An agriculture biotech firm that markets higher-fiber wheat stated it is expanding its hemp subsidiary with a $10 million stock supplying.

Arcadia Biosciences of Davis, California, plans to use the funds to investigation hemp genetics in Imperial County, California, according to a news release.

The company’s hemp subsidiary, Arcadia Specialty Genomics, is scheduled to commence planting hemp there Oct. 1.

Arcadia began its hemp subsidiary in April in Hawaii, exactly where hemp growers had to destroy much more than 50% of the state’s 2019 hemp crop since varieties exceeded the THC limit of .three%.

Arcadia CEO Matthew Plavan stated in the release that hemp is “decades behind other crops” in the availability of commercially viable seeds.

“It’s quite tough to obtain a batch of uniform CBD hempseed, resulting in unpredictable outcomes for each growers and purchasers,” Plavan stated.

Arcadia trades on the Nasdaq as RKDA.

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Categories: Briefs, California Hemp Small business & Legal News, Hemp Finance, Investing and Banking News