Ex-baseball All-Star announces cannabis partnership
WAILUKU, Maui — Former Major League Baseball All-Star Shane Victorino announced a partnership agreement between his Hawaii cannabis business and a California-based hemp business.
Victorino’s company, Legacy Ventures Hawaii, partnered with Arcadia Biosciences on Tuesday to grow, extract and sell hemp products beginning later this year.
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The partnership, Archipelago Ventures, combines Arcadia’s experience and expertise with Legacy Ventures growth and Hawaii knowledge.
“We believe hemp has the potential to transform Hawaii’s economy — and the lives of its farmers and local communities — by creating an entirely new agricultural segment based on bringing innovation, scientific integrity and investment to the islands,” said Victorino, a Maui resident and son of Maui County Mayor Michael Victorino.
The state Department of Agriculture granted Arcadia a license in March that allows the company to cultivate hemp for research and retail at its 10-acre facility on Molokai, officials said.
Hawaii has unique geographic and climate advantages for growing and harvesting hemp that give companies on the island a long-term advantage against its competitors on the mainland, scientists said.
“Our new partnership with Legacy not only positions us to lead the rapidly evolving market in producing superior hemp — from seed to extract — but to quickly scale our operations following key regulatory approvals,” said Matt Plavan, chief financial officer of Arcadia Biosciences.
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As part of the partnership, Legacy’s equity partner Vapen CBD will be responsible for construction and operation of the hemp-extraction facilities, which will give Hawaii farmers an opportunity to convert their operations into high-grade CBD hemp production, officials said.
Victorino, an outfielder, was a former All-Star selection, Gold Glove winner and World Series champion with the Philadelphia Phillies and Boston Red Sox. He also played with the Los Angeles Dodgers and Los Angeles Angels.