Business
Arcadia Biosciences (RKDA) Announces First-Quarter 2021 Financial Results and Business Highlights
-- Revenues up for the quarter over 160%, liquidity strengthened -- -- Acquires Lief assets, a premium portfolio of CBD and wellness brands, bringing
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"-- Revenues up for the quarter over 160%, liquidity strengthened --\n -- Acquires Lief assets, a premium portfolio of CBD and wellness brands, bringing immediate top-line revenue, manufacturing capabilities, retail network and proven leadership in consumer goods industry --\n -- Acquires European food ingredient platform enhancing GoodWheat business and broadening market access in Europe --\n\n\nDAVIS, Calif., May 17, 2021 /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 released its financial and business results for the first quarter of 2021.\n\n \n \n \n \n \n \n\n \n\"With our acquisition of select assets of Lief Holdings, LLC and Live Zola, LLC announced today, we added to our business a well-established portfolio of best-in-class CBD-infused and wellness products generating $6 million in recurring annual revenues with strong growth potential, and we gained access to a national distribution network offering retail sales synergies with our GoodWheat™ and GLA consumer products,\" said Matt Plavan, CEO of Arcadia. \"In line with our stated strategy to increase our verticalization and maximize control over our supply chain to ensure quality from seed to sale and to participate more fully in the value of the brands for our proprietary innovations, the Lief manufacturing capability and distribution into over 5,000 retail doors delivers resoundingly on that strategy.\" \nRecent Operating and Business Highlights\nArcadia Acquires Portfolio of CBD Wellness Brands from The Parent Company. Arcadia announced today that it has acquired select assets of Lief and Zola, including their portfolio of wellness brands from The Parent Company. The acquisition includes leading consumer brands like Soul SpringTM, the top selling CBD-infused botanical therapy brand in the natural category, Saavy NaturalsTM, a leading line of all-natural body care products, Zola®, a leading coconut water sourced exclusively with sustainably grown coconuts from Thailand, and ProvaultTM, a CBD-infused sports performance formula providing effective support and recovery for athletes. As part of the transaction, Arcadia gains access to distribution channels and relationships in more than 5,000 stores nationally, the Lief manufacturing operat...