Business
Arcadia Biosciences Announces Joint Venture with Legacy Ventures Hawaii To Grow, Extract and Sell Superior Hemp Products
DAVIS, Calif., Aug. 6, 2019 /PRNewswire/ -- Venture joins Arcadia's extensive genetic expertise and resources with Legacy's proven experience in extraction
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"DAVIS, Calif., Aug. 6, 2019 /PRNewswire/ -- \nVenture joins Arcadia's extensive genetic expertise and resources with Legacy's proven experience in extraction and distribution. JV creates one vertically integrated supply chain, from seed to sale, to deliver superior hemp-derived CBD products. Partnership leverages Hawaii's unique geographic and climate advantages for growing hemp year-round and provides access to key international markets. First sales of superior hemp extract are expected in late 2019, in line with regulatory guidelines. JV to begin outreach to prospective farmers outlining the economic benefits of CBD hemp farming.\n \nArcadia Biosciences, Inc. (RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced a strategic joint venture with Legacy Ventures Hawaii to grow, extract and sell superior sun-grown hemp. The new partnership, Archipelago™ Ventures, joins Arcadia's extensive genetic expertise and resources with Legacy's proven experience in extraction and sales – and leverages Arcadia's 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 – with first sales expected in late 2019. \n\"Hawaii has special significance for Arcadia; it's where we first began our hemp research and cultivation, and it's where we continue to see the greatest opportunity for innovation and growth in industrial hemp,\" said Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadia Biosciences. \"Our new partnership with Legacy not only positions us to lead the rapidly evolving market in producing superior hemp – from seed to extract – but to quickly scale our operations following key regulatory approvals.\"\nAs Arcadia's new Hawaiian hemp extraction and sales partner, Legacy brings growth capital and strategic advisory in Hawaiian and Asian markets, as well as access to Legacy's equity partner, Vapen CBD. A proven leader in extraction, product formulation and sales of cannabis oils and distillate products, Vapen CBD will be responsible for the construction and operation of Archipelago's Hawaiian hemp extraction facilities. These facilities will give farmers an opportunity to convert their operations into high-grade CBD hemp produc...