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Arcadia Biosciences forms hemp extraction joint venture with Legacy Ventures Hawaii

The partnership, known as Archipelago Ventures, pairs Arcadia’s genetic expertise and cultivation facility in Hawaii with Legacy's extraction and sales experience

Cannabis leaf and oil
Archipelago will have access to a vertically-integrated supply chain, giving it control of the hemp extract production process from seed to sale

Arcadia Biosciences Inc (NASDAQ:RKDA) is getting into the business of sun-grown hemp, the company announced Tuesday, through a joint venture with Legacy Ventures Hawaii. 

The partnership, known as Archipelago Ventures, pairs Arcadia’s genetic expertise and cultivation facility in Hawaii with Legacy’s extraction and sales experience.

Together, Archipelago will have access to a vertically-integrated supply chain, giving it control of the hemp extract production process from seed to sale. The companies expect sales to begin in late 2019.

READ: Arcadia Biosciences rapidly advances cannabis business as it reports first-quarter highlights

Legacy also offers Arcadia access to its equity partner, Vapen CBD, an Arizona-based producer of cannabis distillates and oils. Vapen will oversee the construction and operation of the venture’s hemp extraction facilities.

The companies believe Hawaii’s geography and climate will give it an edge over mainland growers. 

"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 Arcadia President Matt Plavan.

Arcadia stock climbed 7.3% to $2.08 Tuesday morning.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Arcadia Biosciences Inc

Price: 4.16 USD

NASDAQ:RKDA
Market: NASDAQ
Market Cap: $35.97 m
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