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.
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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