Cannabix Technologies is a penny stock that could be in the right space at the right time
Technology to test marijuana inebriation may not be the most fun for investors, but according to analysts, it could be among the smartest stock buys on the market. Cannabix Technologies CNSX: BLO, the creator of a THC breathalyzer, is among the penny marijuana stocks worth watching.
Cannabix was up 4.41 percent yesterday and has been steadily climbing since mid-September. Drug testing is a top concern for police services and government bodies in the legal market. Wherever driving under the influence of marijuana remains an illegal offense, Cannabix could provide an essential service.
The company is developing tech that can be used in the field to test THC levels in real time using a breath sample. It provides an alternative to current methods of THC testing which rely on blood or urine and take time to process. These more invasive tests are impractical for testing in may critical situations such as traffic stops.
While the company is not the only one developing breathalyzers, Cannabix stands out from much of the competition due to its unique protections. It managed to secure the intellectual rights to the tech behind the devices it is creating.
The device designer has plenty of competition, but according to Cannabix, no company has successfully released a breathalyzer device for THC on the market. Cannabix said developing and releasing such a device suitable for law enforcement and workplace testing is their chief objective.
Analysts estimate the drug detection space will be worth as much as $8 million by 2022. Cannabix could be in the right space at the right time.