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There is a Growing Need for Innovative Devices to Stifle Cannabis Misuse


News provided by

FinancialBuzz.com

02 Jun, 2021, 13:00 GMT

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- FinancialBuzz.com News Commentary

NEW YORK, June 2, 2021 /PRNewswire/ -- While the pandemic has been terrible for many industries and businesses, the cannabis market turned out to be an unexpected winner. In 2020, legal cannabis sales in the U.S were up 46% from 2019, reaching a new record of USD 17.5 Billion, according to cannabinoid market research firm BDSA. However, before the boom in sales, changes had to be made. The pandemic initially has disrupted the market, as only medical dispensaries were allowed to remain open, while recreational-use retailers were forced to close because they were deemed as unessential. Once the stores were allowed to be opened, the more familiar in-store experience had to change to a more modern approach, offering customers deals with the added ease of pickup options. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Cronos Group Inc. (NASDAQ: CRON), HEXO Corp. (NYSE: HEXO), OrganiGram Holdings Inc. (NASDAQ: OGI), Cresco Labs Inc. (CSE:CL) (OTC: CRLBF)    

Presently, the medical cannabis sector accounts for a majority of the market share, as progress is slowly being made in removing the stigmas associated with such products. Overall, the legal cannabis market is permeating throughout the U.S. and is helping to create a multi-billion-dollar industry. Because of the rapid pace with which this industry has grown and changed, there are concerns over possible cannabis abuse. One of the major concerns over cannabis abuse revolves around operating a vehicle while impaired. The National Institute on Drug Abuse highlighted that marijuana was the most common illicit drug found within the bloodstream of drivers who were involved in vehicle accidents, including fatal ones. As a result, companies within the cannabis marketspace began to develop the necessary technology for law enforcement agencies to use in crackdowns on drivers operating a vehicle while under the influence of marijuana.

Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO) announced breaking news yesterday that, "it expects to ship its THC Breath Analyzer ("THCBA") to a clinic in the Northwestern U.S. for beta testing in the coming days. The collaborating clinic has a robust drug testing operation and is one of the top drug testing providers to employers within its respective state. This new beta-testing site will be an addition to beta-testing launched earlier in the year. The Company is also reviewing new opportunities for testing in the province of Ontario.

The Company has received early positive qualitative feedback of its THCBA device with regards to human factors usage of the device. Beta-testing has been ongoing with Alipour Medical Centre, an occupational health care provider located in Newport Beach California.

Dr. Nima Alipour, Chief Medical Officer of AMC, the Occupational Medicine Division of Hybrid Health Systems, stated, "My team and I have found the THCBA easy to use and have been impressed with its intuitive administrative and user functionality with the capacity to complete a breath test within 5 minutes per subject, we think this will be important for employers who conduct drug testing in various work environments and require quick results. We have provided feedback on breath sample collection, connectivity, battery management, handling and sanitation of the device. As occupational health practitioners based in California, we understand the challenges that employers are facing in providing relevant drug testing for both new and existing employees. This is an exciting new tool that can move drug testing for cannabis forward from where it is now, to providing actionable insights on impairment vs. legal and prescribed use."

Cannabix is seeking and reviewing additional beta-testing sites. 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 ∆9-tetrahydrocannabinol ("THC") - the psychoactive component of marijuana that causes impairment.

The Company also reports that it has expanded its facility in Burnaby, BC to among other things, accommodate assembly of more devices and bring on additional staff."

For our latest "Buzz on the Street" Show featuring Cannabix Technologies Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=bK-YHEI7wfI

Cronos Group Inc. (NASDAQ: CRON) reported last month that it has released a Marketing Code designed to responsibly move the emerging cannabis industry forward. Cronos Group believes that those below the legal age of consumption should not be targeted in an adult-use cannabis market. Cronos Group recognizes there is a clear need for standards. That's why the Company proactively created its own and is sharing its principles publicly as a resource for the industry and policymakers. The principles in the Cronos Group Marketing Code apply to all marketing activities of all Cronos Group brands globally and will be communicated to all business partners in any work they do on the Company's behalf. The Marketing Code represents Cronos Group's commitment to responsible marketing standards. From the Company's leadership team to the teams staffing its marketing events, Cronos Group expects all such individuals to understand and follow these principles. The Company is actively implementing the training and protocols necessary to uphold these commitments. Cronos Group intends to live these values through our advertising, imagery, websites, social media, and marketing events.

HEXO Corp. (NYSE: HEXO) reported last week that it has entered into a definitive share purchase agreement to acquire all of the outstanding shares of the entities that carry on the business of Redecan, Canada's largest privately-owned licensed producer, with leading market share across a number of categories, for a purchase price of USD 925 Million payable in cash and through the issuance of common shares of HEXO and subject to certain customary adjustments (the "Transaction"). "We articulated a plan to become a top three cannabis player in the Canadian adult-use market," said HEXO CEO and co-founder Sebastien St-Louis. "With today's announcement, we believe that we are on the verge of surpassing that objective to become the no.1 licensed producer by recreational market share. Building on our strong market momentum, the combination of HEXO and Redecan reinforces our position as an industry leader and creates a robust foundation for growth, efficiency at scale and improved financial results."

OrganiGram Holdings Inc. (NASDAQ: OGI) announced last month the launch of Big Bag o' Buds, a lineup of dried flower products featuring a roster of well-known genetics and an exciting rotation of one-time offerings (OTO) in a 28g format. "Customers across the country continue to express the importance of large formats and new genetic offerings at an appealing price point," says Tim Emberg, Senior Vice President of Sales and Commercial Operations at Organigram. "Without a doubt, Big Bag o' Buds delivers on all of those points but also offers Canadian consumers a continuous pipeline of new cultivars reflecting our team's ongoing search for and development of new terpene profiles and phenotypic expressions."

Cresco Labs Inc. (CSE:CL) (OTCQX: CRLBF) reported back in April the launch of Wonder Wellness ("Wonder") Gummies and availability in Illinois. The new low-dose edibles are enhanced with botanicals to complement the overall cannabis experience, and their simple packaging communicates desired effects so wellness-minded category newcomers can consume with confidence to add cannabis as a part of their daily lifestyles. "We're focused on growing our share through an innovation strategy that capitalizes on both market dynamics and edibles portfolio white space," said Greg Butler, Chief Commercial Officer at Cresco Labs. "Effect-forward, 5 mg gummies represent one of the largest market segments, and Wonder Wellness offerings address some of the most desirable consumer needs of relaxing, getting better sleep, and being happy. Wonder Wellness is built for the exact occasions when wellness-minded consumers are looking for products to enhance or improve their everyday experiences."

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About FinancialBuzz.com 

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For cannabix technologies inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

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