Arcadia Biosciences Launches GoodHemp, a New Commercial Brand of Superior Hemp Seeds, with an Ultra-Low THC Variety Available for Order This Month
— USDA-compliant GoodHemp to make its debut during the American Seed Trade Association CSS & Seed Expo —
DAVIS, Calif. (Dec. 10, 2019) – 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 the launch of a new product line: GoodHemp. As the company’s new commercial brand for delivering genetically superior hemp seeds, transplants, flower and extracts, GoodHemp will debut its first commercial product, a disease resistant and ultra-low THC hemp seed, during the American Seed Trade Association CSS & Seed Expo on December 11.
Accepting advance orders now, the first variety in GoodHemp’s catalog – Complia Bot+ – is a widely adapted cannabis strain that delivers high CBD content (more than 10 percent) with ultra-low tetrahydrocannabinol (THC), the psychoactive compound in cannabis. It is part of the Complia hemp seed line Arcadia is bringing to market through GoodHemp, with four additional proprietary varieties in early adopter farmer trials with sales expected in the 2020 season.
This innovation comes just months after the USDA’s Interim Final Ruling for hemp cultivation, which mandates that states test hemp crops and dispose of “hot” crops that exceed 0.3 percent THC. While hemp farmers will have access to crop protection options, the destruction of hot crops that fail these stringent inspections will not be a covered loss under crop insurance programs. In 2019 alone, approximately 20 percent of U.S. hemp crops were non-compliant, representing $2 billion in losses for growers.
“In less than a year since we first announced our division for hemp research and cultivation, Arcadia Specialty Genomics, we’ve brought to market a commercial hemp line designed to solve a major industry problem – hot crops,” said Sarah Reiter, chief commercial officer at Arcadia. “This is proof of our disruptive innovation and speed to market, and it is just the beginning of our ambitions for revolutionizing the commercial hemp germplasm market.”
GoodHemp is the first application of ArcaTech, Arcadia’s proprietary technology platform designed to bring innovative and disruptive plant genomics to market rapidly. Combining modern bioscience approaches including genomics, genome editing such as CRISPR and TILLING, phenotyping and conventional breeding – along with aggressive market intelligence and partnering – Arcadia is aiming modern technology at an ancient crop: hemp.
“Through our ArcaTech platform, we are combining modern breeding science and genomics technology to develop high-quality non-GM hemp varieties with improved uniformity, stability, resiliency and yield, enabling farmers to maximize the value and profitability of this newly-legal crop,” added Randy Shultz, Ph.D., VP of research and development at Arcadia. “In addition to this ultra-low THC disease resistant variety, we continue to build our germplasm estate based on our own varietal developments and technology acquisitions.”
A proven leader in the crop innovation discipline, Arcadia’s portfolio of agricultural traits is being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. The company focuses on three strategic crops: wheat, soybeans and hemp. The company’s GoodWheat™ product line, which delivers nutritionally enhanced ingredients such as high fiber resistant starch and reduced gluten wheat varieties, recently made its commercial debut.
For more information about GoodHemp, visit www.arcadiabio.com/goodhemp.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (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 impact of agriculture on the environment. Arcadia Specialty Genomics is a business unit within Arcadia Biosciences dedicated to the optimization and standardization of cannabis plant content, quality, resiliency and yield. The division’s new GoodHemp seed brand delivers genetically superior hemp seeds, transplants, flower and extracts, applying the company’s proprietary crop innovation technology, ArchiTech, to an ancient crop. 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 success of harvests in 2020 and beyond. 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 and sell commercial products incorporating their traits, and complete the regulatory review process for such products; Arcadia’s compliance with laws and regulations that impact Arcadia’s business, and changes to such laws and regulations; Arcadia’s ability to capture revenue in 2019 and beyond; the growth of the global wheat and hemp markets; Arcadia’s future capital requirements and ability to satisfy its capital needs; 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
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