Key Takeaways:
- Arcadia Biosciences sells its GoodWheat™ brand to Above Food Corp. for $4 million net.
- This transaction marks the beginning of a potential long-term partnership between the companies.
- GoodWheat brand products are non-GMO and high in fiber and protein.
- GoodWheat products are available nationwide and on Amazon.
Details On The Deal Between Arcadia Biosciences & Above Food Corp.
Arcadia Biosciences, Inc.® (Nasdaq: RKDA) announced the sale of its GoodWheat™ brand to Above Food Corp. for $4 million net. Above Food Corp. is recognized for its innovative food products and vertically integrated supply chain.
Strategic Partnership
Stan Jacot, president and CEO of Arcadia, emphasized the strategic nature of this transaction. “We see this as the beginning of a partnership between Arcadia and Above Food to accelerate scaling Arcadia’s wheat IP,” Jacot stated. “The GoodWheat brand fits perfectly into Above Food’s nutrient-dense, plant-based consumer product and specialty ingredient portfolios. Above’s vertically integrated, farm-to-fork identity preservation system, reinforced by Above’s owned assets, could efficiently commercialize Arcadia’s wheat IP in the future.”
About GoodWheat
The GoodWheat brand was introduced in 2018 to help consumers increase their fiber intake through delicious foods. It uses Arcadia’s unique, patented, non-GMO wheat grain, which is naturally higher in fiber and protein without any additives.
Arcadia has expanded the GoodWheat product line significantly:
- In June 2022, five varieties of GoodWheat pasta were introduced.
- In August 2023, six varieties of pancake mixes and single-serve Quikcakes™ were launched.
- In November 2023, three varieties of mac & cheese hit the market.
GoodWheat products are available on over 3,500 shelves nationwide and on Amazon.
Above Food’s Vision
Lionel Kambeitz, CEO of Above Food Corp., shared his enthusiasm for the acquisition. “Consumers are asking for delicious foods that are better for you. The use and advancement of this existing non-GMO GoodWheat IP for the planting seeds utilized in Above’s grower supply chain will serve the needs of these health and quality-conscious consumers. Building better-for-you foods begins with the grower producing grains from the highest quality, non-GMO seeds. Above’s identity-preserved field-to-fork supply chain ensures the quality and security of these grains.”
Financial Advisors
Lake Street Capital Markets acted as the exclusive financial advisor to Arcadia Biosciences for this transaction.
