Arcadia Biosciences Completes Purchase of Industrial Seed Innovations, Acquires Proprietary Hemp Varieties
— Company expands GoodHemp™ sales team to service growers nationwide —
DAVIS, Calif. (September 1, 2020) – Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced it has completed the purchase of Oregon-based Industrial Seed Innovations (ISI) specializing in organically grown, high CBD feminized hemp seed and seedlings.
With this acquisition, ISI’s portfolio of strong performing, federally compliant hemp varieties have become part of Arcadia’s GoodHemp™ line of hemp seeds, transplants and extracts. ISI’s popular Umpqua and Rogue seed varieties each bring unique and highly desirable characteristics to further differentiate Arcadia’s GoodHemp catalog:
- Umpqua: High yielding and CBD dominant, Umpqua is ideal for the smokable and extraction markets. Umpqua is designed to mature earlier than most existing varieties making it very attractive for northern latitudes.
- Rogue: Also CBD dominant, Rogue is designed to flower and mature later in the season, resulting in ultra-high yielding plants in lower latitudes with longer growing seasons.
Said Arcadia CEO Matt Plavan, “We are carefully designing our seed portfolio to respond to the unique challenges hemp growers face across the U.S. based on climate, geography and both state and federal regulations. With these new varieties, we will have an even more robust catalog of seed solutions, as well as the field knowledge of ISI’s talented team.”
The deal solidifies Arcadia’s plans to accelerate the commercialization of its hemp-related breeding platform and establish a research and development facility in the Pacific Northwest, a key hemp production area.
In order to service existing ISI customers and Arcadia’s growing cohort of elite hemp cultivators, the company has deployed a multigenerational team of five regional GoodHemp sales agronomists to support existing growers and expand Arcadia’s seed offerings to new territories. This includes states with recent USDA-approved hemp plans including Florida, Arizona, Minnesota, Texas and Mississippi.
Led by Mark Russell, a seasoned sales executive in agricultural inputs, this team of hemp crop specialists now covers the full territory of the U.S., augmenting the efforts of Arcadia’s distributors Grow West and Buttonwillow representing a combined 100+ sales specialists.
“Our team is more equipped than ever to support the needs of hemp growers across the U.S. with novel, genetically superior hemp seeds,” said Russell. “With the addition of ISI’s exciting varieties to our existing catalog, along with the collaborative expertise of our regional agronomic experts, GoodHemp is well positioned to maximize grower success.”
For more information about GoodHemp’s unique seed varieties, visit www.growgoodhemp.com.
About Arcadia Biosciences
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company’s GoodHemp™ seed catalog delivers genetically superior hemp seeds, clones, transplants and extracts, applying the company’s proprietary crop innovation technology, ArcaTech™, to an emerging crop. The company’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. Arcadia’s agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. 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, including statements regarding the acceleration of the commercialization of the hemp breeding program. 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: the company’s and its partners’ ability to develop commercial products incorporating its traits and to complete the regulatory review process for such products; the adequacy of hemp seed demand and pricing to support our projections; the company’s compliance with laws and regulations that impact the company’s business, and changes to such laws and regulations; the potential impact of COVID-19 on our business; and the company’s future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company’s financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” and additional information set forth in its Form 10-K for the year ended December 31, 2019 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. undertakes no duty to update these forward-looking statements.
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