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Cannabis Summary for Jan. 12, 2021

2021-01-12 20:23 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 204.57, while the CSE Composite Index added 3.23 to 788.19. It was a day of big winners, big losers and big financings. One of today's noteworthy gainers was Cannabix Technologies Inc. (BLO), which shot up 55 cents to $1.49 on 5.78 million shares, after receiving a U.S. patent for intellectual property related to its cannabis breathalyzer. It has been pursuing this patent for seven years.

The long wait partly reflects a long wade through a sea of red tape, dating back to when Cannabix obtained a licence for the original version of the patent application in 2014. (The licensor was a company founded by RCMP-officer-turned-entrepreneur Kal Malhi, who along with Vancouver radiologist Dr. Raj Attariwala is credited as the inventor behind the patent. Mr. Malhi and Dr. Attariwali are the co-founders of Cannabix and serve as its president and chief scientific officer, respectively.) The changing names on the application added extra complications to what is already a notoriously slow process. Yet now, at long last, the patent has been granted. Dr. Attariwali cheered that the patent "gives Cannabix a broad foundation to build upon, in view of the formidable insights and technical advancements ... that we have developed since this patent was initially filed in 2014."

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