Building on last weeks 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 Hawaiis 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 weeks 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 Arcadias 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, were 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 were 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. Arcadias GoodWheat„¢ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The companys 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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