Cannabix Technologies Inc - BLOZF stock
Company Profile[edit]
Cannabix Technologies Inc. (OTC: BLOZF, CSX: BLO) is a Vancouver, B.C., based technology company that engages in the development of marijuana breathalyzers for use by employers, governments, law enforcement agencies, and the public in North America. The company, through research and development and licensing of a threshold of technologies, develops tetrahydrocannabinol breath analyzers, a next-gen breath-testing tool used in combination with breath collection units to swiftly detect recent marijuana use by individuals. The firm also produces a contactless alcohol breathalyzer (CAB) for use by businesses and workplaces. Cannabix continues its technological advancements besides the legalization of cannabis use for recreational and medicinal purposes across many states globally. The company is publicly traded with shares listed on Canadian Securities Exchange under the BLO symbol, on the European Frankfurt Exchange under the 8CT symbol, and OTC Markets under the BLOZF ticker symbol. The company was incorporated in 2011 as West Point Resources Inc. and changed its name to Cannabix Technologies Inc. in August 2014. The company is headquartered in Burnaby, Canada.[1]
Corporate Operations[edit]
The company is dedicated to ensuring workplace discipline and safety in different operational sectors and public places by ensuring employees and individuals carry out their respective responsibilities in a sober state for optimal production. The legalization of cannabis use for recreation and medicinal purposes by several jurisdictions today has led to adjustments in cannabis consumption regulation for employees at workplaces. This has consequently sired the need for new THC testing technologies that can detect substance use a few hours before work as opposed to traditional approaches that detect marijuana presence in a person’s system several hours or days after use. Cannabix leverages its research and technological development strengths to capitalize on the surging global market gap by developing fast, non-invasive, and efficient tools employed by employers and law enforcement institutions in the detection of recent substance abuse.[2]
The firm’s FAIMS device acts as a filter that facilitates the detection, isolation, and even quantification of THC, the psychoactive marijuana component responsible for impairment. The device is built to operate independently or jointly with a mass spectrometer (MS), used in forensic laboratories. MS is a high-performance device in toxicology with superior sensitivity features, used in the analysis of drugs, metabolites, and drugs. The device is used hand-in-hand with the Breath Collection Unit (BCU), a lightweight machine comprising a specialized breath sample container that efficiently synchronizes with the FAIMS device for breath analysis. The company’s THC Breath Analyzer (THCBA) uses microfluidic sensors together with machine learning algorithms to quickly detect the positive and negative THC presence in a person’s breath. Cannabix’s Contactless Alcohol Breathalyzer (CAB) is conveniently mountable on different surfaces such as car cabins and building walls for easy access. The device can be employed for efficient alcohol consumption testing before or during work for employees and during navigation for drivers. CAB displays a warning, pass or fail result together with the blood alcohol content level of the victim.[3]
Corporate News and Updates[edit]
On January 5, 2023, Cannabix reported that it had entered an MOU with the North Louisiana Criminalistics Laboratory (NLCL) to host the firm’s technology in the detection, analysis, and confirmation of THC in breath specimens collected from the field. Cannabix advanced its MS Breath Sampler equipment to the Forensic Science Center in Shreveport, LA in December for Scientists to conduct further analysis on the samples in the Forensic Science Center’s state-of-the-art facility. The North Louisiana Criminalistics Laboratory is known for providing quality forensic services in the scopes of DNA analysis, drug chemistry, firearms examination, and forensic toxicology.[4]
On November 7, 2022, the company announced that it had signed an MOU with the Warren County, Pennsylvania, District Attorney’s office to captain the firm’s proprietary technology in the collection and detection of THC in human breath around the county. Cannabix committed to supplying Warren police with two handheld Breath Collection Units (BCU) before the end of the year for an estimated three or more months of use. Breath samples gathered using the underlying units would be processed using a proprietary “MS Breath Sampler” hardware in a pre-specified laboratory. Robert C. Greene, Warren County District Attorney, commented on the deal stating that most states surrounding Peninslovenia had legalized adult and medicinal marijuana consumption and hence it was vital for the state to safeguard its road users from impaired drivers by testing their breath for THC presence.[5]
Cannabix reported its earnings results for quarter 2, 2022, and the six months that ended October 31, 2022, on December 12. The company incurred a net loss of CAD 0.558414 million, a slight depreciation from the CAD 0.596103 million net loss registered in the same period of the previous year. The accumulated net loss for the six months was CAD 1.11 million compared to CAD 1.13 million in the preceding year. The company suffered CAD 0.01 basic loss per share from continuing operations compared to CAD 0.01 in the same period in 2021.[6]
Leadership[edit]
Management and Board[edit]
Rav Mlait, MBA, CEO, Director
- Has outstanding experience in raising capital and managing both private and public tech companies
- Holds an MBA from Royal Roads University with a specialization in Executive Management
- He also has a BA (Economics) from Simon Fraser University
- Has worked in publicly traded companies listed in CSE, TSX, and TSX Venture
- Was VP of corporate development at Knexa Solutions Ltd., a knowledge-management and CRM software developer, and financial web portal for Stockhouse Media Corporation
Dr. Raj Attariwala, MD, PhD., Chief Scientific Officer
- He is a state certified Radiologist in Vancouver and a Nuclear Medicine physician certified in both Canada and the U.S
- Acquired his formal medical training at the University of British Columbia
- Has a doctorate in Biomedical Engineering from Evanston, IL
- Has extensively worked with breath-testing technology icons and has employed his educational knowledge and biochemical engineering background to create and synchronize product designs and patent applications for the company
Additional members of the team include Kal Malhi, President and Director, Bryan Loree BA, CMA, CFO and Director, Dr. Moe Paknahad, PhD., VP Technology Development, Dr. Jared Boock, PhD., Lead Developer, Thomas Clarke, M.Sc., Director.[7]
- ↑ Cannabix Technologies Inc. Company Profile – seekingalpha.com/symbol/BLOZF. Read on 2/05/2023.
- ↑ About Cannabix – Cannabix website. Accessed on 2/05/2023.
- ↑ Cannabix Technologies Inc./Technology - Cannabix website. Accessed on 2/05/2023.
- ↑ North Louisiana Forensic Science Center to host Cannabix Marijuana Breathalyzer Technology – Yahoo Finance. Retrieved on 2/06/2023.
- ↑ Warren County, PA Police to Pilot Cannabix Marijuana Breathalyzer Technology – Yahoo Finance News. Read on 2/04/2023.
- ↑ Cannabix Technologies Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 31, 2022 – Market Screener. Retrieved on 2/06/2023.
- ↑ MANAGEMENT & BOARD – Cannabix Technologies website. Retrieved on 2/06/2023.
OTC Symbol: BLOZF | OTC Tier: Pink Current
