MBII: Marrone Bio Innovations pursuing state approvals for biopesticides on the hemp variety of cannabis.
NASDAQ:MBII
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Marrone Bio Innovations (NASDAQ:MBII) has received EPA approval for the use of Stargus and Regalia on both indoor and outdoor hemp plants. The company is actively pursuing state approval to add hemp treatment to the current label and expects to receive these in time for the cannabis growing season.
All of the fungicides that infect cannabis plants are treatable by the two fungicides and Marrone Bio Innovations has products the protect cannabis from other pesticides.
On April 16, 2018 Marrone Bio Innovations announced that Regalia had been approved for control of powdery mildew on Cannabis by Colorado; Oregon; Nevada Washington State and other states where cannabis can be legally grown. The potential opportunity for treating organic hemp for the production of CBD in California could be a significant boost to the company's growth in 2021. Hemp is a major crop worldwide with the main uses as a fibre and a source of seeds for human consumption. China is the largest producer of hemp and hemp products.
Marrone discussed its current position on cannabis in California on Jan. 18, 2019. The California Dept. of Pesticide, CDP, has confirmed that the use of Grandevo CG is consistent with Food and Agriculture code 12973 in that such use would not conflict with registered labeling for Regalia and Grandevo.
In the United States the use of CBD oils has exploded over the past three years, from less than $100 million in 2016 to an estimated $500 million in 2019. Now that hemp products are legal at the Federal level (but not yet legal for FDA legislation) and in most states we expect its growth to accelerate.
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