Hawaii Archives - Green Market Report

StaffSeptember 20, 2022
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The Daily Hit is a recap of cannabis business news for Sept. 20, 2022.

ON THE SITE

Aurora Cannabis Focuses On Long-Term Value Despite 4Q Loss

Canadian cannabis company Aurora Cannabis (Nasdaq: ACB) (TSX: ACB) reveled in its “long-term value” despite the company stock being at one of its lowest points in the past 12 months after releasing its fourth quarter and fiscal year-end results as of June 30, 2022, on Tuesday. According to a news release, Aurora saw fourth-quarter net revenue for medical cannabis increase 4% year-over-year to $36.6 million, while adult-use cannabis revenue fell 35% year-over-year to $12.6 million. Read more here.

New York Issues More Cannabis Business Licenses, Rules

According to Syracuse.com, the New York Cannabis Control Board awarded conditional business licenses to 19 cultivators and 10 processors, which brings the total number of licensed growers to 261 and the total number of processors to 25. The window for retail license applications opened last month, but thus far no store permits have been granted. Read more here.

Delay for SPAC-Safe Harbor Deal No Reason To Worry, Expert Says

On Monday, Northern Lights Acquisition Corp. revealed that it will need a few extra weeks to deliver the $70 million that it owes Safe Harbor Financial under the terms of a deal signed back in February, with the cash now due on Sept. 28 instead of Aug. 31. But the delay is only due to both parties waiting on approval from the Nasdaq, which is relatively common and doesn’t mean the deal is in danger, Matt Karnes, principal at New York-based GreenWave Advisors, told Green Market Report. Read more here.

Michigan Taps Industry For Suggestions Amid Market Saturation

Michigan cannabis operators’ face shrinking margins amid falling wholesale flower prices and a glut of supply – and the state’s regulatory agency wants to figure out how to help. Between July 2021 and July 2022, the number of active grower licenses has surged by 65%, and the number of active retail licenses has risen 34%. The average retail price for an ounce of flower has fallen 48% in the medical market (from $213.89 to $110.72) and 44% in the adult-use market (from $217.94 to $121.58) in that same span of time. Read more here.

Red White & Bloom Pushes Out Debt To 2024

Red White & Bloom Brands (CSE: RWB)(OTC: RWBYF) is pushing out its debt obligations to get some breathing room and making changes at the top of the company. The most pressing problem is the company’s debt payments, which is has kicked to 2024. RWB restructured the terms of certain outstanding debentures issued by the company $70,040,000 and C$2,120,000 and issued a new convertible debenture in the principal amount of C$17 million. Read more here.

Meet Kim James, The Lawyer Behind Detroit’s Cannabis Regulations

When the Detroit City Council finally codified its recreational marijuana codes, it was Kim James who drafted the language. She’s worked in code enforcement for the city most of her career. Now as the director of the office of marijuana ventures and entrepreneurship, James must stand up those codes and get recreational dispensaries licensed. But the city itself is behind, as most of the state’s industry has been selling weed for nearly three years. Read more here.

Zentrela Honored For Most Innovative Tech At Green Market Report Tech Awards

In 2016, Israel Gasperin and Dr. Dan Bosnyak, a neuroscientist at McMaster University, established the foundations of Zentrela, a neurotechnology company using artificial intelligence to analyze EEG data, to eventually compile the world’s largest database of cannabis psychoactive effects. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.

IN OTHER NEWS

Momentum Building For Legalization Of Recreational Marijuana In Hawaii

There’s a huge push underway to allow the recreational use of marijuana, even though the drug is still illegal under federal law. And more lawmakers are supporting legalization than ever before as a way to diversify the economy and bring in more revenue for Hawaii. Read more here.

Medical Marijuana Maker Sues Minnesota Over New THC Edibles Legalization

Vireo Health of Minnesota, one of just two distributors of medical marijuana in Minnesota, is suing the state and local governments over the state’s sudden legalization of hemp-derived THC edibles, arguing that it’s facing unfair regulation over essentially the same product. Read more here.

Aura Risk Management Launches New Cannabis Program

Aura Risk Management, a member of The Liberty Company network of insurance brokers, launched of Indisure, a new insurance program created exclusively for cannabis companies in all 38 legalized U.S. states. Aura’s program offers a complete coverage solution, including general liability, property, products liability and cargo. Read more here.


StaffMay 9, 2019
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Just two months after announcing the launch of Arcadia Specialty Genomics™, a new cannabis-dedicated division of agricultural crop improvement, the company has released images of its first crop of sun-grown, Hawaiian hemp. Arcadia’s new cannabis unit, cultivates six Hawaiian hemp strains on its 10-acre Hawaiian facility.

In March, the company revealed it had been granted an Industrial Hemp Pilot Program (“HIHPP”) License by Hawaii’s Department of Agriculture. The license allows for the cultivation of industrial hemp for the purposes of agricultural and academic research. Hemp and hemp products produced under the program may be commercially sold.

With a 10-acre field station in Hawaii, Arcadia is producing its first research crop of hemp to test the impact of climate and geography on crop parameters like yield and quality. Arcadia Specialty Genomics’ scientists and agronomists are evaluating and characterizing the performance of a number of local strains against various climate and biological conditions to understand the attributes of each, as well as identify opportunities for improvement. In addition, the company has hired full time staff at its Hawaii facility to oversee the ongoing research and grow operations.

“It’s highly gratifying to see our first hemp research crop taking root in Hawaii, having planted six different Hawaiian strains,” said Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadia Biosciences. “In order to solve for crop variability – a major concern for U.S. hemp farmers – we first need to understand its drivers. We’re applying the sound, scientific approaches we’ve used to improve other crops, such as wheat, to create new breeds of superior hemp.”

