DALLAS — Above Food will acquire the high-fiber GoodWheat brand of wheat products from Arcadia Biosciences, Inc. for $4 million, the companies announced May 16. Pasta, pancake mixes, single-serve Quikcakes, and macaroni and cheese are sold under the GoodWheat brand in over 3,500 retail outlets nationwide and on Amazon.

“We see this as the beginning of a partnership between Arcadia and Above Food to accelerate scaling Arcadia’s wheat IP,” said Stan Jacot, president and chief executive officer of Dallas-based Arcadia. “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 provide efficient commercialization of Arcadia’s wheat IP in the future. This transaction enables us to monetize our IP early while we continue to pursue other crop licensing and royalty streams.”

Above Food, Regina, Sask., runs a plant-based supply chain that includes a breeding program, identity-preserved varietals, ingredients, private label partnerships with retailers, global distribution and a line of plant-based consumer packaged goods. Consumer product brands in the Above Food portfolio include Farmer Direct Organic, Loma Linda, Tuno, Neat, Eat Up!, NorQuin and Modern Menu.

Arcadia introduced five varieties of GoodWheat pasta in June 2022. The launch was followed by six varieties of pancake mixes and Quikcakes in August 2023 and three varieties of macaroni and cheese in November 2023. In August 2023 Arcadia said it had engaged Lake Street Capital Markets to explore strategic opportunities, which could include an acquisition, the sale of the company, a merger, an asset sale, a joint venture, a licensing agreement or a capital raise.

Arcadia in the first quarter ended March 31, 2024, had a net loss attributable to common stockholders of $2.4 million, which compared with a net loss of $9.4 million in the same time of the previous year. Revenues increased to $1.26 million from $1.23 million, driven by sales of GoodWheat products and Zola coconut water.