Arcadia Biosciences, Inc. (NASDAQ:RKDA) shares hiked Monday, on word the company has been granted an Industrial Hemp Pilot Program License by Hawaii’s Department of Agriculture.
The Davis, Calif.-based Arcadia goes on to say that with this license, Hawaii becomes the first state where Arcadia Specialty Genomics will commence its research and cultivation of hemp, planting on ten acres of recently-leased land next month.
Hawaii was one of 23 states to launch a government-sanctioned hemp pilot program following the 2014 Farm Bill, which partially legalized hemp under state-based research programs.
While the 2018 Farm Bill legalized the agricultural cultivation of hemp nationwide, its regulation now falls under the USDA, which has not yet set national policies for the crop. The new Farm Bill also allows states to set more restrictive regulations, including banning hemp growing.
Said CFO Matt Plavan, "Industrial hemp, along with all strains of cannabis, are decades behind other agricultural crops in terms of improved plant genetics. With the explosive market growth projected in the industrial hemp and derivative markets, growers will need the very best hemp strains to meet demand, minimize waste, and ensure consistent quality."
Arcadia 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
Shares leaped $1.13, or 15.7%, to $8.34
