Cannabics Pharmaceuticals Partners with Eroll Grow Tech to Create First Auto-Grow Device for Medical Cannabis
Companies will develop controlled propagation facilities for the medical cannabis industry
TEL AVIV, Israel and BETHESDA, Maryland, Aug. 14, 2018 /PRNewswire/ -- Cannabics Pharmaceuticals Inc. (OTCQB: CNBX), a leader in personalized cannabinoid medicine focused on cancer and its side effects, today announced a partnership agreement with Eroll Grow Tech ltd ("Seedo"), 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 $500,000 guaranteed 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," said 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," said 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.
Watch the Video: https://www.youtube.com/watch?v=m3DQug4XmMg
About Cannabics Pharmaceuticals
Cannabics Pharmaceuticals Inc. (CNBX) is a United States-based public company that is developing a platform that leverages big data and artificial intelligence to develop cannabinoid-based therapies for palliative care and cancer treatments that are more precise to a patient's profile and specific cancer. Cannabics' approach can also be used to help develop cannabinoid-based therapies as a preventive or primary cancer treatment – not just palliative, the way it's being used now. By developing tools to assess effectiveness on a personalized basis, Cannabics is helping to move medical cannabinoids into the future of cancer therapies.
The company's R&D is based in Israel, where it is licensed to conduct scientific and clinical research on cannabinoid formulations. For more information, please visit www.cannabics.com.
About Seedo
Seedo is an Israeli company with Subsidiaries in the US and Europe, that developed the world's first fully-automated device managed and controlled by an artificial intelligent algorithm and monitored by smart phone App. Seedo lets consumers grow their own herbs and vegetables in the comfort of their own home, effortlessly. Seedo controls and monitors the growing process, from seed to plant, while providing optimal lab conditions to assure premium quality produce year-round. Company goal is to simplify the growing process, making it accessible for everyone, with no compromising on quality. Visit Seedo at: www.seedolab.com.
Disclaimer:
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, Cannabics Pharmaceutical's latest 10-Q Report filed on July 16th, 2018. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Cannabics Pharmaceuticals Inc. which are condoned by the Company must emanate from the Company itself, and bear our name as its Source.
Media Contact
Liz Crumpacker
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+1(646)866-9215
SOURCE Cannabics Pharmaceuticals Inc.
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