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Arcadia Biosciences Inc

Buds & Duds: Arcadia Biosciences stock soars after earning Hawaii hemp license

Also making gains was Harvest One, which agreed to acquire biotech company Delivra

Cannabis plant
Shares of Aurora Cannabis dipped amid a deal to acquire a stake in Whistler Medical Marijuana

Cannabis stocks had a rough day on Monday, echoing the widespread losses felt across Wall Street.

The North American Marijuana Index, which tracks leading cannabis stocks in the US and Canada, fell 1.8% to 286.5.

Buds

Bucking the trend, shares of Arcadia Biosciences Inc (NASDAQ:RKDA) surged Monday after announcing it received its first industrial hemp license in Hawaii. The Davis, California-based company recently launched Arcadia Specialty Genomics, a unit dedicated exclusively to cannabis, which will begin research in April on a 10-acre facility. As a result, shares of the food ingredient company are up 11.1% to $8.01.

Also trading higher was Vancouver-based Harvest One Cannabis Inc (CVE:HVT), which saw share prices jump 9.1% to $0.72 after the company announced an agreement Monday to acquire biotech company Delivra Corp (TSXV:DVA) in a C$19 million all-stock deal. Delivra’s LivRelief brand produces topicals and creams, which Harvest One’s CEO Grant Froese says will serve them well with cannabis-infused products expected to become legal in Canada this fall, per a press release from the two companies.

Duds

Shares of Aurora Cannabis Inc. (NYSE:ACB) dipped 2.7% to $7.14 amid a deal to acquire a stake in privately held Whistler Medical Marijuana. The Edmonton-based company will pay roughly US$175 million to Cronos Group Inc (NASDAQ:CRON) for its 19% stake in Whistler, with Cronos getting about 2.5 million of Aurora common shares worth about C$24.6 million.

Last September, Aurora was said to be in talks with The Coca-Cola Co (NYSE:KO) about a joint venture in CBD-infused beverages. Nothing has come to fruition yet, but analyst Rob Wertheimer of Melius Research has rated the company Overweight.

Falling even farther was Terra Tech Corp. (OTCMKTS:TRTC), whose shares dropped 12.8% to $0.77. The Irvine, California-based company announced today that renovations of its cultivation facility in Oakland have been completed. Planting is expected to commence later this week, per a statement from the company.

Contact Andrew Kessel: [email protected]

Follow him on Twiter: @andrew_kessel

Quick facts: Arcadia Biosciences Inc

Price: $5.77

Market: NASDAQ
Market Cap: $42.11 m
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Full interview: Arcadia Biosciences makes major progress on its hemp venture...

Arcadia Biosciences Inc (NASDAQ:RKDA) CEO Raj Ketkar tells Proactive the California-based company expects to “significantly scale revenues in 2020” as it reported financial and business results for the second quarter and first half of 2019. Ketkar says the agricultural innovation company made...

on 08/16/2019

2 min read