By investing up to $4 million in World High Life PLC, the company establishes a strategic position in the fast-growing UK and European medical cannabis markets
() (OTCMKTS:BKLLF) said Monday that its subsidiary Code Cannabis Investments is infusing up to $4 million into (), an investment company focused on CBD wellness and medicinal cannabis in the UK and Europe.
In a statement, the company said Code Cannabis will become one of World High Life’s largest shareholders, as it seeks investments in the space with liquidity and strong revenue growth.
“We see the UK market for CBD and medicinal cannabis being where Canada was 5-to-7 years ago,” Zach Stadnyk, president at Code Cannabis Investments, said in a statement.
READ: Codebase Ventures’ Code Cannabis Investments buys certified organic farm in upstate New York
“Our vision is to find early stage investments in this space and drive results for our shareholders, deploying our experience and relationships. Our view that the UK is ripe for such investment is being corroborated by the interest shown by additional major Canadian cannabis companies such as (NYSE:ACB) and Supreme,” he added.
Stadnyk said that in addition to the UK, the investment gave shareholders exposure to the European CBD and medical cannabis markets, which they expect to grow larger than the North America market.
The company noted that the UK CBD market is currently growing at double digits, and is expected to pull in one billion pounds by 2025. Moreover, medicinal cannabis is also estimated to be worth €58 billion by 2028.
At least 75% of British people now support the legalization of cannabis, compared to 47% a year earlier.
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.
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