In the world of cannabis, it’s easy to be excited by the cultivation and retailing cannabis penny stocks. These are, after all, supplying and selling in this burgeoning market. Especially in Canada when legalization kicks off in October.
So a company that creates a THC breathalyzer may not be the most ‘fun’ cannabis penny stock company to invest in. However, it could be the smartest.
Cannabix Technologies (CSE:BLO) has been in the green today since the market opened this morning. It is currently up 4.41%. Let’s look at this cannabis penny stock company.
Cannabis Penny Stocks: Cannabix Technologies Inc.
Since mid-September, this stock has been steadily climbing up the charts. This Vancouver-based technology company is in the right place at the right time as it is the developer of a Patent Pending Cannabis Drug Detection Device.
With adult-use legalization looming across Canada and with recreational cannabis already legal in many US states, you can be certain that drug testing will be a major concern for police services and government bodies.
Driving under the influence is deemed a serious illegal offense.
To help catch perpetrators, Cannabix is developing breath-testing technologies that will detect THC—the psychoactive component of marijuana that causes intoxication—using breath samples. This technology removes the need for the more invasive and lengthy process of urine testing to detect THC levels in the blood.
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What may pique investors’ interest is that Cannabix owns the intellectual rights to the science and its breathalyzer devices.
The drug detection space is a booming and fast-growing market and is estimated to be worth $8 billion by 2022.
Cannabix Technologies has said in the past that there is no breathalyzer device on the market right now to test for cannabis use and it is their “chief objective” to create it. The company’s THC breathalyzer will be “the future for law enforcement” as well as “workplace testing.”
This cannabis penny stock company does indeed appear to be in the right place at the right time. What do you think?
Featured Image: Depositphotos/© EdZbarzhyvetsky
