King's Bay Resources Corp. is considering diversifying into the cannabis industry but intends to keep its Lynx Lake copper-cobalt property in Newfoundland and Labrador.
The company said Feb. 8 that despite some encouraging results from Lynx Lake, it is considering opportunities in the cannabis industry that are being presented to the company due to the involvement of certain of its directors in publicly listed cannabis entities.
"The Company's management is therefore considered by some people in the cannabis industry as having the knowledge and fundraising ability to assist them greatly in their drive to go public," the company said in the statement.
King's Bay President and CEO Kevin Bottomley said, "We are going to put our Lynx Lake project in abeyance for a while during which time we will start looking seriously at the cannabis opportunities we are being offered."
