Cannabics, Eroll develop medical cannabis growing device

Seedo Photo: PR

Israeli company Cannabics Pharmaceuticals and Eroll Grow Tech will develop controlled propagation facilities for the medical cannabis industry and cancer treatment.

Israeli personalized medical cannabis cancer treatment company Cannabics Pharmaceuticals (OTCQB: CNBX) has announced a partnership agreement with Israeli company Eroll Grow Tech, developer of Seedo, a fully-automated growing 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. The development of the home medical prototype device will begin in the first quarter of 2019.

Cannabics Pharmaceuticals will purchase up to a 20% stake in Seedo. Cannabics will receive royalties of up to $8 million with a minimum of $500,000 guaranteed for the 2019 fiscal year. Seedo will be allotted a warranty for one million Cannabics shares at $2 per share for 1 year.

Seedo holds a medical cannabis R&D license from Israel's Ministry of Health. 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.

Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Seedo Photo: PR
Seedo Photo: PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018