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Cannabis Summary for March 2, 2020

2020-03-02 19:31 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 1.66 points to 158.59 Monday, while the Canadian Securities Exchange Composite Index gained a modest 0.66 point to 338.01. Given today's gains in the broader market, cannabis investors will have been disappointed that there was no bounce after last week's carnage.

That being said, plenty of individual companies fared well. Cannabix Technologies Inc. (BLO) jumped 18 cents to 66 cents on 1.12 million shares after announcing an update on its marijuana breathalysers. Cannabix has two main types of breathalysers: (1) a THC detection device, which is designed for use by police for roadside testing; and (2) a THC breath analyzer (THCBA), which is meant to be used for workplace and personal use testing.

The company says its roadside THC testing device -- Beta 3.1 FAIMS (field asymmetric waveform ion mobility spectrometry) marijuana breathalyser -- has achieved "ion-resolving levels." (Clearly the scientists had more to do with the device's name than the marketing department.) This will enable Cannabix's breathalyser to isolate THC in human breath. According to the company, as long as the test is within 90 minutes of the subject smoking marijuana, the device is able to isolate and test for THC effectively. (Of course, one downside with this is that a subject could remain "high" from smoking marijuana for well over 90 minutes.)

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