Building on last week’s launch of Arcadia
Specialty Genomics™, a new cannabis-dedicated division of the
agricultural food ingredient company, Arcadia
Biosciences, Inc. (NASDAQ: RKDA) today announced that it has
been granted an Industrial Hemp Pilot Program (“HIHPP”) License by
Hawaii’s Department of Agriculture. The license allows for the
cultivation of industrial hemp in Hawaii for the purposes of
agricultural and academic research. Hemp and hemp products produced
under the program may be commercially sold.
With this license, Hawaii becomes the first state where Arcadia
Specialty Genomics will commence its research and cultivation of hemp,
planting on ten acres of recently-leased land next month. Hawaii was one
of 23 states to launch a government-sanctioned hemp pilot program
following the 2014 Farm Bill, which partially legalized hemp under
state-based research programs. While the 2018 Farm Bill legalized the
agricultural cultivation of hemp nationwide, its regulation now falls
under the USDA, which has not yet set national policies for the crop.
The new Farm Bill also allows states to set more restrictive
regulations, including banning hemp growing.
Last week’s unveiling of Arcadia Specialty Genomics mapped out a
research focus on the development of novel cannabis varieties possessing
productivity, pest resistance and crop quality traits for license to
cultivators, and as products such as hemp-derived CBD oils for the
nutraceutical and food industries. The announcement of this industrial
hemp license and upcoming cultivation facility in Hawaii underscores
Arcadia’s commitment to rapidly transition its expertise as a leading
science-driven company and genetics innovator in food crops into federal
and state legal cannabis markets.
“Industrial hemp, along with all strains of cannabis, are decades behind
other agricultural crops in terms of improved plant genetics. With the
explosive market growth projected in the industrial hemp and derivative
markets, growers will need the very best hemp strains to meet demand,
minimize waste, and ensure consistent quality. As the only company
working in the cannabis industry with proven track record of improving
plants and commercializing food ingredients from agricultural products
using non-GM techniques, we’re ideally positioned to help hemp growers
and end-users benefit from better hemp strains,” said Matt Plavan, CFO
of Arcadia Biosciences and President of Arcadia Specialty Genomics.
“Being licensed by the State of Hawaii to participate in this highly
selective program gives us an important head start and we’re moving
quickly to establish our Hawaii research program immediately as we
pursue expansion through licenses in other states.
About Arcadia Specialty Genomics
Arcadia Specialty Genomics is a strategic business unit of Arcadia
Biosciences, Inc. leveraging the market-leading capabilities of its
parent company to deliver crop innovation into developing proprietary,
industry-leading cannabis germplasm. Focused on productivity, pest resistance
and favored quality traits, Arcadia Specialty Genomics’
innovations serve the state and federally-legal nutraceutical, food and
industrial markets. For more information, visit http://arcadiaspecialtygenomics.com.
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. 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
Specialty Genomics’ expectations about the cannabis industry and
potential demand for our products; the uncertainty of the laws and
regulations relating to cannabis 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 cannabis; 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 incorporating cannabis related traits, and
complete the regulatory review process for such products; 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, 2017 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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