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Arcadia Biosciences rises as company says it's well-positioned to apply expertise to cannabis

A new business unit, Arcadia Specialty Genomics, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis

Hemp plants
The move to cannabis reflects the 'natural evolution' of business, according to Arcadia

Arcadia Biosciences Inc (NASDAQ:RKDA) climbed in Wednesday’s extended trading after saying it’s well-positioned to apply its expertise to cannabis.

The food ingredient company said a new business unit, Arcadia Specialty Genomics, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis, working initially in hemp in legal markets.

Shares of Arcadia advanced 3.5% to $7.20 in after-hours trading.

READ: Arcadia Biosciences shares soar after FDA approves GLA safflower oil in cat food

“This is a natural evolution of our business, consistent with Arcadia’s focus as a consumer-driven agricultural technology company, developing and commercializing innovative food ingredients, nutritional oils and products that improve crop productivity, nutritional quality and value,” Arcadia CEO Raj Ketkar said in a statement.

Looking back at 2018, the Davis, California, company delivered significant regulatory, commercial and scientific advancements in wheat, soy, tomato and safflower, according to Ketkar.

Highlights for the year included the granting of a US patent for technology that extends the storage life of whole-wheat flour by minimizing oxidation.

The company reported that the net loss attributable to common stockholders for the fourth quarter was $646,000, or $0.14 per share, compared with a loss of $3 million loss a year earlier.

The net loss attributable to common stockholders for 2018 was $13.5 million, or a loss of $3.58 per share, compared with the $15.7 million loss in 2017.

Contact Dennis Fitzgerald at [email protected]

Quick facts: Arcadia Biosciences Inc

Price: 5.06 USD

NASDAQ:RKDA
Market: NASDAQ
Market Cap: $43.6 m
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Arcadia Biosciences on cusp of launching its GoodWheat and Soybean products

Raj Ketkar from Arcadia Biosciences Inc (NASDAQ:RKDA) speaks to Proactive's Andrew Scott at the Spring Investors Summit 2019 in New York City. Arcadia develops and markets high-value food ingredients and nutritional oils that help meet significant consumer demand for a healthier diet.

on 2/4/19

2 min read