Cannabix Technologies Raises $2.1 Million to Advance Development of Portable Marijuana Breathalyzer - Video News Alert on Investmentpitch.com

March 16, 2016 11:57 AM EDT | Source: InvestmentPitch Media

Vancouver, British Columbia--(Newsfile Corp. - March 16, 2016) - Cannabix Technologies (CSE: BLO) (OTC Pink: BLOZF), a leader in marijuana breathalyzer development for law enforcement and the workplace, is a step closer to making the roads safer. The company closed an oversubscribed, non-brokered private placement, raising gross proceeds of $2,082,004 through the sale of 13,880,025 units.

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The units were priced at $0.15, and consist of 1 share and 1 warrant, with each warrant exercisable at $0.25 for a period of 24 months, with an acceleration provision should the shares trade at $0.30 or higher for 10 days. The proceeds will be used for the development of the company's marijuana breathalyzer and for general working capital.

Cannabix is working to develop portable, hand-held drug-testing devices that will detect THC, the psychoactive component of marijuana that causes intoxication, using breath samples.

Kal Malhi, President of Cannabix stated, "Drugged Driving is quickly replacing drunk driving as the leading cause of fatal collisions and law enforcement is in urgent need of a scientific tool to help enforce road safety from drug impaired drivers."

The company is working with the Yost Research Group at the University of Florida to develop a cutting edge breath detection device based upon high-field ion mobility and mass spectrometry. In particular, Cannabix is focused on developing breath testing devices for THC detection that would target recent use of THC, within a two hour time period at time of testing, in contrast to saliva or urine testing for THC which can be invasive and take a considerable amount of time for laboratory analysis. These devices would be used to provide detection of THC at roadside and immediately identify drivers under the influence of marijuana.

For more information, please visit the company's website, www.cannabixtechnologies.com, call 604-551-7831 or email info@cannabixtechnologies.com.

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