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Cannabix Technologies (OTCPK:BLOZF) stock price jumped 21% on Thursday as it entered into a strategic partnership and development agreement with Omega Laboratories.
Omega Laboratories is headquartered in Ohio and is an international provider for abuse testing of forensic drug for over twenty years.
The agreement provides a pathway for commercialization of Cannabix’s (OTCPK:BLOZF) marijuana breathalyzer technology. It includes an ‘R&D Phase’ and ‘Commercial Phase’ and ‘Exclusive Testing’ of Cannabix’s delta9 THC breath sample cartridges for drugs for 5 years within North America.
During the commercial phase, the parties will determine, pricing, licensing and other revenue parameters.
As consideration for the completion of specific milestones by Omega, it will receive 1M shares of Cannabix (OTCPK:BLOZF) and 11M special warrants.