Arcadia Biosciences Inc RKDA, a developer of food ingredients and nutritional oils, with some pre-existing hemp assets and a partnership with Shane Victorino, a former MLB player and son of the mayor of Maui Mike Victorino, announced on Tuesday it's launching a new product line under the GoodHemp name.
The new brand will focus on developing “genetically superior” hemp seeds, transplants, flower and extracts. The first commercial product is a disease-resistant, ultra-low THC hemp seed.
“With GoodHemp, we have a disruptive new commercial hemp seed portfolio as well as a rich pipeline of powerful new genetics that solve a major industry problem - hot crops that test above the USDA’s stringent .3 percent THC limit," Sarah Reiter, COO of Arcadia Biosciences, told Benzinga. "This just the beginning of our ambitions for revolutionizing the commercial hemp seed market, as we’ve done with other crops such as wheat and soybeans.”
Why It Matters
This innovation comes on the heels of the USDA’s new regulations for domestic hemp, which dictate that “hot crops” containing more than 0.3% THC must be destroyed. Furthermore, these losses can't be covered by crop insurance, creating a high-risk situation for U.S. hemp farmers.
In 2019 alone, approximately 20% of U.S. hemp crops were non-compliant, representing roughly $2 billion in losses for growers. This makes a seed line that can pass the USDA’s stringent guidelines valuable for the upcoming planting season.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.