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Codebase Ventures' Code Cannabis Investments buys certified organic farm in upstate New York

The 45 acres of land is located in the foothills of the Catskill Mountains

Hands holding soil with baby cannabis plant
The plan is to grow hemp to use for CBD extraction

Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) subsidiary Code Cannabis Investments is bringing its organic farming to upstate New York. 

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.

READ: Codebase Ventures’ Pressland partners with All Tech Is Human to improve media trust, transparency

“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.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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