NEW YORK, April 30, 2024 (GLOBE NEWSWIRE) --
FinancialBuzz.com News Commentary
The breathalyzer market has experienced significant technological advancements in recent years, driven by improvements in sensor accuracy, portability, and connectivity. Modern breathalyzers now often incorporate fuel cell technology, which provides highly accurate readings and reduces the likelihood of false positives compared to older semiconductor models. The integration of digital capabilities allows these devices to connect with smartphones and other digital platforms, enabling real-time data tracking and sharing. This technological evolution is responding to increasing demands from both law enforcement agencies and individual consumers who seek reliable methods to ensure safety on the roads. And according to data provided by Mordor Intelligence, the Breathalyzers Market size was estimated at USD 2.36 Billion in 2024, and is expected to reach USD 5.18 Billion by 2029 while growing at a CAGR of 16.95% during the forecast period (2024-2029). Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Tilray Brands, Inc. (NASDAQ: TLRY), MGP Ingredients, Inc. (NASDAQ: MGPI), Diageo Plc (NYSE: DEO), Constellation Brands, Inc. (NYSE: STZ).
The rising concern over alcohol-related incidents complements the growth of the breathalyzer market. Alcohol consumption can impair cognitive and motor functions, significantly increasing the risk of accidents and fatalities. In the United States alone, alcohol-impaired driving fatalities accounted for 28% of total traffic-related deaths in recent years. These statistics highlight the critical need for effective alcohol monitoring systems to prevent such tragedies. Breathalyzers serve as a preventive tool in both personal and professional spheres, encouraging responsible drinking behaviors and enhancing public safety. The growing societal awareness regarding the dangers associated with alcohol misuse not only supports the market for breathalyzers but also promotes broader initiatives aimed at alcohol education and safe drinking practices.
Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), developer of alcohol and marijuana breathalyzer screening devices for law enforcement and the workplace just announced breaking news that, “it has commenced discussions with Breathalyser Sales & Service Pty Ltd. of Sydney, Australia (“Breathalyser SSP”) for the sales distribution of the Company’s Breath Logix Alcohol screening device (see Figure 1). Breathalyser SSP is a leading distributor of alcohol and drug testing devices for employers and personal use, offering well established alcohol product lines like Draeger and AlcoMeasure for the Australian market with regional offices in Perth, Melbourne and Brisbane. Breathalyser SSP has clients in a range of sectors including mining, oil and gas, industrial, trucking, warehousing and technology. Cannabix will be shipping its Breath Logix Industrial Series device to Breathalyser SSP for evaluation, preliminary marketing and business development purposes.
Ben Smit, Managing Director of Breathalyser Sales & Service Pty Ltd., stated, “We have been impressed with the Cannabix team’s ability to develop the Breath Logix wall mounted device over the last several months. Breathalyser Sales and Service is Australia's oldest distributor and leader in the supply, service & calibration of drug and alcohol testing equipment. We see the Breath Logix Industrial Series fitting into the Australian marketplace well due to is rugged exterior, ease of use and unique cartridge technology. Autonomous employee alcohol screening is a major segment of our business and we welcome innovative products like the Breath Logix device.”
The Breath Logix Industrial Series is a weather resistant device with a host of requested features including patent pending pre-calibrated cartridge technology which will allow site safety administrators to easily maintain their devices, and eliminate the need for costly calibration equipment and time-consuming site visits from technicians for maintenance. This device can be used for pre-access alcohol testing, random testing, start-of-shift testing, pre-employment testing, return-to-work testing and post-incident testing. The device is currently being piloted as a solution for the 24/7 sobriety program which exists in several states.
The Breath Logix Alcohol device automatically checks the sobriety of a user and can take a picture to confirm and record identity while a breath sample is being delivered. Upon detection of positive breath alcohol result, the device will deliver a precise Blood Alcohol Content (BAC) level on the screen, and send a real-time alert via text message, e-mail and to a dedicated web portal. Furthermore, the system logs user BAC for incident reporting and historical investigations. The Breath Logix helps organizations save money by deploying an autonomous alcohol screening device which eliminates the need for dedicated alcohol screening administrators using conventional handheld devices. There is no assurance that evaluators of the Company’s breathalyzer technology will come to terms on distribution or enter into a sales agreement with the Company.”
Tilray Brands, Inc. (NASDAQ: TLRY) announced last year that it has closed its all-cash acquisition of eight beer and beverage brands from Anheuser-Busch, including the breweries and brewpubs associated with them. The acquired businesses include Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, said, “Tilray’s diversified growth strategy is a purposeful and strategic adaptation to current market realities given delayed federal cannabis legalization in the U.S. When federal cannabis legalization does happen, we believe that Tilray will be ready to dominate as a leading global CPG company with the resources, infrastructure and operations, distribution, brands, sales, and marketing know-how to lead the revolution of cannabis CPG in the mainstream.”
MGP Ingredients, Inc. (NASDAQ: MGPI) reported back in February results for the fourth quarter and full year ended December 31, 2023. “We are very pleased with our performance for the quarter and full year and remain confident in the long-term sustainability of our business model,” said David Bratcher, CEO and president of MGP Ingredients. “Our strong financial results for the quarter and year reflect continued strength in each of our business segments and the dedication of our team. Demand for our new distillate and aged whiskey was strong, which resulted in brown goods sales increasing 39% and 26% for the fourth quarter and full year 2023, respectively, as compared to the prior year periods. In our Branded Spirits segment, we continued our premiumization efforts and are pleased that sales of our premium plus portfolio grew 50% in the quarter and 24% overall for the year, which in turn drove further gross margin expansion across the portfolio. As for our Ingredient Solutions business, we remain encouraged by the traction our specialty wheat proteins and starches continue to gain. The results across all three business segments for the fourth quarter and full year demonstrate the continued success of executing our long-term strategy.”
Diageo Plc (NYSE: DEO), maker of Smirnoff, Gordon’s, and Guinness, has launched on December 13th, 2023, a global report offering insight into consumer trends around the world. Combining in-depth quantitative analysis from the past two years with expert foresights into next year’s consumer behaviours, ‘Distilled: A Diageo Foresight Report’ provides essential reading to brands, regardless of region or industry, wanting to understand current consumer attitudes how to navigate their future. Giles Hedger, Global Consumer Planning Director at Diageo, commented: “Socialising is the wider behavioural ‘category’ that drives Total Beverage Alcohol consumption - it’s the fuel that powers the engine. At Diageo, our ambition is to understand socialising better than any company on Earth, and to do so we need to understand the forces that are shaping it. Our Foresight System allows us to detect and track long-term consumer shifts and approach our marketing and innovation with that mindset, and we’re thrilled to be sharing some of these insights.”
Constellation Brands, Inc. (NYSE: STZ) announced earlier this month its fiscal year and fourth quarter 2024 financial results and fiscal year 2025 outlook. Highlights include the following data - Achieves fiscal 2024 reported EPS of $9.39 and comparable EPS of $12.06; excluding Canopy EIE, achieves comparable EPS of $12.38. The beer Business delivers strong fiscal 2024 net sales and operating income growth over 9% and 8%, respectively, primarily driven by the 14th consecutive year of volume growth and record share gains from continued strong demand for our high-end brands. The Wine and Spirits Business delivers results aligned with lowered fiscal 2024 outlook against challenging marketplace dynamics and expects to deliver improved net sales performance in fiscal 2025. The generates strong operating cash flow of $2.8 billion, an increase of 1%, and $1.5 billion of free cash flow, a decrease of 12%, driven by brewery capacity investments.
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