An agriculture biotech company that markets high-fiber wheat said it is expanding its hemp subsidiary with a $10 million stock offering.
Arcadia Biosciences of Davis, California, plans to use the money to research hemp genetics in Imperial County, California, according to a news release.
Arcadia started its hemp subsidiary in April in Hawaii, where hemp growers had to destroy more than 50% of the state’s 2019 hemp crop because varieties exceeded the THC limit of 0.3%.
Arcadia CEO Matthew Plavan said in the release that hemp is “decades behind other crops” in the availability of commercially viable seeds.
“It’s very difficult to purchase a batch of uniform CBD hempseed, resulting in unpredictable outcomes for both growers and buyers,” Plavan said.
Arcadia trades on the Nasdaq as RKDA.
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