Arcadia Biosciences Inc (NASDAQ:RKDA) climbed in Wednesday’s extended trading after saying it’s well-positioned to apply its expertise to cannabis.
The food ingredient company said a new business unit, Arcadia Specialty Genomics, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis, working initially in hemp in legal markets.
Shares of Arcadia advanced 3.5% to $7.20 in after-hours trading.
“This is a natural evolution of our business, consistent with Arcadia’s focus as a consumer-driven agricultural technology company, developing and commercializing innovative food ingredients, nutritional oils and products that improve crop productivity, nutritional quality and value,” Arcadia CEO Raj Ketkar said in a statement.
Looking back at 2018, the Davis, California, company delivered significant regulatory, commercial and scientific advancements in wheat, soy, tomato and safflower, according to Ketkar.
Highlights for the year included the granting of a US patent for technology that extends the storage life of whole-wheat flour by minimizing oxidation.
The company reported that the net loss attributable to common stockholders for the fourth quarter was $646,000, or $0.14 per share, compared with a loss of $3 million loss a year earlier.
The net loss attributable to common stockholders for 2018 was $13.5 million, or a loss of $3.58 per share, compared with the $15.7 million loss in 2017.
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