Proactive Investors - Run By Investors For Investors

Arcadia Biosciences rises as company says it's well-positioned to apply expertise to cannabis

A new business unit, Arcadia Specialty Genomics, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis
Hemp plants
The move to cannabis reflects the 'natural evolution' of business, according to Arcadia

Arcadia Biosciences Inc (NASDAQ:RKDA) climbed in Wednesday’s extended trading after saying it’s well-positioned to apply its expertise to cannabis.

The food ingredient company said a new business unit, Arcadia Specialty Genomics, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis, working initially in hemp in legal markets.

Shares of Arcadia advanced 3.5% to $7.20 in after-hours trading.

READ: Arcadia Biosciences shares soar after FDA approves GLA safflower oil in cat food

“This is a natural evolution of our business, consistent with Arcadia’s focus as a consumer-driven agricultural technology company, developing and commercializing innovative food ingredients, nutritional oils and products that improve crop productivity, nutritional quality and value,” Arcadia CEO Raj Ketkar said in a statement.

Looking back at 2018, the Davis, California, company delivered significant regulatory, commercial and scientific advancements in wheat, soy, tomato and safflower, according to Ketkar.

Highlights for the year included the granting of a US patent for technology that extends the storage life of whole-wheat flour by minimizing oxidation.

The company reported that the net loss attributable to common stockholders for the fourth quarter was $646,000, or $0.14 per share, compared with a loss of $3 million loss a year earlier.

The net loss attributable to common stockholders for 2018 was $13.5 million, or a loss of $3.58 per share, compared with the $15.7 million loss in 2017.

Contact Dennis Fitzgerald at [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full RKDA profile View Profile

Arcadia Biosciences Inc Timeline

Related Articles

1551876235_Verde---crops-usable.jpg
March 06 2019
Backed by a 3bn tonne resource, Verde Agritech looks like playing a central role in Brazil's farming future
trees
Mon
Take a closer look at forestry and timber trading group Woodbois
wheat
December 11 2018
Originally a research and development company engaged in pioneering research on crop improvement, Arcadia Biosciences is undergoing a transformation, according to CEO Raj Ketkar
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use