Home Cannabis Farming Company Seedo Files for Debt Settlement
Seedo develops at-home automated cannabis growing devices roughly the size of a mini-fridge said to create optimal growing conditions using computer vision technologies
Israel-based cannabis farming startup Seedo Corp., through its wholly-owned subsidiary Eroll Grow Tech Ltd., has filed for a debt settlement and suspension of proceedings with the Nazareth District Court, the company announced in a Thursday filing to the U.S. Securities and Exchange Commission (SEC).
Eroll has debts of NIS 71,516,100 (approximately $20,609,827), and the company does not have enough capital to continue to fund its operations, the filing said. The company is seeking authorization for a loan agreement with a potential buyer, the filing said.
Also last week, Seedo’s chief financial officer, Uri Birenberg, resigned, effective immediately.
Seedo device. Photo: Raz Menashe
Founded in 2013, Seedo develops an at-home automated cannabis growing device roughly the size of a mini-fridge. The device automatically creates optimal growing conditions for cannabis and other plants, using computer vision technologies to monitor the plant’s condition and needs.
In October, the company announced a partnership with American rapper Snoop Dogg.