10:45 AM EDT, 10/25/2024 (MT Newswires) -- Avalon GloboCare ( ALBT ) said Friday it has signed a memorandum of understanding with Qi Diagnostics for a proposed co-development of a cannabis breathalyzer.

Financial details weren't disclosed.

Avalon said it has 120 days to discuss with Qi Diagnostics and sign a deal regarding the proposed partnership.

If the two parties reach an agreement within the given period, the partnership would focus on the initial prototype-enabling stage, involving research, data collection, software development, and drafting of the prototype design of a breathalyzer to detect cannabis, Avalon said.

Shares of Avalon were up 7.7% in recent Friday trading.

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