DAVIS, Calif., June 12, 2017 (GLOBE NEWSWIRE) — Marrone Bio Innovations, Inc. (NASDAQ:MBII), (MBI) a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, today announced that three MBI active ingredients are now legal for use on cannabis crops in the California market.
Inclusion of these ingredients of products developed and owned by MBI on California Department of Pesticide Regulation’s newest posting of “Legal Pest Management Practices for Cannabis Growers in California,” (http://marronebioinnovations.com/wp-content/uploads/delightful-downloads/MC-mgmt-practices-092916-DPR-Cannabis-Approved-List.pdf) has made four MBI products with proven track records in many of California’s conventional and organic food crops, available to cannabis growers in California.
“We are pleased to meet the demand by the fast growing number of cannabis growers in California and many other states,” said Dr. Pam Marrone, Founder and Chief Executive Officer, Marrone Bio Innovations. “We are also currently working with industry experts around the country to develop cannabis-specific ‘special local need’ labels in states where it is currently legal to market and sell medicinal and/or adult use cannabis. Where allowed by state governments, these labels will provide product use information that is more detailed to cannabis cultivation practices.”
Marrone added, “We have seen the cannabis industry quickly emerge as an important segment for MBI. Our products are transforming cannabis production through the reduction of toxic chemicals and pesticide residues that are harmful to both the environment and to people.”
Natalie Darves, CEO of Cougar Acres Consulting and Lead Outdoor Horticulture Instructor, Oaksterdam University, commented, “California cannabis growers strive to produce a high quality and safe product. Since MBI products on the new CADPR listing are tolerance exempt, use of these pest management tools will help minimize crop rejection. Proposed cannabis testing standards prohibit unsafe pesticide residues from unapproved uses of synthetic pesticides. Since MBI products do not contain live microbes as active ingredients, I have been able to significantly reduce crop rejection. Most microbial pesiticides residues will not pass the stringent microbial contamination testing standards that exceed standard food safety testing. These various testing standards are the forefront of policy issues affecting California cannabis growers today. The MBI products approved for use on cannabis are valuable and welcome new tools for California growers.”
Reynoutria sachalinensis extract is the active component of Regalia biofungicide, bringing outstanding levels of control of diseases like powdery mildew and leaf spots. Chromobacterium subtsugae strain PRAA41T is the active ingredient in Grandevo bioinsecticide and Burkholderia spp. strain A396 is the active ingredient in Venerate XC bioinsecticide. These two bioinsecticides provide outstanding control of insects such as thrips, aphids, mites and white flies. Burkholderia spp. strain A396 is also the active element in Majestene bionematicide.
MBI products are safe for cannabis growers, their customers and the environment, and are approved for use in organic production. Further, these products are exempt from Maximum Residue Limits (MRL) and offer the flexibility to be used through point of harvest.
According to recent studies, the legal cannabis industry in the U.S. could grow to $50 billion in the next decade. It could expand to more than eight times its current size, as lawful cannabis suppliers gain new customers and convert consumers from the illicit market. The recent legalization of cannabis for adult use in California, where it was already permitted for medical use, is expected to triple the size of the country’s current $6 billion legal cannabis industry.
About Marrone Bio Innovations
Smart. Natural. Solutions.
Marrone Bio Innovations, Inc. (NASDAQ:MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have five products for agriculture on the market (Regalia®, Grandevo®, Venerate®, Majestene®, and Haven™), and also distribute Bio-tam 2.0® for Isagro USA in the western U.S. MBI also markets Zequanox® for invasive mussels for water markets. We have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertain-ties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include statements regarding sales of the Company’s products, the potential benefits of the Company’s products, and MBI’s efforts with respect to expansion of its product labels in cannabis or other markets. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including consumer, regulatory and other factors affecting demand for the Company’s products, any difficulty in marketing MBI’s products for cannabis, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, and adverse decisions by regulatory agencies and other relevant third parties. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
CONTACT: Marrone Bio Innovations Contact: Keith Pitts, Senior VP Regulatory and Government Affairs and Chief Sustainability Officer Andre Trepanier Product Manager, Fungicides and New Products Telephone: +1 (530) 750-2800 Email: [email protected] MBI Investor Contacts: MZ Group Main: 949-385-6449 Greg Falesnik [email protected]