Business
Arcadia Biosciences Announces Second-Quarter and First-Half 2019 Financial Results and Business Highlights
DAVIS, Calif., Aug. 14, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a food ingredient company and proven leader in agricultural innovation
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"DAVIS, Calif., Aug. 14, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a food ingredient company and proven leader in agricultural innovation to improve the quality and nutritional content of crops, today released its financial and business results for the second quarter and first half of 2019.\n\n \n\"We made major progress on several fronts in the second quarter with our wheat, soybean and hemp initiatives,\" said Raj Ketkar, president and CEO of Arcadia. \"Most notably, we recently launched ArchipelagoTM Ventures, a strategic joint venture with Legacy Ventures Hawaii, which harnesses the islands' unique geographic and climate advantages for growing hemp year-round, gives us access to world class extraction facilities and provides a channel to key international markets for hemp and CBD.\n\"Our focus for the rest of 2019 will be on continuing this momentum to achieve first revenues in wheat and hemp by the end of the year, positioning us to significantly scale revenues in 2020.\"\nRecent Operating and Business Highlights\nGoodWheatTM Advances Toward Sales in 2019 Arcadia scaled up production of its GoodWheat specialty wheat varieties, harvesting winter trials with higher than expected yields. Summer production trials have been planted in key wheat growing areas. The company expects first sales of GoodWheat products by the end of the year.\nArcadia Specialty GenomicsTM Launches Hemp Joint Venture, Advances R&DArcadia recently launched a strategic joint venture with Legacy Ventures Hawaii to grow, extract and sell superior sun-grown hemp. The partnership, ArchipelagoTM Ventures, joins Arcadia's extensive genetic expertise and resources with the proven extraction and commercial capabilities of Legacy and its partner Vapen CBD, leveraging Arcadia's existing 10-acre cultivation facility in Hawaii. The result is one vertically integrated supply chain, from seed to sale, enabling Archipelago to deliver superior hemp extract. \nThe company completed its first harvest in Hawaii and is now expanding production acres and establishing extraction capabilities. First sales of hemp products are expected by the end of the year, with a significant ramp up in 2020.\nArcadia Specialty Genomics has advanced its R&D capabilities as well, in the areas of breeding operations, extraction research, cannabinoid profiling and germ...