Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF), a venture capital company investing in early-stage technology and cannabis companies, said Wednesday that it had a new investment focus on its radar linked to mental health treatments exploring magic mushrooms and psychedelic drugs.
"On behalf of shareholders, CODE is dedicated to advancing its existing investments and adding to them in innovative and emerging sectors where early-stage investments have the potential to deliver significant returns," said Brian Keane, a director with Codebase Ventures.
Codebase Ventures, which consists of a small, hands-on team of financial and technology experts, invests in emerging technologies. It makes strategic investments in ambitious founders who aim to upend large markets.
In a statement, the company highlighted the three core areas of focus for the company's investments which include:
Mushrooms and Psychedelics
The company is actively looking for investment opportunities at the forefront of the mushroom and micro-dosing psychedelic space. Early studies are finding that psilocybin – the active agent in magic mushrooms could help patients with mental health conditions ranging from treatment-resistant depression to anxiety and addiction.
Pressland, the company’s wholly-owned subsidiary is a media intelligence enterprise platform dedicated to trust and transparency in news production. Committed to fighting fake news, Pressland has now indexed and analyzed over 10 million articles, 2 million keywords and 200,000 writers, according to Codebase. Pressland's platform uses proprietary software which, with machine learning, artificial intelligence and natural language, collects and analyzes the news media’s production data.
When commercial services debut in 2020, this data will be offered as a Software as a Service product to social networks, search engines and news distributors in a bid to fight fake news.
Arcology, a Codebase portfolio holding firm is developing next-generation enterprise blockchain technology. Codebase Ventures owns a 30% stake in Arcology, which runs a hierarchical blockchain that uses proprietary algorithms and artificial intelligence to eliminate inefficiencies that hinder rival blockchain platforms.
Codebase Ventures’ investment subsidiary, Code Cannabis Investments, has a strategic investment in World High Life Plc (London NEX:LIFE), an investment company focused on CBD wellness and medicinal cannabis in the UK and Europe.
Last October, World High Life announced the completion of its acquisition of Love Hemp Ltd, the UK's number one supplier of CBD and hemp products, for a consideration between C$15.2 million and C$16.9 million. The company said the transaction will give Love Hemp the resources to rapidly expand its UK and European presence and help World High Life cement its position as a leading medical cannabis and CBD company in the fast-growing European space.
Keane said the “tremendous combination” gave Codebase shareholders “excellent exposure” to the thriving CBD markets in the UK and Europe.
Contact the author Uttara Choudhury at [email protected]
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