COMPANY’S CANNABIS SUBSIDIARY LOOKS TO ESTABLISH FOOTHOLD IN DEVELOPING NEW YORK STATE MARKET FOR HEMP-DERIVED CBD
VANCOUVER, BC, CANADA (August 6th, 2019) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF), announces that through its Code Cannabis Investments subsidiary, the Company has signed a Letter of Intent (LOI) towards the proposed purchase of an organic farm in New Berlin, New York.
The property consists of approximately 45 acres of certified organic land in New Berlin, NY. The proposed purchase price stated in the LOI shall be USD $125,000. If the acquisition is completed, the Company intends to grow certified organic hemp in order to enter into the hemp-derived CBD market. In order to grow hemp on the property an industrial hemp license would have to be applied for and approved. There is no assurance this acquisition will close.
“As previously noted, the Company wants to establish a foothold in the fast-changing landscape in New York State and throughout the USA as it relates to hemp-derived CBD – with the added upside of a certified organic designation,” said Director, Mr. Brian Keane. “Our strategy is further supported by the moves by multiple retailers such as Walgreens, CVS and Rite Aid are making by entering or announcing the intent to enter the CBD product marketplace.”