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Edible Garden Transitions Business to Edible Garden Heartland on Schedule; Increased Efficiency and Owned Facility Expected to Positively Impact Margins
Globe Newswire 3-Apr-2024 9:00 AM
BELVIDERE, NJ, April 03, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW))), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today announced a new initiative aimed at vertical integration of its Edible Garden Heartland facility in Grand Rapids, Michigan, allowing the Company to shift production of its potted herbs from contract-growers to in-house production which is expected to enhance the Company's margins.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "As a result of our vertical integration initiative, I am pleased to announce we are now shipping the USDA Organic potted herbs produced at our Edible Garden Heartland facility to major distribution partners in the Midwest. This marks a significant expansion of our Midwest production capabilities and is expected to enhance our margins by reducing production costs. Since acquiring Edible Garden Heartland, we have integrated cutting-edge technologies, including our unique, patented GreenThumb greenhouse management system, which not only improves the traceability of our products but also streamlines our supply chain's efficiency. In addition, we have recently completed the installation of several high-speed packing lines at the facility, allowing the facility to operate at increased capacity. Having Edible Garden Heartland operate at a higher capacity enables us to shift from contract growers to in-house production, starting with potted herbs. We believe this vertical integration illustrates our commitment to maximizing the operating efficiency of our facilities as we forge ahead toward our goal of profitability."
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Edible Garden go to https://ediblegardenag.com/.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the Company's ability to improve its financial results, the Company's growth strategies, the Company's ability to expand into new product lines, and its performance as a public company. The words "believe," "design," "expect," "goal," "objective," "seek," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions and the Company's ability to achieve its growth objectives. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
