Cannabix Technologies (OTCPK:BLOZF) saw a significant increase in its stock price on Thursday, climbing 21% after announcing a strategic partnership and development agreement with Omega Laboratories. Omega Laboratories, based in Ohio, has been a leading international provider of forensic drug abuse testing for over two decades. The agreement outlines a plan for the commercialization of Cannabix’s marijuana breathalyzer technology, involving distinct phases such as an ‘R&D Phase’ and ‘Commercial Phase.’ This partnership also includes an agreement for exclusive testing of Cannabix’s delta9 THC breath sample cartridges for drugs within North America for a period of 5 years.
As per the terms of the agreement, Omega Laboratories will be entitled to receive 1 million shares of Cannabix (OTCPK:BLOZF) and 11 million special warrants upon achieving specific milestones. Additionally, the agreement will cover details such as pricing, licensing, and revenue parameters during the commercial phase. This strategic partnership aims to leverage the expertise of both companies to bring innovative solutions to the market and advance the field of drug abuse testing technology.
The collaboration between Cannabix Technologies and Omega Laboratories marks a significant step towards achieving commercial success in North America. The company remains committed to driving innovation and addressing critical needs in the area of drug abuse testing, with a focus on creating reliable and accurate solutions for detecting the presence of THC in breath samples.
In addition to its current product lineup, Cannabix is developing other technologies that are designed to revolutionize drug detection. For example, its cannabinoid saliva test is being developed as an alternative solution to blood tests for drug detection.
This news comes at an important time for both companies. As more states legalize marijuana use in North America, there is a growing need for accurate and reliable methods to detect impairment behind the wheel. By partnering with Omega Laboratories, Cannabix can take advantage of their expertise in forensic drug testing while continuing to develop innovative solutions that meet these critical needs.
Overall, this strategic partnership is expected to have a positive impact on both companies’ bottom lines as they work together to drive innovation and address important social issues related to drug abuse testing technology.
