This post first appeared on Micro Cap Daily

+ Technologies Inc. (OTC Pink: BLOZF) stock price has been dropping ever since mid-April, but in recent days, the price started changing its behavior, indicating that it might be ready for new growth. Generally, the price of BLOZF has been struggling ever since mid-October 2018, when it dropped from beneath its resistance level at $1.75, to a strong support level at $1.25. The support held from mid-October until mid-November, when it was broken, and the price eventually crashed down to $0.75 by the end of the year.

In 2019, the price saw a strong surge that took it back to $1.50, which was acting as its strongest resistance in 2019. After hitting this level in late January, the price went down again. It was briefly stopped by old support at $1.25, but it broke it by mid-February. It then reached $1, which was its new support, and this level held from mid-March until late April, when it finally broke, as well. The price dropped to $0.75 once again, but it quickly rose to $0.9, where it remained until recently when it started indicating that it might be ready for new growth. While its resistance is limiting it, it is possible that the next few weeks, or maybe even days, might bring a strong change.

Who is Cannabix Technologies?

Cannabix Technologies is one of the biggest and best-known developers of marijuana breathalyzers in the US. The company saw major popularity when it announced that it is working on a small, portable breathalyzer which could allow the authorities to quickly and easily check whether someone is under the influence of recreational marijuana.

The lack of a small, portable device which could be used for such purposes was difficult to deal with, as the marijuana revolution now allows legal use in multiple US states, not to mention many other countries around the world. While legal, marijuana dulls senses, and as such, it is not recommended (or permitted) to be under the influence while driving or operating heavy machinery.

With a promising device, the company assures everyone, from its shareholders to the authorities that it can soon start developing these tools in mass production.

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Cannabix Technologies in 2019

As mentioned, the firm promised to deliver a working breathalyzer, which is why it started entering several partnerships with product designers in 2018. The development was a lengthy process, as the firm needed to find a way for its breathalyzer to recognize components which would indicate the recent use of marijuana.

However, after several months of development, the company released regular updates of its progress, typically delivering positive news. The prototype of the product already exists and mostly functions as expected. However, considering the fact that this is still a new technology, it still needs perfecting in order to ensure good quality and results under different conditions.

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Detecting the recent use of marijuana could, after all, save the lives of users, as well as others in their environment. Because of that, the process cannot be rushed. However, once the development is completed and the company shows up with a working product, its’ stock price is likely to go through the roof. It will be one of a handful of providers, or maybe even the only one, at least for a time. With that in mind, investing in it now — while the stock price is at its bottom — will surely bring massive returns in a matter of months. 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

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