The company announced a deal Tuesday morning to acquire 45 acres of certified organic land in New Berlin, New York for US$125,000. The plan is to grow hemp to use for cannabidiol (CBD) extraction.
The land is settled in the foothills of the Catskill Mountains, which the company believes can accommodate an extraction facility in addition to farmland.
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“We see this farm as a hub for the Company on the East Coast, beginning with production and extraction in partnership with other companies and the potential development of our own organic hemp and hemp-derived CBD brands,” Code Cannabis Investments CEO Zach Stadnyk said in a statement.
In addition to owning Code Cannabis, Codebase Ventures makes investments in other emerging sectors, including blockchain and cryptocurrencies. It also owns Pressland, a data-management platform designed to help fight fake news.
The company's stock jumped 12% Tuesday to almost C$0.05 on Bay Street and 5.7% to nearly US$0.04 in New York.
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