In Davis, CA, Arcadia Biosciences Inc may not have had what looks like a promising year in 2019, posting a $28.8 million loss for the year. However, the company is confident that things will turn around during the coming year.
They are projecting not only lowering their losses but in fact turning a profit this year thanks to their brand of hemp seeds, GoodHemp.
“We remain confident we will achieve our projections to exceed $10 million in revenue in 2020,” CEO Matt Plavan said.
The company focuses on hemp, soybean, high-fiber wheat, and low-gluten wheat seeds.
The company has also recently announced a partnership with Grow West and Buttonwillow Warehouse Co. to get their hemp seeds out the door and into the hands of farmers in California this season.
The hemp seeds they are zooming in on are the ones used to grow hemp for CBD.
The company took a hard look at its capital resources for the year, stating that it had $25.3 million available at the close of the year. They used $17.2 million in operating activities during 2019, however they managed to raise $17.5 in equity offerings and raised $5.3 million from investors. The company plans to continue its operations in the face of the coronavirus pandemic.
“I would be remiss if I were not to caveat our confidence in achieving our guidance subject to the unknown forward implications of the coronavirus,” Plavan said. “Although, agriculture is deemed an essential industry, meaning our growers, ourselves and the rest of our supply chain are able to continue operating despite the current quarantine conditions.”