Inc?
Cannabix Technologies Inc. is one of the leading companies in the industry of marijuana breathalyzer development. Their products are seen as extremely useful tools for law enforcement and workplace environments, to be used for discovering whether or not an individual is under the influence of cannabis.
With the revolution of the cannabis industry, which started with its legalization in countries such as the US and Canada — such tools have proven to be rather necessary. Cannabix emerged as an active, competent developer of breath testing technologies with the goal of bringing portable, durable tools to the market.
Since working responsible jobs or driving under the influence of marijuana can lead to unfortunate accidents, tools that can allow the detection of marijuana quickly and reliably are of great importance. While this is, by no means, a new issue — it has started to grow rapidly with marijuana legalization, in numerous jurisdictions. Now, with the help of Vancouver-based firm, the law enforcement will be able to detect THC in the breath of tested individuals, if there is some to be found.
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Cannabix Technologies progress and development
Similarly to alcohol, recreative marijuana use slows down reflexes and makes it difficult to focus while performing attention-demanding tasks. While this is not an issue in safe environments, it is hardly a state in which people should be allowed to drive or work. However, there was a major lack of portable, efficient tools that would determine whether or not a person is under the influence, which is where Cannabix comes in.
The company’s stock price surged once the firm announced its Marijuana Breathalyzer, and with every update — the price would see new growth. In November 2018, the company announced that it engaged a leading engineering and design firm for the development of a handheld breath collection device. The company, also based in Vancouver, B.C., is called MistyWest Engineering,
In late January of this year, Cannabix finally announced that the device prototype is complete. Named BCU (Breath Collection Unit), the device will make it easier to collect key physiologic breath sample data under different environmental conditions, and determine whether or not the individual being tested is under the strong influence of marijuana.
The company’s price skyrocketed after this, reaching $1.50, and briefly exceeding it, as mentioned earlier. They then started testing the device, with stable and consistent results. The company continued working on the device to perfect it. However, after the initial hype has passed, its stock price started to decline, which is the drop that can be seen even now.
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But, due to the fact that the firm is a leading BCU developer and future supplier, its stock price is bound to skyrocket as the demand for its device continues to grow. The current drop in stock price may even be used by investors as an opportunity to purchase the company’s stock at a discount. This is a highly necessary device that will certainly have a future, and investing in its most promising developer now is definitely a great move. We will be updating on Cannabix when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Cannabix.
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Disclosure: we hold no position in Cannabix either long or short and we have not been compensated for this article.
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This post first appeared on Micro Cap Daily