DAVIS, Calif., Aug. 10, 2020 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced the execution of a term sheet to form a strategic business venture with Three Farm Daughters, LLLP, a majority female-owned North Dakota-based consumer food company, to develop and market food products using Arcadia's patented non-GMO GoodWheatTM technology.
Together, the companies will develop Three Farm Daughters-branded food products such as flours, pastas and crackers that leverage the enhanced nutritional profiles of GoodWheat ingredients. Three Farm Daughters products will be sold in grocery stores, on Amazon and through the company's e-commerce site: www.threefarmdaughters.com.
"Three Farm Daughters shares our commitment to healthy, high-quality food ingredients and clean labels," said Matthew Plavan, president and CEO of Arcadia Biosciences. "We are excited to bring our GoodWheat ingredients to market under the Three Farm Daughters brand and look forward to new and continued innovation to meet growing consumer demand for healthier food options."
Arcadia's GoodWheat portfolio of specialty wheat ingredients contain up to 10 times the dietary fiber of traditional wheat, up to 65 percent less allergenic gluten, and nearly 30 percent fewer calories per serving than traditional wheat.
"At Three Farm Daughters, we are passionate about healthful food and uncompromising when it comes to quality, taste and performance," said Mollie Ficocello, president and co-founder of Three Farm Daughters. "Our family has proudly grown GoodWheat wheat varieties for years, and we know first-hand the difference healthier, quality ingredients make in our diets and lifestyles. And now, we are thrilled to bring our products to the market and help consumers take the guesswork out of healthy eating with our Three Farm Daughters brand."
Three Farm Daughters will launch its first product – a refined, non-enriched wheat flour for everyday baking – in September. Sales of baking staples such as flour, baking powder, baking soda and yeast have been at an all-time high during the COVID-19 pandemic, with Nielsen reporting consumers spent 126 percent more on flour in March and 105 percent more in April than in 2019.
Arcadia and Three Farm Daughters are expected to execute definitive agreements in due course.
About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company's GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. Arcadia's agricultural traits are being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. The company's new GoodHemp™ seed catalog delivers genetically superior hemp seeds, clones, transplants, flower and extracts, applying the company's proprietary crop innovation technology, ArcaTech™, to an emerging crop. For more information, visit www.arcadiabio.com.
About Three Farm Daughters
Three Farm Daughters is a majority female-owned health-focused, agriculture-based food company that produces and markets better-for-you food products. The founders pride themselves on their North Dakota ag roots and credit their farming background for their keen understanding in food production from field to pantry. Growing up on a farm, and now growing families of their own, the founders have a passion for providing not only their families with healthy foods, but yours also. For more information, visit www.threefarmdaughters.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, including statements regarding the formation of the strategic business venture and the expected launch of new products into the market. 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's and its partners' and affiliates' ability to develop and sell commercial products incorporating their traits and ingredients, and complete the regulatory review process for such products; the negotiation and completion of definitive agreements with respect to the strategic business venture with Three Farm Daughters; Arcadia's compliance with laws and regulations that impact Arcadia's business, and changes to such laws and regulations; the potential impact of COVID-19 on our business; and the company's future capital requirements and ability to satisfy its capital needs. Further information regarding these and other factors that could affect the company's financial results is included in filings the company makes with the Securities and Exchange Commission from time to time, including the section entitled "Risk Factors" and additional information set forth in its Form 10-K for the year ended December 31, 2019 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.
SOURCE Arcadia Biosciences, Inc.