Cannabix Technologies and Omega Laboratories Inc. Enter Strategic Partnership to Commercialize Marijuana Breathalyzer Technology

VANCOUVER, British Columbia, May 16, 2024 (GLOBE NEWSWIRE) -- Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (Frankfurt: 8CT) (the “Company” or “Cannabix”) reports that it has entered into a strategic partnership and development agreement dated May 15, 2024 (the “Agreement”) with Omega Laboratories Inc of Ohio, USA (“Omega Laboratories” or “Omega”). The Agreement provides a pathway for commercialization of Cannabix’s marijuana breathalyzer technology.

Omega Laboratories is an international industry leader in forensic drugs of abuse testing for over twenty years. Omega has multiple federal as well as international certifications and accreditations for its world class facility and has extensive experience in novel technology for detection of drugs of abuse.

Pursuant to the Agreement, Cannabix and Omega Laboratories (together, the “Parties”) have agreed to, among other things, complete research and development, refine and expand the use of Cannabix’s technology to meet existing and emerging needs of Omega’s clients, contemplate manufacturing and distribution and introduce the delta9 THC breath testing technology to customers in North America.

Highlights:

• Cannabix and Omega have entered into the Agreement for the purpose of facilitating an pathway for commercialization of Cannabix’s innovative technology.
• Omega will be the exclusive laboratory in North America to process and analyze Cannabix delta9 THC breath sample cartridges in conjunction with its Breath Collection Unit and Mass Spectrometer Breath Sampler technology (the “Cannabix Hardware”) for five (5) years.
• The Agreement contemplates critical steps to further Cannabix’s technology from the research and development stage to commercialization.
• Pursuant to the Agreement, the Parties agreed to key milestones that will provide mutual benefits to each of Cannabix and Omega including validation of results, publication of validation results to industry journals, and enter into potential large-scale studies, and testing agreements with Omega’s clients.
• The Agreement contemplates hardware licence fees, revenues, future manufacturing, distribution arrangements, carve outs and leaves the door open for additional agreements in other global jurisdictions.
• Omega will become a shareholder of Cannabix (as more particularly described below) and, pursuant to the Agreement, Omega was granted the right to appoint a director to the Company’s board of directors, subject to certain conditions including, but not limited to, the Board Right Threshold (as defined below).

Omega Laboratories is headquartered in Ohio, USA in a state-of-the-art facility providing drugs of abuse testing to over 6,000 clients worldwide, including several Fortune 500 companies police and highway patrols, several court systems, military organizations, and school systems. Omega also has one of the largest Third-Party Administrator (TPA) client lists in America.