Cannabix Technologies Inc (CNSX: BLO) (OTCMKTS: BLOZF) Looking To Rebound

Cannabix Technologies Inc (CNSX: BLO) (OTCMKTS: BLOZF) was a pick that we identified last year as a top play on the wave of marijuana legalization. While shares did run up ahead of the November ballots, they've been drifting lower ever since. This is because the news flow out of the company has been rather sparse. However, last month the company did put out an update on its marijuana breathalyzer. Taking a closer look at what the press release said, we believe the share rebound looks set to kick into gear.First up, a little background for those that are not familiar with the company. Cannabix Technologies Inc considers itself to be a leader in marijuana breathalyzer development for law enforcement and the workplace. Cannabix has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana impaired driving offences on roads at a time when marijuana is becoming legal in many global jurisdictions.Cannabix is working to develop drug-testing devices that will detect THC- the psychoactive component of marijuana that causes intoxication- using breath samples. In particular, Cannabix is focused on developing breath testing devices for detection of recent use of THC, in contrast to urine testing for THC metabolite that requires an invasive collection and reflects use days or even weeks earlier. The devices will also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.Last month's update said that development in Gainesville, Florida and Vancouver, BC is progressing well and the Company expects to begin pre-trial live subject testing this month. Since introducing the Beta 2.0 version of the Cannabix Marijuana Breathalyzer in late 2016, company scientists have been engaged in developmental testing, method development, and continuously improving the design of the device. At the same time, experiments have been done with THC to characterize the individual parts of the instrument and improve the efficiency of human breath collection and sampling.The Cannabix Marijuana Breathalyzer consists of proprietary components including a generator enabled by the latest chip technology to provide extremely fast high-voltage square wave transitions that significantly improve chemical separations, and a novel plasma ionization source that provides efficient ionization with a relatively small footprint. The Company anticipates completing developmental testing of the Beta 2.0 device within the next month while preparing for preliminary human subject testing.Various technical leaps have been made with several components over the last several months. In particular, the dielectric barrier discharge ionization source (DBD) which allows efficient ionization with relatively low voltages, has been significantly optimized in every aspect of the source (sizes, geometries, and materials) leading to significantly smaller instrument footprint. In addition, the high-voltage square wave generator (HVSW) which causes ions to oscillate rapidly at a high frequency between the FAIMS electrodes, to create separation from each other, has been drastically improved.The Company said that it is working with its Vancouver based engineering firm to ruggedize and refine its breath collection component (i.e. the collection tube where users breathe into the breathalyzer). In particular, engineers are testing a very exciting proprietary flow-through heat exchanger technology that stabilizes breath temperature in extreme cold as well as humid temperature settings.Currently trading with a market cap of $38 million, the latest update from Cannabix Technologies showed that the company is still in the developmental stages of its marijuana breathalyzer. We expect an update by the end of this month on the testing process. With Canada set to legalize recreational marijuana sometime this year and 60% of the US population having access to medical marijuana, there's a strong demand for a breathalyzer to detect if someone is driving impaired. We believe that Cannabix Technologies Inc will be first to market with a breathalyzer. We're just waiting for testing and final development to be completed.We will be updating our subscribers as soon as we know more. For the latest updates on BLO/BLOZF, sign up below!Disclosure: We have no position in Cannabix Technologies Inc and have not been compensated for this article.