— The company will produce seed and superior hemp, with plantings beginning October 1 —
DAVIS, Calif. Sept. 5, 2019 – Arcadia Specialty Genomics™, a division of crop innovation and agricultural food ingredient company Arcadia Biosciences, Inc. (Nasdaq: RKDA), today announced plans for a new sun-grown hemp cultivation and agronomic research facility in Imperial County, California. The company has been licensed to produce hemp seed and cultivate hemp and will generate its proprietary seed lines and flower for cannabidiol (CBD) oil extraction. Plantings are scheduled to begin October 1.
With this license, Arcadia Specialty Genomics expands its technology platform for the research and cultivation of hemp to a second state. In April, the company opened its first sun-grown facility in Hawaii, capitalizing on the islands’ unique climate and geographic advantages. Similar to Hawaii, which allows up to three growing cycles per season, Southern California’s temperate winter climate offers unique and favorable conditions for hemp cultivation. The sun shines in Imperial County more, on average, than anywhere else on the U.S. mainland.
“From an agricultural perspective, hemp is decades behind other crops in terms of improved plant genetics, and that starts at the seed level,” said Matthew Plavan, president and CEO of Arcadia Biosciences. “It’s very difficult to purchase a batch of uniform CBD hemp seed, resulting in unpredictable outcomes for both growers and buyers. Our goal is to reduce these risks by developing a proprietary line of U.S.-grown, genetically superior hemp seeds for the commercial market, and we’re pleased to expand our research in hemp agronomics and seed production here in our home state of California.”
The announcement of this second hemp research and cultivation facility underscores Arcadia’s commitment to rapidly transition its expertise as a leading science-driven company and genetics innovator in food crops such as wheat and soy into the production of hemp seed, flower and extracts such as CBD.
“Quality hemp seed is in extremely short supply; however, strong demand for hemp seed has driven higher prices without commensurate yield benefits. Until improved genetics are introduced to the market, we believe the scalability of the hemp extract industry will be constrained,” said Plavan. “Our team of agronomic scientists and researchers are the best in the business, with a proven track record of improving plants and commercializing food ingredients using non-GM techniques. We’re ideally positioned to help hemp growers – and CPG buyers – benefit from more resilient, productive and genetically superior hemp seed, flower and extract.”
About Arcadia Biosciences, Inc.
Arcadia Biosciences, Inc. (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s agricultural traits are being developed to enable farmers around the world to be more productive and minimize the environmental impact of agriculture. Arcadia Specialty Genomics is a business unit within Arcadia Biosciences dedicated to the optimization and standardization of hemp plant content, quality, resiliency and yield. For more information, visit www.arcadiabio.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: Arcadia’s and its partners’ and affiliates’ ability to develop commercial products incorporating their traits, and complete the regulatory review process for such products; Arcadia’s ability to expand its scientific and genetic expertise with respect to hemp and to develop superior hemp and hemp seeds; Arcadia’s compliance with laws and regulations that impact Arcadia’s business, and changes to such laws and regulations; Arcadia’s future capital requirements and ability to satisfy its capital needs; Arcadia’s ability to develop, enforce and defend its intellectual property rights; and the other risks set forth in Arcadia’s filings with the Securities and Exchange Commission from time to time, including the risks set forth in Arcadia’s Annual Report on Form 10-K for the year ended December 31, 2018 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
Chief Financial Officer