Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF), an investment company targeting early-stage blockchain and crypto companies, said its new subsidiary Code Cannabis Investments is conducting due diligence on an organic farm in New Berlin, New York which can potentially grow hemp.
The company is stepping up investments in the cannabis sector at a time when laws surrounding marijuana are changing. New York state on Monday decriminalized recreational marijuana use, meaning possession of small amounts of the drug will be punished with fines rather than jail time, a step short of Governor Andrew Cuomo’s goal of legalizing pot.
“Code Cannabis Investments has been formed to find early stage investments in the cannabis sector that can deliver substantial returns to shareholders,” said Codebase Ventures CEO George Tsafalas.
READ: Codebase Ventures launches new Code Cannabis Investments subsidiary
“Our team sees the hemp-derived CBD market as a lucrative one which is expanding rapidly, and we believe that the certified organic designation will provide additional growth potential and stronger margins.”
In a statement, the company said it is conducting due diligence on the New Berlin, New York property which consists of approximately 45 acres of certified organic land.
Code Cannabis Investments will identify early-stage assets and startups in the sector that could benefit from its capital and industry knowledge.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive