DAVIS, Calif., Oct. 15, 2019 /PRNewswire/ -- Arcadia
Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based
approaches to enhancing the quality and nutritional value of crops
and food ingredients, today issued an update on its recently formed
joint venture with Legacy Ventures Hawaii, Archipelago™ Ventures.
The joint venture has:
- Expanded its cultivation footprint on Hawaii by 3x, from 10 to 30 acres, through
partnerships with two new license holders. Archipelago is seeding
the new acreage this month and expects to employ both permanent and
seasonal staffers locally to execute the research plan involving
crop management and harvest of several new varieties.
- Introduced a new autoflowering hemp varietal to Hawaii's pilot program to support year-round
growth cycles unimpeded by the agronomic constraints of day
length.
- Begun the build of large-scale mobile extraction and processing
equipment to produce tetrahydrocannabinol (THC)-free, sun-grown
hemp isolate or distillate.
Established in August 2019,
Archipelago Ventures joins Arcadia's extensive genetic expertise and
resources with Legacy's proven experience in extraction and sales –
and leverages Arcadia's existing
licensed cultivation facility in Hawaii. The result is one vertically
integrated supply chain, from seed to sale, enabling Archipelago to
deliver high quality hemp extract. Former Gold Glove and World
Champion Major League Baseball player Shane
Victorino is a principal in the company, along with other
native islanders committed to building Hawaii's capacity to supply branded health and
wellness goods.
"The introduction of hemp cultivation in Hawaii is already transforming the lives of
farmers and local communities, creating new professional and
economic avenues for islanders' and stimulating our economy," said
Victorino. "We're excited to expand our operations and capabilities
so quickly after forming Archipelago Ventures, making progress on
both the cultivation and extraction fronts."
With an expanded 30-acre cultivation footprint in Hawaii, Archipelago Ventures will increase its
biomass production and widen its scientific testing to examine the
effects of different agricultural variables within one
microclimate, such as soil type and elevation. This will also allow
the company to further develop and test highly specialized,
resilient and productive proprietary hemp seeds designed to behave
reliably in a given geographic environment, bringing greater
sophistication and reliability to the island's cultivation
practices.
Understanding how to fine-tune hemp genetics for different
climates is critical to growing the crop profitably, a particular
challenge on these islands. According to the Hawaii Department of
Agriculture, more than half of the hemp crops cultivated over the
past year as part of the state's industrial hemp pilot program have
tested "hot," meaning their levels of THC were above the .3%
federal limit for hemp. Nearly all of these hot crops had to be
destroyed. Archipelago has had the highest success rate of any
licensed cultivator in Hawaii,
with "hot crop" incidences substantially below the state
average.
"We are proud to be the first major crop innovation company to
recognize and act on Hawaii's
potential as a center of excellence for hemp research and
cultivation," said Matthew Plavan,
CEO of Arcadia Biosciences. "Our researchers and scientists are
some of the best and most experienced in the world, and
Hawaii's unique geographic and
climate conditions for growing and harvesting hemp year-round give
us a long-term competitive advantage that many mainland cultivators
cannot match."
While mainland outdoor hemp farms will be largely dormant until
next spring's planting season, Hawaii's sunny, temperate climate will allow
Archipelago to grow year-round, with at least two additional
growing cycles gained during winter months. Through the
introduction of a new, autoflowering hemp varietal that is not
dependent on changing daylight patterns and day lengths,
Archipelago will further maximize Hawaii's geographic advantages by producing
taller and more productive hemp plants unimpeded by the agronomic
constraints of day length.
Said Plavan, "We are laser-focused on fine-tuning and
accelerating our vertically-integrated hemp cultivation and
extraction operations in Hawaii
with our partners at Archipelago Ventures, in order to deliver
sales as soon as possible."
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. 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
expectations about the legal cannabis industry and potential demand
for our products; the uncertainty of the laws and regulations
relating to hemp and products derived therefrom; the inherent
uncertainty associated with the development of new projects; our
ability to obtain proper licenses and successfully complete
research programs related to hemp; the acceptance of our products
in the marketplace; the impact of competitive products and pricing;
risks related to costs, delays and uncertainties associated with
potential future scientific research, product development, clinical
trials and the regulatory approval process; our partners' and
affiliates' ability to develop commercial products, complete the
regulatory review process for such products, acquire land and
facilities to grow hemp and produce hemp derived products, and
extract CBD and other hemp derived products from hemp; our
compliance with laws and regulations that impact our business, and
changes to such laws and regulations; our future capital
requirements and ability to satisfy our capital needs; our ability
to develop, enforce and defend our intellectual property rights;
and the other risks set forth in our filings with the Securities
and Exchange Commission from time to time, including the risks set
forth in our 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.
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SOURCE Arcadia Biosciences