Arcadia Biosciences in JV with Legacy Ventures Hawaii to produce industrial hemp
8th August 2019
Arcadia Biosciences, a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, has announced a strategic joint venture with Legacy Ventures Hawaii to grow, extract and sell superior sun-grown hemp. Industrial hemp has many uses, including paper, textiles, biodegradable plastics, construction, health food and fuel.
The new partnership, Archipelago Ventures, joins Arcadia's extensive genetic expertise and resources with Legacy's proven experience in extraction and sales – and leverages Arcadia's licensed cultivation facility in Hawaii. The result is one vertically integrated supply chain, from seed to sale, enabling Archipelago to deliver high quality hemp extract – with first sales expected in late 2019.
"Hawaii has special significance for Arcadia; it's where we first began our hemp research and cultivation, and it's where we continue to see the greatest opportunity for innovation and growth in industrial hemp," said Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadia Biosciences. "Our new partnership with Legacy not only positions us to lead the rapidly evolving market in producing superior hemp – from seed to extract – but to quickly scale our operations following key regulatory approvals."
As Arcadia's new Hawaiian hemp extraction and sales partner, Legacy brings growth capital and strategic advisory in Hawaiian and Asian markets, as well as access to Legacy's equity partner, Vapen CBD. A proven leader in extraction, product formulation and sales of cannabis oils and distillate products, Vapen CBD will be responsible for the construction and operation of Archipelago's Hawaiian hemp extraction facilities. These facilities will give farmers an opportunity to convert their operations into high-grade CBD hemp production, creating new sources of jobs and revenue on the islands.
Hawaii's unique geographic and climate advantages for growing and harvesting hemp year-round will provide a long-term competitive advantage that many mainland cultivators and producers will not attain. Hawaii's geographic advantage also provides access to important CBD and hemp markets in Asia.