Seed developer Abundant Produce has revealed it's close to inking a distribution agreement with one of the world’s leading seed companies. The move relates specifically to Asian and Middle Eastern markets.
“Abundant has been negotiation with one of the four major international seed houses for some time, and have successfully navigated their cucumber testing regime,” the company said in a statement issued via the Australian Securities Exchange (ASX). “As such, we expect to enter into a formal distribution agreement with regard to the Middle East and Asia Minor, in the near future.”
The Australian-based company said the distributor has the option of sourcing seeds directly from the company or producing their own seeds using parental stock. “In preparation, Abundant is producing seeds in Australia and overseas to supply this contract.”
Abundant’s business model centres around the development of vegetable plant IP. It receives royalties for each seed sold by distributors.
After listing on the ASX last year, Abundant has expanded its production base beyond Australia, with the company recently setting up an operation in Chile. It anticipates parental lines being grown in the South American country will be ready in March.
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