DAVIS, Calif., Sept. 1, 2020 /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 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.
LinkedIn: Arcadia Biosciences
Twitter: @ArcadiaAg
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SOURCE Arcadia Biosciences, Inc.