Marrone Bio Innovations, Inc. (NASDAQ: MBII) (MBI), an international leader in sustainable bioprotection and plant health solutions, announced today that REGALIA ® MAXX biofungicide received the first approval for indoor and outdoor use on cannabis and hemp in Canada. Cannabis and hemp have been relatively small crops in Canada until lifestyle cannabis was approved in 2018. According to Health Canada, 77,800 acres of hemp were grown in 2018,
DAVIS, Calif., May 14, 2020 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (NASDAQ: MBII) (MBI), an international leader in sustainable bioprotection and plant health solutions, announced today that REGALIA® MAXX biofungicide received the first approval for indoor and outdoor use on cannabis and hemp in Canada.
Cannabis and hemp have been relatively small crops in Canada until lifestyle cannabis was approved in 2018. According to Health Canada, 77,800 acres of hemp were grown in 2018, valued at an estimated $50 million USD. And while 2019 acres are still being compiled, Canada Health has reported a 51% increase in licenses issued to grow hemp across Canada in 2019.
The majority of Canadian cannabis and hemp acres have been certified organic, as growers have been forced to meet strict standards of a highly regulated industry. There have been limited options to control diseases and insects and it is only recently that a few select crop protection products have been approved for use on hemp or cannabis, including REGALIA® MAXX.
“Obtaining the first approval for use on field hemp and cannabis is an exciting achievement for Marrone Bio and will benefit Canadian growers,” said Kevin Hammill, chief commercial officer of Marrone Bio Innovations. “Cannabis and hemp farmers will now have a new effective tool that will help manage difficult diseases, such as Botrytis and powdery mildew, that can significantly impact their yield and bottom line.”
REGALIA® MAXX is MBI’s flagship biofungicide that improves yield and harvest quality by stimulating the plant’s ability to fight disease. The preventative nature of REGALIA® MAXX provides early control of a variety of plant diseases on more than a dozen crops, including hemp and cannabis, in Canada.
The Ontario Ministry of Agriculture, Food & Rural Affairs agreed to sponsor MBI’s application for a User Requested Minor Use Label Expansion (URMULE) for REGALIA® MAXX’s use on cannabis and hemp in April. Approval by Health Canada/Pest Management Regulatory Agency (PMRA) is anticipated in July 2020.
REGALIA® MAXX is currently available for use on several other crops in Canada and can be purchased through Plant Products Inc., Leamington, ON and TerraLink Horticulture Inc, Abbotsford, BC.
About Marrone Bio Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII) is a growth-oriented company leading the movement to a more sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment that help customers operate more sustainably while increasing their return on investment. MBI has screened over 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes enhanced by advanced molecular technologies and natural product chemistry to rapidly develop seven product lines. Supported by a robust portfolio of over 400 issued and pending patents, MBI’s currently available commercial products are Regalia®, Stargus®, Grandevo®, Venerate®, Majestene®, Haven®, Pacesetter™, Zelto® Jet Oxide® and Jet Ag® and Zequanox®, with a next-generation insecticide-nematicide, a breakthrough bioherbicide and a biofumigant in the Company’s product pipeline. MBI’s Pro Farm Finland-based subsidiary employs a proprietary technology derived from wood waste to stimulate plant growth and improve plant health, resulting in improved yields and crop quality. Products include UBP™ 110, Foramin®, UBP™ Seed Treatment, Foramin® ST.
Learn more about Marrone Bio Innovations at www.marronebio.com. We also use our investor relations website, https://investors.marronebio.com, as well as our corporate Twitter account, @Marronebio, as means of disclosing material non-public information, and encourage our investors and others to monitor and review the information we make public in these locations. Follow us on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including, the potential of Regalia in hemp and cannabis, weather, the novel coronavirus COVID-19, regulatory and other factors affecting demand for the MBI’s products, any difficulty in marketing MBI’s products in its target markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.
Marrone Bio Innovations Contact:
Kevin Hammill, Chief Commercial Officer
info@marronebio.com
1-530-750-2800
Investor Relations Contact:
Greg Falesnik, Managing Director
MZ Group – MZ North America
Main: 949-385-6449
MBII@mzgroup.us
www.mzgroup.us
