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OAKLAND, Calif. – Technologies enterprise Hound Labs announced that it has secured $30 million in funding from private equity fund Intrinsic Capital Partners, as properly as insurance coverage investment fund NFP Ventures, investment firm Primary Street Advisors, and present investors Benchmark and Icon Ventures.
“With industrial production of its marijuana breathalyzer currently below way, Hound Labs is optimally positioned to meet the pent-up demand for the only tool that measures current marijuana use devoid of identifying an individual who legally consumed marijuana the prior evening or final weekend,” stated Howard Goodman, a companion at Intrinsic Capital Partners, touting the device’s sophisticated technologies.
The company’s announcement coincides with publication of a peer-reviewed study by researchers at the University of California, San Francisco final results of the study help breath as a “viable medium” for detecting cannabis inside 3 hours of use. This newest study is the second that has integrated Hound Labs’ cannabis breathalyzer gear. Study final results have been published in peer assessment journal Clinical Chemistry.
“With the publication of clinical study final results validating breath as the new frontier for testing current use of THC, investors can see the tremendous worth that Hound Labs will bring to the marketplace with its initial-of-its-type technologies,” Hound Labs co-founder and Chief Executive Officer Dr. Mike Lynn stated in a press release.
“We are excited to usher in a new era of far more meaningful and fair drug testing now that marijuana is each medically and recreationally readily available to so quite a few men and women,” he added.
The Hound® Breathalyzer, the enterprise stated, is “intended for law enforcement, employer, and insurance coverage purposes only.” The hand-held device is price-efficient it quickly detects and measures each cannabis use and alcohol.
“Hound Labs has developed a marijuana and alcohol breathalyzer that uniquely addresses these issues and can advantage our customers in a wide variety of industries—from trucking and building to logistics and retail,” NFP Ventures Managing Director Shawn Ellis stated.