CODE CANNABIS INVESTMENTS SIGNS DEFINITIVE AGREEMENT, ESTABLISHING FOOTHOLD IN LUCRATIVE HEMP CBD MARKET FORECASTED TO REACH $16 BILLION IN REVENUE BY 2025
VANCOUVER, BC, CANADA (August 27TH, 2019) – Codebase Ventures Inc. ("Codebase" or the "Company") (CSE: CODE - FSE: C5B – OTCQB: BKLLF), is pleased to announce that its wholly-owned subsidiary, Code Cannabis Investments, has executed a definitive agreement to acquire certified organic land in upstate New York with the intent to grow organic hemp for CBD extraction.
In the foothills to the Catskill Mountains, the farm is located in New Berlin, New York, in an area with rich farming lands and distribution infrastructure, nearby such operations as that of Chobani brand yogurts. The certified organic land has its own natural streams and falls, and ideal building sites, several of which could accommodate a potential extraction facility.
“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,” said Mr. Zach Stadnyk, President and CEO of Code Cannabis Investments. “With the natural water sources, we will explore hemp derived CBD water products as well, noting that the legislation New York is pursuing indicates that hemp derived CBD infused beverages will be possible, and we are excited about the opportunities to differentiate ourselves by being certified organic.”
The region is becoming a significant hemp producing area, validated by new legislation underway and investments from companies such as Canopy Growth’s purchase of a 48-acre farm in April this year dedicated to hemp-derived CBD extraction. Pending legislation in New York State has been designed in part to encourage hemp farming in that State’s rich agricultural communities as it is a cash crop that can provide jobs and stimulate growth.
- Hemp CBD market forecast by Forbes to have 16 billion in revenue by 20251
- Code Cannabis Investments is acquiring 45 acres of certified organic land in New Berlin, New York
- The real property is being acquired for $125,000 USD
- The intended use of the land is to grow certified organic hemp for CBD extraction
- Pending bill in New York State includes provision for in state sales of CBD-infused beverages
- US Farm Bill defined hemp as an agricultural product, removing the federal prohibition against commercial production of hemp across the United States
“Hemp derived CBD is on shelves with a wide range of retailers, from Wegmans to Sephora, Amazon and Neiman Marcus,” said Mr. Zach Stadnyk, President and CEO, Code Cannabis Investments. “The opportunities are significant as consumer interest continues to grow exponentially for hemp derived CBD products. This acquisition positions the Company with a strong foothold in a fast-developing state where the long-term relationships in this industry are being established.”