Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), developer of the patent pending Cannabix Marijuana Breathalyzer for law enforcement and the workplace, recently announced that its stock became DTC eligible. By becoming DTC eligible, retail investors can quickly deposit and withdraw stock into brokerage accounts without the need for physical stock certificates.
The Depository Trust Company (“DTC”) is the largest securities depository in the world and holds more than $35 trillion worth of securities on deposit. Given its enormous size, most large U.S. broker dealers and banks are DTC participants, while some prevent non-DTC eligible securities from being bought or sold altogether due to the added complexity of dealing with physical stock certificates.
The move comes shortly after the company changed its name from West Point Resources to Cannabix Technologies and listed on the OTC stock exchange in the United States. All of these efforts have helped improve the stock’s accessibility for investors and could help increase liquidity over time, particularly as management draws closer to developing a functional prototype.
The Cannabix Marijuana Breathalyzer drug-impairment recognition system is based on breath testing technology that has been developed to test individuals for recent consumption of the THC component of marijuana. Management is initially targeting law enforcement agencies, which have struggled to enforce driving laws in states where marijuana has been legalized, along with workplaces.
Shares of Cannabix Technologies Inc. fell slightly on Wednesday, October 22, 2014 following the news release, but are trading up nearly 6% over the past five days.
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