Arcadia Biosciences Announces Wheat Purchase Commitment, Significant Increase in GoodWheat™ Harvest Acres
Company secures first purchase commitment for 2020 and expands GoodWheat harvest acres ten-fold over prior year
DAVIS, Calif., Nov. 5, 2019 /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 secured its first purchase commitment for its high-fiber bread wheat for 2020 through its North American partner Bay State Milling Company. Earlier this year, Arcadia announced Bay State Milling would be the exclusive North American commercial partner for its high-fiber bread wheat under Bay State Milling's HealthSense™ brand portfolio.
"Arcadia's high-fiber wheat technology expands our HealthSense portfolio and strengthens our robust supply chain of identity preserved non-GM wheat varieties," said Peter Levangie, president and CEO of Bay State Milling. "We look forward to continued innovation from Arcadia and its wheat portfolio."
Arcadia also announced the successful harvest of its GoodWheat non-GM wheat varieties on 4,000 acres across Idaho, Montana, North Dakota, Oregon and Arizona. Arcadia's contracted growers collectively farm over 80,000 acres, with 30 percent dedicated to wheat.
"We are pleased with this year's GoodWheat harvest, which exceeded the number of acres planted in 2018 by 10 times," said Matt Plavan, president and CEO of Arcadia Biosciences. "We are well positioned to hit our revenue targets for GoodWheat in 2020 and 2021, having secured all our existing growers as repeat GoodWheat farmers, and expanding our acreage to meet our 2020 sales commitments and plans."
"Arcadia has been a great partner for us, bringing innovation and profitability to wheat," said Paul Sproule of Sproule Farms in Grand Forks, North Dakota. "We significantly increased our GoodWheat acres this year, producing both seed and grain in several GoodWheat varieties. We see tremendous opportunity to further expand our acres even beyond 2020."
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia's GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company's agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. Arcadia Specialty Genomics™ is a business unit within Arcadia Biosciences dedicated to the optimization and standardization of cannabis plant content, quality, resiliency and yield. For more information, visit www.arcadiabio.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 success of harvests in 2020 and beyond. 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: Arcadia's and its partners' and affiliates' ability to develop and sell commercial products incorporating their traits, and complete the regulatory review process for such products; Arcadia's compliance with laws and regulations that impact Arcadia's business, and changes to such laws and regulations; Arcadia's ability to capture revenue in 2019 and beyond; the growth of the global wheat market; Arcadia's future capital requirements and ability to satisfy its capital needs; and the other risks set forth in Arcadia's filings with the Securities and Exchange Commission from time to time, including the risks set forth in Arcadia's Annual Report on Form 10-K for the year ended December 31, 2018 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
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SOURCE Arcadia Biosciences, Inc.
Company Codes: NASDAQ-SMALL:RKDA