- Cannabix Technologies (BLO) has enjoyed a share price bump of more than 50 per cent after securing a new U.S. patent for its marijuana breathalyser
- The patent, which the company first filed an application for in 2014, relates to its Cannabis Drug Detection Device
- Cannabix will now issue 5 million common shares to Cannabix Breathalyser Inc. – a separate entity – under a requirement outlined in a license agreement that was signed on June 5, 2014
- The company will also carry out a strategic review of its current patent applications in an effort to re-align its portfolio
- Cannabix Technologies is currently up 51.06 per cent to C$1.42 per share
Cannabix Technologies (BLO) has enjoyed a share price bump of more than 50 per cent after securing a new U.S. patent for its marijuana breathalyser.
The Vancouver-based company has been pursuing the patent application – which was issued by the United States Patent and Trademark Office, and which is entitled “Cannabis Drug Detection Device” – since it was filed in 2014.
With the patent now in hand, Cannabix will issue 5 million common shares to Cannabix Breathalyser Inc. – a separate entity – as a final milestone payment under a license agreement that was signed on June 5, 2014.
Cannabix, the developer of the Cannabix Marijuana Breathalyser devices for law enforcement and the workplace, will also carry out a strategic review of its current patent applications in an effort to re-align its portfolio. This is expected to include the cancellation of a second license agreement with the University of Florida relating to patent application 16/082,220.
However, the company will continue with the University of Florida under an original license agreement that relates to patent 8,237,118.
“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 2014,” said Dr. Raj Attariwala, Chief Scientific Officer of Cannabix Technologies.
“Considering the field of breath detection of drugs is in its infancy, this patent is a useful step in our IP protection strategy,” he added.
Cannabix Technologies is currently up 51.06 per cent to C$1.42 per share at 3:06pm EST.