Cannabix Technologies Inc (OTCMKTS:BLOZF) stock is gaining momentum on Tuesday on unusual volume.
Major Trigger:
Cannabix Technologies Granted Cannabis Drug Detection Device Canadian Patent, Delivers THCBA to US Clinic
Key Highlights:
- Cannabix Technologies announced that the Canadian Intellectual Property Office (CIPO) has granted patent No. 2887841 entitled, “Cannabis Drug Detection Device”.
- The Company has been pursuing this original patent application since its filing on April 16, 2015. Cannabix Technologies is on the forefront in research and development to create point-of-care breath testing technologies for the detection of ∆9-tetrahydrocannabinol (“THC”) – the psychoactive component of marijuana that causes impairment.
- The Company also reports that in June it delivered its THC Breath Analyzer (“THCBA”) to a clinic in the Northwestern, U.S. for beta testing. The collaborating clinic has a robust drug testing operation and is one of the top drug testing providers to employers within its respective state. Beta-testing of the THCBA prototype is focused on improving user and administrator experience, identifying cross-reactivity of other substances within a semi-controlled study population and to further train the device’s machine learning database and sensitivity profile. The THCBA is a drug screening device for employers and other markets who are seeking a way to quickly, easily and non-invasively test for recent use of THC.
Key Quote:
“Similar to our USPTO patent, the intellectual property protection this THC detection patent covers, gives Cannabix a broad foundation to build upon in view of the formidable insights and technical advancements made in the field of molecular gas analysis at atmospheric pressure that we have developed since this patent was initially filed in 2015. This patent is a useful plank in our IP protection strategy,” said Dr. Raj Attariwala.
Market Reactions
As of 10:48, BLOZF stock gained by 29% at $1.06. Total volume so far stood at 536K shares, compared to its average volume of 138k shares. The stock moved within a range of $0.7944 – 1.1000 after opening at $0.8870.
 Stock Gains Momentum: How To Trade Now?){kind=link}