Arcadia Biosciences Receives More Than $3M In Ultra-Low-THC Seed Pre-Orders

In the five weeks following the launch of “GoodHemp,” a USDA-compliant, ultra-low THC seed line, Arcadia Biosciences Inc RKDA received more than $3 million in pre-orders from U.S. growers, the company announced Thursday.

GoodHemp is the first commercial hemp product from Arcadia since the crop innovation company announced its new hemp division a year ago. The company is developing a full line of compliant, high-performance hemp seeds for the U.S. market using a proprietary approach dubbed “ArcaTech.” This includes working closely with a cohort of 50 growers to develop, test and validate innovations that will meet their most pressing needs.

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The strong response from growers demonstrates market demand for ultra-low THC hemp seeds, which meet the USDA’s stringent guidelines, ahead of this Spring’s growing season. For Arcadia, this $3 million in initial sales commitments before the end of January is a strong start of the year against a $10 million revenue forecast for 2020.

“It’s our ambition to become the market leader in high-value hemp innovations, and the race is on to develop and deploy the best breeding technologies," the company’s new CEO Matthew Plavan told Benzinga. "Working in close partnership with U.S. growers, we are rapid prototyping and testing novel, high-performance hemp varieties that overcome the challenges they face in the field.”

Arcadia's stock traded higher by 18% to $5.73 per share on Thursday.