Cannabics Pharmaceuticals Converts $1 Million Loan Into Common Shares of Seedo
TEL AVIV, Israel, Jan. 8, 2019 /PRNewswire/ -- Seedo Corp. (OTC: SEDO), a high-tech company providing the world's first fully automated and controlled indoor growing machine for the organic cannabis and agriculture markets, today announced that U.S.-based partner and investor Cannabics Pharmaceuticals Inc., a leader in personalized cannabinoid medicine focused on cancer and its side effects, is converting its $1 million convertible loan to Seedo into common shares of the company.
This signals increasing support from Cannabics who announced in August 2018 details of its investment in Seedo along with news of the companies' partnership to develop the world's first controlled device for growing medical cannabis at home. The collaboration between these industry leaders is poised to provide patients with the precision growth technology necessary to ensure standardized control over their medical cannabis supply.
"The fact that Cannabics Pharmaceuticals is choosing to increase its shares in Seedo now instead of upholding the right to convert this loan in a year's time speaks volumes to the trust between our two organizations," said Zohar Levy, CEO and Director of Seedo Corp. "We look forward to continuing to build on this strong partnership as we bring to market our revolutionary product that will enable patients a precise way to source pesticide-free, medical-grade cannabis designed to meet their unique patient profile."
Seedo is a market leading high-tech company providing the cannabis and agriculture industries with the world's first fully automated and controlled indoor growing machine. Seedo provides growers with the freedom to cut costs while generating high yields of lab-grade, pesticide-free herbs and vegetables. Seedo's AI-powered, turnkey systems enable anyone from average consumers to large-scale producers the ability to grow without prior experience or ample space. Seedo is a publicly traded company backed by a group of international investors including Cannabics Pharmaceuticals and is headquartered in Israel. For more information, visit http://www.seedolab.com
About Cannabics Pharmaceuticals
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, our latest Form 10-Q Report filed on August 20th, 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.
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SOURCE Seedo Corp.
Company Codes: OTC-PINK:CNBX, OTC-PINK:SEDO, OtherOTC:CNBX, OtherOTC:SEDO