Diversify away from cannabis retail with this technology stock
While overproduction, inflation and the glacial pace of legalization have humbled the top Canadian cannabis stocks, such as Tilray (TSX:TLRY) and Canopy Growth (TSX:WEED), from large-cap glory to small-cap question marks, there are certain companies that have managed to generate long-term shareholder value, despite the volatility of a nascent industry, giving investors every reason to expect continued growth into the future.
A stock well worth your attention under this lens is Cannabix Technologies (CSE:BLO), market capitalization C$69.09 million, a technology developer specializing in cannabis and alcohol breathalyzers for workplaces, law enforcement, laboratories and other critical settings.
The company has been on a role over the past 12 months, achieving positive third-party testing for its alcohol and cannabis-detection technologies, reducing net losses by over 75 per cent from C$2.08 million to C$450,000, in addition to securing a handful of deals that set operations up for revenue generation. These include:
Cannabix's latest milestone, a contract manufacturing deal with Price Industries in Winnipeg, Manitoba, announced earlier this week, continues to demonstrate the company's ability to attract well-established partners and pave out its long-term growth runway.
The company's diligent product development and consistency at closing deals have earned investors a 76.47-per-cent return year-to-date, an over 250-per-cent return from the five-year low in 2023, and an over 350 per cent return since adopting the Cannabix name in 2014, all of which has come before reporting any revenue on the balance sheet.
Once initial orders roll in and Cannabix's top line starts to put up positive numbers, look for the broader market to pile in and reward the patience of long-term investors. While there's no specific timeline for this, the company is well-capitalized to continue building strategic relationships and go-to-market momentum with over C$2.8 million in cash as of January 2025.
Join the discussion: Find out what everybody's saying about this alcohol and cannabis breathalyzer technology stock on the Cannabix Technologies Inc. Bullboard and check out the rest of Stockhouse's stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
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