In episode 44 of Investing in Cannabis, Brandon David interviews David Goldstein, CEO of Potbotics, which markets a “virtual budtender”, the PotBot, and a wireless EEG (electroencephalography) helmet that allows general practitioners to capture brain waves and analyze a patient’s neural response to cannabinoid stimulants so that the right strain and cannabinoid level can be recommended, the BrainBot, and is developing NanoPot, an advanced DNA reader that scans cannabis seeds to optimize growers’ yields.
The company aims to be a resource for new medical patients, especially baby boomers. Its database currently covers 31 different medical ailments, providing information including links to peer-reviewed research. PotBot, which is a free app, currently has over 500 strains in its database. The BrainBot allows doctors to check the neurological effect of cannabis on the patient and represents a first step into a larger market that will allow doctors to use data to better treat patients with medical cannabis.
The cost of the BrainBot system is $12,000, but most of the 32 customers in the field lease it for $300 per month on a two-year agreement, typically. The company sells the disposable caps that are used to capture the data. PotBot isn’t yet monetizing, but it expects to use the app for marketing on behalf of certain medical-facing companies. Goldstein reports that many of the 55 investors are medical doctors. The company raised $3.5mm earlier this year, and it plans to raise additional capital later this year.