Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) subsidiary Code Cannabis Investments offered shareholders an update on the company’s investment in World High Life Plc (NEX:LIFE).

On September 16, the company made a $4 million investment in the London-based, cannabis-focused investment company, becoming one of its largest shareholders. 

Now, World High Life plans to spend at least £9 million to acquire Love Hemp Ltd, the top CBD and hemp product supplier in the UK. The deal will arm Love Hemp with the resources to expand its European operations and help World High Life further entrench its position as a leading medical cannabis and CBD company.

READ: Codebase Ventures’ subsidiary Code Cannabis makes significant investment in UK CBD, medical cannabis industry

For Codebase shareholders, the acquisition provides exposure to the growing CBD market in the UK and Europe, the company said. Love Hemp has relationships with 1,200 convenience stores in the UK and leading brands including Boots, Superdrug and Tesco.

In addition to owning Code Cannabis Investments, 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.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel