Arcadia Biosciences RKDA is expected to announce Tuesday a joint venture with Legacy Ventures Hawaii to grow, extract and sell superior hemp products, Benzinga has learned exclusively. The new venture will operate under the name Archipelago Ventures.
Legacy Ventures Hawaii’s principals are island natives, and includes Shane Victorino, a former MLB player and son of the current mayor of Maui Mike Victorino. The company also counts on the support of equity partner Vapen CBD, a subsidiary of Vapen MJ Ventures Corp VAPNF, which will assist in the construction and operation of Archipelago’s Hawaiian hemp extraction facilities.
This strategic partnership will create a vertically integrated seed-to-sale supply chain for Hawaiian hemp production and formulation. Sales are expected to commence in late 2019.
Benzinga's Cannabis Capital Conference heads to Detroit on Aug. 15 -- Click here to learn more!
Why It Matters
This joint venture couples Arcadia’s genetic expertise in hemp crop improvement with Legacy’s experience in extraction and sales. This will allow Arcadia to move from the genetics and cultivation side of the supply chain to extraction and sales, creating a commercial product it can sell by late this year.
"Legacy Ventures Hawaii and Archipelago Ventures are about creating our own legacy right here in Hawaii, following successful business ventures on the mainland. Equally important, we are able to apply our same entrepreneurial spirit and skills to help our fellow Hawaiians establish their own lasting legacies through successful hemp cultivation," Victorino told Benzinga.
Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadiosciences said, "We continue to see tremendous growth opportunity in Hawaii from an innovation and investment standpoint. Combining Arcadia’s deep expertise in genetic agriscience with Legacy – and Vapen’s – proven extraction and commercial capabilities through Archipelago Ventures accelerates our ability to bring superior hemp extract to market."
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.