Arcadia will purchase ISI’s commercial and genetic assets, including seed varieties, germplasm library, and intellectual property
Arcadia Biosciences has announced plans to acquire Oregon-based industrial hemp breeding and seed company Industrial Seed Innovations (ISI).
As per the term sheet, Arcadia will acquire ISI’s commercial and genetic assets such as seed varieties, germplasm library and intellectual property.
ISI president Michael Hartenstein said: “By joining with Arcadia, we are confident we’ll be able to deliver our strong performing, federally compliant hemp varieties to even more growers, extending into new geographies. Furthermore, Arcadia’s ArcaTech platform will amplify the genetic assets we’ve developed at ISI.”
The acquisition of ISI will help Arcadia to expand and advance the commercialisation of its hemp-related breeding platform
The deal will allow Arcadia to include ISI’s Rogue, Deschutes and Umpqua seed varieties in its portfolio, which includes GoodHemp line of genetically superior hemp seeds, transplants, flowers and extracts.
The acquisition of ISI will enable Arcadia to expand and advance the commercialisation of its hemp-related breeding platform, as well as open a breeding research and development facility in the Pacific Northwest, a crucial hemp production area.
Subject to multiple conditions, the deal is expected to be completed in the third quarter of this year.
Arcadia had launched its hemp operations in February last year to rapidly prototype novel non-GM hemp varieties.
ArcaTech is the new discovery process that combines Arcadia’s modern breeding science and genomics technology with real-time market intelligence from the field.
Arcadia president and CEO Matthew Plavan said: “Industrial Seed Innovations brings tremendous talent, an impressive intellectual property and genetics portfolio and a solid and synergistic customer base to Arcadia.
“This transaction will strengthen our hemp breeding and seed production capabilities, augment and leverage our proprietary ArcaTech discovery platform and further position us as a leader in delivering high-value, premium hemp seeds.”
In May, Arcadia Biosciences secured four patents from the US Patent and Trademark Office for enhanced protection of wheat ingredients.