Company's cannabis subsidiary looks to establish foothold in developing New York state market for hemp-derived CBD
VANCOUVER, BC / ACCESSWIRE / August 6, 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."
About Codebase Ventures Inc.
The Company's mission is to make strategic investments in emerging sectors and markets, including cannabis and technologies such as blockchain and cryptocurrencies, where innovative business models and technologies have the potential to be transformative and deliver the greatest value to shareholders.
Codebase Ventures Inc. is a hands-on team of entrepreneurial and technology experts who invest early in great ideas. The Company operates from the understanding that emerging sectors including cannabis and technology are evolving rapidly, bringing early opportunities for strategic investments that can deliver the exponential returns to shareholders.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Brian Keane, Director
Investor Relations
Telephone: 1 (778) 806-5150 - TOLL FREE (877) 806-CODE (2633)
E-mail: IR@codebase.ventures
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Codebase Ventures Inc.
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