Arcadia Biosciences (RKDA) Signs Hemp Distribution Agreement with Tritium 3H

Rhea-AI Summary

Arcadia Biosciences (Nasdaq: RKDA) announced a distribution agreement with Tritium 3H, Inc. for its GoodHemp seed varieties in Canada. The agreement follows extensive field tests and will see the initial distribution of three CBD dominant varieties: Umpqua, Rogue, and Santiam. AOSCA certification is expected in mid-December, with Health Canada certification anticipated in February. CEO Matt Plavan emphasized the commercialization acceleration of Arcadia's hemp genetics, while Tritium CEO Jayme Hunter praised the performance of the seeds in Canadian trials.

Positive

• Distribution agreement with Tritium 3H enhances market reach in Canada.
• GoodHemp seed varieties have performed well in field trials, indicating strong market potential.
• Certification milestones for AOSCA and Health Canada pave the way for significant sales before planting season.

Negative

• None.

DAVIS, Calif., Nov. 24, 2020 /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 announced it has signed a distribution agreement with Tritium 3H, Inc. (T3H), a Canadian hemp seed company based in Lethbridge, Alberta, that specializes in hemp field testing, certified seed production, commercialization and distribution of industrial hemp varieties for the Canadian market.

T3H will distribute Arcadia's GoodHemp seed varieties and genetics in Canada once they have been certified by the Association of Official Seed Certifying Agencies ("AOSCA") and Health Canada. The initial varieties distributed will include:

• Umpqua: CBD dominant, early photoperiod variety for both the smokable and CBD extraction markets. Prized for its unique terpene profile.
• Rogue: CBD dominant, high yielding intermediate photoperiod variety for the CBD extraction markets. Brings exceptional yields under low planting densities.
• Santiam: CBD dominant, early photoperiod variety with exceptional utility in northern latitudes for both the smokable and CBD extraction markets. Delivers step change yield potential.

Said Arcadia CEO Matt Plavan, "This agreement solidifies our plans to accelerate the commercialization of Arcadia's hemp genetics internationally and affirms market demand for our portfolio of superior GoodHemp varieties. We're proud to partner with a well-respected distributor like Tritium 3H to bring our CBD dominant, short day varieties to Canada's industrial hemp growers."

Continued Plavan, "Our GoodHemp varieties were field-tested extensively in regional and national trials by the T3H and Arcadia teams. Working closely with T3H, we expect AOSCA certification in mid-December, Health Canada certification in February and significant commercial sales in the spring prior to the planting season."

Added T3H CEO Jayme Hunter, "We're pleased to add Arcadia's high CBD, early maturing varieties to our portfolio. They've performed extremely well in our field trials allowing us to offer field proven, feminized, and compliant hemp genetics appropriate for all of Canada's unique climatic regions. Arcadia's genetics will provide market leading value to Canadian industrial hemp growers."

For more information about GoodHemp's unique seed varieties, visit www.growgoodhemp.com.

About Arcadia Biosciences
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company's GoodHemp^TM seed catalog delivers genetically superior hemp seeds, transplants and extracts, applying the company's proprietary crop innovation technology, ArcaTech™, to an emerging crop. The company's GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. For more information, visit www.arcadiabio.com.

About Tritium 3H
Tritium 3H works collaboratively with breeders, producers and end users to bring well adapted hemp varieties with superior performance traits to market. It's the goal of T3H to maximize value and return for partners at each step of the supply chain. For more information, visit www.growtritium.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, including statements regarding the distribution agreement and the impact of that on Arcadia's business and financial results. 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: the company's and its partners' ability to develop commercial products incorporating its traits and to complete the regulatory review process, including AOSCA certification, for such products; the adequacy of hemp seed demand and pricing to support our projections; the company's compliance with laws and regulations that impact the company's business, and changes to such laws and regulations; the potential impact of COVID-19 on our business; and the company's future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company's financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled "Risk Factors" and additional information set forth in its Form 10-K for the year ended December 31, 2019 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. undertakes no duty to update these forward-looking statements.

LinkedIn: Arcadia Biosciences
Twitter: @ArcadiaAg

 

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SOURCE Arcadia Biosciences, Inc.

FAQ

What is the recent distribution agreement signed by Arcadia Biosciences (RKDA)?

Arcadia Biosciences signed a distribution agreement with Tritium 3H to distribute its GoodHemp seed varieties in Canada.

Which seed varieties will be distributed by Tritium 3H for Arcadia Biosciences (RKDA)?

Tritium 3H will distribute the Umpqua, Rogue, and Santiam CBD dominant seed varieties.

When is the expected certification for Arcadia's hemp varieties in Canada?

AOSCA certification is expected in mid-December, and Health Canada certification is anticipated in February.

What does this agreement mean for Arcadia Biosciences (RKDA) in terms of market expansion?

This agreement allows Arcadia to accelerate the commercialization of its hemp genetics internationally, specifically targeting the Canadian market.