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Arcadia Biosciences Updates Joint Venture With Archipelago Ventures

Nina Zdinjak

Arcadia Biosciences, Inc. (NASDAQ: RKDA) released Tuesday an update on its joint venture with Legacy Ventures Hawaii, Archipelago™ Ventures.

the joint venture has broadened its cultivation space to 30 acres from 10 acres via collaboration with two new license holders. It has also brought in a new autoflowering hemp varietal to Hawaii’s pilot program to attain year-round growth cycles.

Furthermore, the joint venture has developed mobile extraction and processing equipment to produce THC-free, sun-grown hemp isolate or distillate.

See Also: Former MLB All-Star Shane Victorino Talks Plans To Give Back To Hawaii Through New Cannabis Venture

"We are proud to be the first major crop innovation company to recognize and act on Hawaii's potential as a center of excellence for hemp research and cultivation," Matthew Plavan, CEO of Arcadia Biosciences said in a statement. "Our researchers and scientists are some of the best and most experienced in the world, and Hawaii's unique geographic and climate conditions for growing and harvesting hemp year-round give us a long-term competitive advantage that many mainland cultivators cannot match."

Shane Victorino Archipelago’s principal also commented on the venture.

"The introduction of hemp cultivation in Hawaii is already transforming the lives of farmers and local communities, creating new professional and economic avenues for islanders' and stimulating our economy," he said. "We're excited to expand our operations and capabilities so quickly after forming Archipelago Ventures, making progress on both the cultivation and extraction fronts."

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

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