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First Auto-Grow Device for Medical Cannabis
Written By: Jen Neville
August 14, 2018
Cannabics Pharmaceuticals Inc., a leader in personalized cannabinoid medicine focused on cancer and its side effects, recently announced a partnership agreement with Eroll Grow Tech ltd, developer of the world’s first fully-automated grow device designed specifically for cannabis. Through this new partnership, Cannabics and Seedo will develop the first controlled device for growing medical cannabis at home, ensuring sustainable quality and supply of natural, pesticide free product. The fully-automated grow device will be managed and controlled by an artificial intelligence algorithm and monitored by a smart phone app, using technology successfully implemented by Seedo for recreational growth. Per the agreement,
- Cannabics Pharmaceuticals will purchase up to 20 percent of Seedo’s common shares.
- Cannabics will receive royalties of up to $8 million with a minimum of $500,000guaranteed for the 2019 fiscal year.
- Seedo will be allotted a warrant for one million Cannabics common shares at a price of $2.00 per share for a period of 1 year.
“This initiative will enable patients and eventually businesses to take control of their medical cannabis supply in a revolutionary manner,” stated Eyal Barad, CEO of Cannabics Pharmaceuticals. “Seedo’s high-tech devices and Cannabics’ capabilities will support the sustainable delivery of the right form and quality of medicinal cannabis.” Seedo holds a Medical Cannabis R&D license from the Israeli Health Ministry. The company’s grow device creates lab conditions in order to optimize plant growth without pesticides, human intervention or agricultural knowledge. Ultimately, the partners plan to develop a product using the same technology that will propagate larger quantities of medical Cannabis at the industrial scale. “Cannabics has demonstrated leadership in personalizing cannabinoid-based care, and we are excited about the endless potential of this partnership,” added Seedo CEO Zohar Levy. “We are looking forward to applying the same technology and momentum from our existing device to medical grow solutions that can help millions of patients around the world.” The development of the home medical prototype device will begin in Q1 2019.