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Codebase Ventures to seek investments in expanding cannabis sector

The Canadian investment company will target opportunities in information, data and technology within the cannabis industry
cannabis
Codebase currently invests in the blockchain and cryptocurrency sectors

Codebase Ventures Inc (CSE:CODE) (FSE:C5B) (OTCQB:BKLLF) announced Wednesday it will start seeking investments in the growing cannabis sector.

The company, which invests in early stage tech companies, said its focus within the cannabis sector will target opportunities in information, data and technology.

The Vancouver, British Columbia-based company currently invests in the blockchain and cryptocurrency sectors.

READ: Codebase Ventures ICO Ranker prepares for possible Bitcoin run-up

Codebase said investing in cannabis sector would be a natural fit for the company, given the fact that CEO George Tsafalas and board director Brian Keane have previously served in leadership and governance positions with two leading players in the industry. The idea is to leverage their experience and contacts.

Tsafalas had served in a leadership role with Supreme Pharmaceuticals, now Supreme Cannabis Company (CVE:FIRE) ( OTCQX:SPRWF). Keane served as a director for Friday Night Inc., now 1933 Industries Inc. (CSE:TGIF) (OTCMKTS:TGIFF).

“As a result of our knowledge and relationships in the cannabis sector, we have identified opportunities that merit further investigation," CEO Tsafalas said in a statement.

"At one end of the cannabis sector we are seeing innovative startups and at the other consolidation with bigger entities,” he noted. “We are seeing a sector today that is in its infancy and there are investment opportunities of interest to us beyond the mainstream, in areas including information, data and technology."

As announced earlier this month, the Codebase said its management team is in a strong position with its investments in the blockchain sector to capitalize on the resurgence of Bitcoin -- which has increased in value by 50% over the past 30 days -- and the arrival of new opportunities for retail and institutional investors with cryptocurrencies and distributed-ledger technologies.

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