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Arcadia Biosciences (NASDAQ:RKDA) is expected to announce Tuesday a joint venture with Legacy Ventures Hawaii to grow, extract and sell superior hemp products, Benzinga has learned exclusively. The new venture will operate under the name Archipelago Ventures.
Legacy Ventures Hawaii’s principals are island natives, and includes Shane Victorino, a former MLB player and son of the current mayor of Maui Mike Victorino. The company also counts on the support of equity partner Vapen CBD, a subsidiary of Vapen MJ Ventures Corp (OTC:VAPNF), which will assist in the construction and operation of Archipelago’s Hawaiian hemp extraction facilities.
This strategic partnership will create a vertically integrated seed-to-sale supply chain for Hawaiian hemp production and formulation. Sales are expected to commence in late 2019.
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Why It Matters
This joint venture couples Arcadia’s genetic expertise in hemp crop improvement with Legacy’s experience in extraction and sales. This will allow Arcadia to move from the genetics and cultivation side of the supply chain to extraction and sales, creating a commercial product it can sell by late this year.
"Legacy Ventures Hawaii and Archipelago Ventures are about creating our own legacy right here in Hawaii, following successful business ventures on the mainland. Equally important, we are able to apply our same entrepreneurial spirit and skills to help our fellow Hawaiians establish their own lasting legacies through successful hemp cultivation," Victorino told Benzinga.
Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadiosciences said, "We continue to see tremendous growth opportunity in Hawaii from an innovation and investment standpoint. Combining Arcadia’s deep expertise in genetic agriscience with Legacy – and Vapen’s – proven extraction and commercial capabilities through Archipelago Ventures accelerates our ability to bring superior hemp extract to market."
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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