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Cannabis Breathalyzer Company Raises $20 Million
Cannabis breathalyzer company Hound Labs, Inc. has raised $20 million from a variety of cannabis investment groups. Investors in the company include Entourage Effect Capital (EEC), Intrinsic Capital, Benchmark, Icon Ventures, and Tuatara Capital. The company raised the funds in order to scale production of the HOUND MARIJUANA BREATHALYZER. Hound Labs says it has developed a patented and one-of-a-kind ultra-sensitive technology that is at the core of the company’s first commercial product.
“The groundbreaking breath testing technology created by Hound Labs provides a substantial competitive advantage to the Company,” said Dov Szapiro, Managing Partner at EEC. “The Hound Labs team has accomplished an impressive scientific achievement – precisely and consistently targeting one specific type of molecule out of the more than 3,500 different compounds found in breath. Not only are we excited about the immediate capabilities of the Hound breath technology to measure recent cannabis use, we are also excited about future applications that can detect pathogens such as SARS-CoV-2 or biomarkers for disease by changing the targeted compound.”
Cannabis use testing has been notoriously difficult. Unlike alcohol use, which is relatively easy to measure with traditional breathalyzers, cannabis consumers often show positive results long after actually consuming the product making traditional methods unreliable. Hound Labs says its product has been designed to isolate recent cannabis use by specifically measuring THC1 (the primary psychoactive ingredient in cannabis). The company noted that the ability to determine when an employee used cannabis is critical now that most adults in the U.S. can legally use recreational cannabis outside of work hours. While Amazon made news recently by saying it wouldn’t test employees for cannabis use, it specifically carved out drivers from that statement.
Hound Labs claims to be the only ultra-sensitive cannabis testing solution that identifies recent use that correlates with the window of impairment, allowing employers to keep employees who might otherwise test positive via conventional cannabis tests of oral fluid, urine, and hair.
“In order to manage our supply chain and meet demand for inventory, we have been reaching out to employers on our Wait List to understand the volumes required for our commercial units in 2022,” stated Dr. Mike Lynn, CEO of Hound Labs. “The response has been incredible. We are negotiating multi-million-dollar contracts with companies from a variety of industries who want to secure HOUND MARIJUANA BREATHALYZERS ahead of our 1Q22 commercial launch.”
The Company was founded in 2014 by a team including CEO Dr. Mike Lynn, an ER physician, reserve deputy sheriff, and former venture capitalist. The HOUND MARIJUANA BREATHALYZER is intended to detect recent marijuana use. The company said that its product does not measure whether, or how much, a person is impaired and that it is intended solely for use in law enforcement, employment, and insurance settings.
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