NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) --
FinancialBuzz.com News Commentary
The breathalyzer market has experienced significant growth due to a heightened awareness of the dangers associated with impaired driving and the stringent enforcement of alcohol consumption laws globally. Breathalyzers are devices used to estimate blood alcohol content (BAC) from a breath sample. This market's demand is fueled by the need for effective, easy-to-use, and accurate devices that can be used by law enforcement agencies as well as individuals seeking to self-monitor their alcohol intake. Technological advancements in this sector include the development of more sophisticated sensor technologies, such as fuel cell sensors, which offer high accuracy and reliability. Additionally, connectivity enhancements have enabled the integration of breathalyzers with smartphones and other digital platforms, thereby expanding their usability and data management capabilities. These improvements not only support public safety initiatives but also help in personal health management and in legal environments, where precision in BAC readings is critical. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NASDAQ: CGC), Tilray Brands, Inc. (NASDAQ: TLRY), Curaleaf Holdings, Inc. (OTC: CURLF).
The cannabis market intersects with the breathalyzer industry particularly as legalization trends increase across various regions. With the growing acceptance and legalization of cannabis for both medical and recreational use, there is an emerging demand for devices that can accurately measure impairment levels due to cannabis consumption. This need mirrors the demand dynamics seen in the alcohol breathalyzer market. Technological innovations are being directed towards developing breathalyzers that can accurately detect tetrahydrocannabinol (THC) — the psychoactive component in cannabis. As of the latest forecasts, top cannabis market researcher BDSA forecasts that the worldwide legal industry will hit USD 58 Billion in sales in 2028. This projected growth is driven by increasing legalization, the expansion of medical applications, and the burgeoning industry of cannabis-infused products.
Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO) just announced breaking news that, “It has entered into a strategic partnership and development agreement dated May 15, 2024 (the “Agreement”) with Omega Laboratories Inc of Ohio, USA (“Omega Laboratories” or “Omega”). The Agreement provides a pathway for commercialization of Cannabix’s marijuana breathalyzer technology.”
Omega Laboratories is an international industry leader in forensic drugs of abuse testing for over twenty years. Omega has multiple federal as well as international certifications and accreditations for its world class facility and has extensive experience in novel technology for detection of drugs of abuse.
Pursuant to the Agreement, Cannabix and Omega Laboratories (together, the “Parties”) have agreed to, among other things, complete research and development, refine and expand the use of Cannabix’s technology to meet existing and emerging needs of Omega’s clients, contemplate manufacturing and distribution and introduce the delta9 THC breath testing technology to customers in North America.
Omega Laboratories is headquartered in Ohio, USA in a state-of-the-art facility providing drugs of abuse testing to over 6,000 clients worldwide, including several Fortune 500 companies police and highway patrols, several court systems, military organizations, and school systems. Omega also has one of the largest Third-Party Administrator (TPA) client lists in America.
Bill Corl, CEO of Omega Laboratories, stated, “Our partnership with Cannabix Technologies underscores our commitment to staying at the forefront of advancements in drug testing technology. By incorporating their groundbreaking THC breathalyzer technology, we are poised to enhance the accuracy, efficiency, and accessibility of cannabis testing.”
Rav Mlait, CEO of Cannabix stated, “This strategic partnership and development agreement with Omega Laboratories is a major inflection point for Cannabix Technologies. Cannabix, as an early-stage company, has been focused on technological innovation in breath analysis and we are truly excited to be working alongside Omega. Omega has tremendous people, expertise and capabilities in drug testing, regulatory, accreditation and business relationships globally.”
Dr. Bruce Goldberger, Scientific Advisor to Cannabix, stated, “The strategic partnership with Omega Laboratories is an important step towards the adoption of this new and innovative technology in the workplace and traffic safety sectors.”
Tilray Brands, Inc. (NASDAQ: TLRY) announced recently a new range of cannabis-infused beverages from XMG, under two of its sub-brands: XMG Zero and XMG Plus (“XMG+”). XMG Zero, an extension of XMG’s original core line, now offers two new THC beverages: Cream Soda Zero and Orange Soda Zero. XMG+, a boosted version of XMG original, focuses on high CBG and guarana extract (for naturally occurring caffeine), while revealing their new Banana Brain Freeze and Iced Rocket Berry flavours. Recognized for their diverse offerings and unique profiles including a variety of THC and CBG ratios, XMG is reshaping the cannabis beverage market with unparalleled variety and quality.
Cronos Group Inc. (NASDAQ: CRON) reported recently its first entry into the chocolate edibles category. Cronos’ newest edible innovation was developed and designed by an expert team of culinary chefs, food scientists, and leaders in cannabis product development. The bite-sized Chocolate Fusions™ feature a dynamic, multi-texture experience, combining a soft and chewy center, crunch inclusions, and an outer layer of rich creamy chocolate that delivers a decadent sweet treat for adult cannabis consumers. “We are thrilled to bolster the recent successful launch of the Lord Jones® brand in Canada with our first chocolate edibles,” said Jeff Jacobson, Chief Growth Officer, Cronos. “These hand-crafted and artfully created chocolates demonstrate our passion for delivering a differentiated experience through an innovative cannabis product that our consumers will love. This breakthrough innovation is the result of our continuous commitment to and investment in R&D and product development, and we're excited to add Chocolate Fusions™ to our growing family of premium and THC-focused Lord Jones® products in Canada, which are designed to take adult consumers above and beyond.”
Canopy Growth Corporation (NASDAQ: CGC) announced earlier in February the introduction of five new pre-roll products across the Company's adult-use cannabis portfolio from brands 7ACRES and Hiway. “Forging ahead with our commitment to innovation, we're excited to offer new pre-roll offerings that meet consumers across a range of occasions and price points,” said Dave Paterson, President, Canada, Canopy Growth. “With convenience and enjoyment in mind, our new 7ACRES Smooth Burners offer a high-quality pre-roll with a unique filter design enabling a smooth and slow session, while our new Hiway Water Hash Infused pre-rolls provide consumers a premium experience in a value package.”
Curaleaf Holdings, Inc. (OTCQX: CURLF) announced last month it has signed a deal to acquire Northern Green Canada ("NGC"), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. NGC also partners with Canadian GACP cultivators to produce and distribute finished cannabis products to both the domestic and global markets. NGC is one of the few Canadian cultivators with EU-GMP certification. As such, NGC has consistently supplied high THC, non-irradiated flower to the German market, which is expected to see exponential growth following the recent removal of cannabis from the narcotics list. NGC is also increasingly supplying Australia and New Zealand, the world's fastest-growing cannabis markets.
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