Hawaii is the first state where Arcadia Specialty Genomics has commenced its research and cultivation of hemp in federal and state legal cannabis markets, using non-GMO techniques to produce superior U.S. hemp crops.

While traditional agricultural crops can be difficult to grow and export economically in Hawaii, the rich soil and warm climate are ideal for cultivating high-value crops such as hemp.

Arcadia Biosciences is a recognized leader bringing deep experience and established capabilities in this kind of crop innovation and optimization, delivering proven results safflower, wheat and durum such as:

A 100 percent increase in the production of omega-6 GLA for safflower
Two to six times more fiber than standard wheat and durum with its proprietary GoodWheat™ flour
A 65 percent reduction in allergenic gluten content in its GoodWheat™ flour
30 percent more lysine, an essential amino acid, in GoodWheat™ compared to standard wheat
The company expects to harvest its first crop of Hawaiian-grown research hemp this summer.

 

 


AxisWireMay 7, 2019
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Arcadia Biosciences’ Hawaiian Hemp Farm in Full Bloom

Arcadia Specialty Genomics, the company’s new cannabis unit, cultivates six Hawaiian hemp strains on its 10-acre Hawaiian facility.

DAVIS, Calif. (May 7, 2019) /AxisWire/ – Just two months after announcing the launch of Arcadia Specialty Genomics™, a new cannabis-dedicated division of agricultural crop improvement leader Arcadia Biosciences, the company is releasing images of its first crop of sun-grown, Hawaiian hemp.

Arcadia Specialty Genomics focuses on the development of novel cannabis varieties possessing productivity, pest resistance and crop quality traits for license to cultivators in federal and state legal markets, and as products such as hemp-derived CBD oils for the nutraceutical and food industries.

In March, the company revealed it had been granted an Industrial Hemp Pilot Program (“HIHPP”) License by Hawaii’s Department of Agriculture. The license allows for the cultivation of industrial hemp for the purposes of agricultural and academic research. Hemp and hemp products produced under the program may be commercially sold.

With a 10-acre field station in Hawaii, Arcadia is producing its first research crop of hemp to test the impact of climate and geography on crop parameters like yield and quality. Arcadia Specialty Genomics’ scientists and agronomists are evaluating and characterizing the performance of a number of local strains against various climate and biological conditions to understand the attributes of each, as well as identify opportunities for improvement. In addition, the company has hired full time staff at its Hawaii facility to oversee the ongoing research and grow operations.

“It’s highly gratifying to see our first hemp research crop taking root in Hawaii, having planted six different Hawaiian strains,” said Matt Plavan, president of Arcadia Specialty Genomics and CFO of Arcadia Biosciences. “In order to solve for crop variability – a major concern for U.S. hemp farmers – we first need to understand its drivers. We’re applying the sound, scientific approaches we’ve used to improve other crops, such as wheat, to create new breeds of superior hemp.”

Hawaii is the first state where Arcadia Specialty Genomics has commenced its research and cultivation of hemp in federal and state legal cannabis markets, using non-GMO techniques to produce superior U.S. hemp crops.

While traditional agricultural crops can be difficult to grow and export economically in Hawaii, the rich soil and warm climate are ideal for cultivating high-value crops such as hemp.

Arcadia Biosciences is a recognized leader bringing deep experience and established capabilities in this kind of crop innovation and optimization, delivering proven results safflower, wheat and durum such as:

  • A 100 percent increase in the production of omega-6 GLA for safflower
  • Two to six times more fiber than standard wheat and durum with its proprietary GoodWheat™ flour
  • A 65 percent reduction in allergenic gluten content in its GoodWheat™ flour
  • 30 percent more lysine, an essential amino acid, in GoodWheat™ compared to standard wheat

The company expects to harvest its first crop of Hawaiian-grown research hemp this summer. For more information, visit www.arcadiabio.com.

About Arcadia Specialty Genomics

Arcadia Specialty Genomics is a strategic business unit of Arcadia Biosciences, Inc. leveraging the market-leading capabilities of its parent company to deliver crop innovation into developing proprietary, industry-leading cannabis germplasm. Focused on productivity, pest resistance and favored quality traits, Arcadia Specialty Genomics’ innovations serve the state- and federally-legal nutraceutical, food and industrial markets. For more information, visit www.arcadiaspecialtygenomics.com

About Arcadia Biosciences, Inc.

Arcadia Biosciences, Inc. (Nasdaq: RKDA) develops and markets high-value food ingredients and nutritional oils that help meet consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. The company’s agricultural traits are being developed to enable farmers around the world to be more productive and minimize the environmental impact of agriculture. For more information, visit www.arcadiabio.com.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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: Arcadia Specialty Genomics’ expectations about the cannabis industry and potential demand for our products; the uncertainty of the laws and regulations relating to cannabis and products derived therefrom; the inherent uncertainty associated with the development of new projects; our ability to obtain proper licenses and successfully complete research programs related to cannabis; the acceptance of our products in the marketplace; the impact of competitive products and pricing;  risks related to costs, delays and uncertainties associated with potential future scientific research, product development, clinical trials and the regulatory approval process; our partners’ and affiliates’ ability to develop commercial products incorporating cannabis related traits, and complete the regulatory review process for such products; our compliance with laws and regulations that impact our business, and changes to such laws and regulations; our future capital requirements and ability to satisfy our capital needs; our ability to develop, enforce and defend our intellectual property rights; and the other risks set forth in our filings with the Securities and Exchange Commission from time to time, including the risks set forth in our Annual Report on Form 10-K for the year ended December 31, 2018 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.

Twitter: @ArcadiaAg on Twitter
LinkedIn: Arcadia Biosciences

Press Contacts:

Trailblaze PR
Lisa Weser
lisa@trailblazepr.com


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