Arcadia Biosciences (RKDA) Announces Sale of GoodWheatTM to Above Food Corp.
-- Transaction will accelerate scaling Arcadia's wheat IP with Above's vertically integrated, farm-to-fork supply chain --
Arcadia Biosciences, Inc.® (NASDAQ:RKDA), a producer and marketer of innovative, plant-based health and wellness products, and Above Food Corp., an innovative food company leveraging its vertically integrated supply chain to deliver differentiated ingredients and consumer products, announced today that Above Food will purchase the GoodWheatTM brand of better-for-you wheat products from Arcadia for $4 million net.
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The GoodWheat brand includes pastas, pancake mixes and mac & cheese mixes, all made with Arcadia's proprietary, better-for-you non-GMO wheat grain that is naturally higher in fiber and protein with nothing added. (Photo: Business Wire)
"We see this as the beginning of a partnership between Arcadia and Above Food to accelerate scaling Arcadia's wheat IP," said Stan Jacot, president and CEO of Arcadia. "The GoodWheat brand fits perfectly into Above Food's nutrient-dense, plant-based consumer product and specialty ingredient portfolios. Above's vertically integrated, farm-to-fork identity preservation system, reinforced by Above's owned assets could provide efficient commercialization of Arcadia's wheat IP in the future," he added. "This transaction enables us to monetize our IP early while we continue to pursue other crop licensing and royalty streams."
The GoodWheat brand was launched in 2018 to help consumers get more fiber in their diets by increasing the amount of fiber in the delicious foods they love. GoodWheat brand uses Arcadia's unique, patented, better-for-you non-GMO wheat grain that is naturally higher in fiber and protein with nothing added.
Arcadia introduced five varieties of GoodWheat pasta in June 2022, followed by six varieties of pancake mixes and single-serve QuikcakesTM in August 2023. Three varieties of mac & cheese were launched in November of 2023. GoodWheat products are currently available on more than 3,500 shelves nationwide and on Amazon.
"Consumers are asking for delicious foods that are better for you. The use and the advancement of this existing non-GMO GoodWheat IP for the planting seeds utilized in Above's grower supply chain will serve the needs of these health and quality conscious consumers," stated Lionel Kambeitz, CEO for Above Food Corp. "Building better for you foods begins with the grower producing grains from the highest quality, non-GMO seeds. Above's identity preserved field-to-fork supply chain ensures the quality and security of these grains."
Lake Street Capital Markets served as exclusive financial advisor to Arcadia Biosciences in this transaction.
About Arcadia Biosciences, Inc.
Since 2002, Arcadia Biosciences (NASDAQ:RKDA) has been innovating crops to provide high-value, healthy ingredients to meet consumer demands for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products that make everybody feel good. For more information, visit arcadiabio.com.
About Above Food Corp.
Above Food Corp. is a differentiated, regenerative ingredient company that celebrates delicious products made with real nutritious, flavorful ingredients and delivered with transparency. Above Food's vision is to create a healthier world — one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, Above Food delivers nutritious foods to businesses and consumers with traceability and sustainability. Above Food's consumer products and brands are available online at abovefood.com and in leading grocers across Canada and the United States.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the partnership between Arcadia and Above Food and the commercialization of Arcadia's wheat intellectual property. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to, the risks set forth in Arcadia's Annual Report on Form 10-K for the year ended December 31, 2023 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.
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