Cannabics Pharmaceuticals, a US-Israeli company that develops personalized cannabinoid medicine focused on cancer and its side effects, announced this week that it has signed an agreement to partner with Eroll Grow Tech, an Israeli company that developed the Seedo, to produce a fully automated controlled device to grow medical cannabis at home.
Seedo is the world’s first fully automated grow device specifically designed for cannabis. The development of this medical prototype to be used at home will begin the first quarter of 2019, according to a Cannabics company statement.
The product will be controlled by an AI algorithm and monitored by a smartphone app, the company said. It will use technology successfully implemented by Seedo for recreational growth.
Seedo holds a medical cannabis R&D license from the Israeli Health Ministry
According to the agreement, Cannabics will purchase up to 20 percent of Seedo’s common shares and receive up to $8 million in royalties. The agreement has a minimum guarantee of $500,000 in the year 2019.
Seedo will receive a one-year warranty to purchase $1 million Cannabics common shares at $2 per share.
“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.