Above Food Corp. is acquiring the better-for-you wheat products brand GoodWheat from Arcadia Biosciences, a move signaling a shift in the food and beverage industry towards healthier options.
Canada-based Above Food will pay $4m net for the pasta and pancake mixes business from Arcadia Biosciences, showcasing a strategic investment in the growing demand for healthier food choices.
Launched in 2018, the GoodWheat brand aims to help consumers boost their fibre intake. With a focus on innovation, Arcadia introduced a range of GoodWheat pasta, pancake mixes, and macaroni and cheese varieties to cater to evolving consumer preferences.
Available in over 3,500 stores nationwide and on Amazon, GoodWheat products have quickly gained popularity among health-conscious consumers seeking nutritious and convenient options.
Stan Jacot, President and CEO of Arcadia, highlighted the partnership with Above Food as a means to accelerate the scaling of Arcadia’s wheat IP, aligning well with Above Food’s commitment to nutrient-dense, plant-based products.
In a statement, Jacot stated, “The GoodWheat brand seamlessly integrates with Above Food’s product portfolio, leveraging their expertise in identity preservation and owned assets for efficient commercialization of Arcadia’s wheat IP.”
“This transaction enables us to monetize our IP early while we continue to pursue other crop licensing and royalty streams,” Jacot explained, emphasizing the strategic value of the deal for Arcadia.
Following its acquisition of Atlantic Natural Foods last year, Above Food’s CEO, Lionel Kambeitz, emphasized the importance of meeting consumer demand for healthier food options. The integration of GoodWheat’s non-GMO IP into Above Food’s supply chain reflects a commitment to quality and consumer satisfaction.
In a further strategic move, Arcadia hinted at a potential takeover during an earnings call, showcasing its commitment to maximizing shareholder value. Despite challenges in the past year, the company remains focused on innovation and growth in the food and beverage industry.
