Edible Garden Announces Official Launch of Edible Garden Heartland Zero-Waste Inspired® Multifaceted AgTech Facility in Grand Rapids, Michigan
17 April 2023 - 11:15PM
Edible Garden AG Incorporated (“Edible Garden” or the
“Company”) (Nasdaq: EDBL, EDBLW), a
leader in controlled environment agriculture (CEA), locally grown,
organic, sustainable produce and products, today announced the
launch of Edible Garden Heartland, the Company’s Zero-Waste
Inspired®, multifaceted AgTech facility in Grand Rapids Michigan.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, commented, "We are excited about the official launch of
Edible Garden Heartland, which is an important step for the Company
as we extend our capabilities to provide sustainably produced,
locally sourced produce to a growing number of customers in the
Midwest. With the launch of this new facility, we are not only
supplying the area with fresh, USDA Organic, premium produce, but
also launching a groundbreaking research and development center
committed to refining our current offerings, creating innovative
products, and exploring advancements in plant-based protein and
nutraceuticals by leveraging state-of-the-art agricultural
technologies."
“The launch of Edible Garden Heartland holds
great potential for positively impacting our margins, and advancing
us toward our goal of turning cash flow positive later this year,
as a result of the increased growing capacity it provides. This
increased capacity will allow us to move production that was
previously outsourced to third-party providers, in-house, which we
believe will result in higher margins for the Company. We also
believe that the facility offers the capacity to handle up to $20
million in annualized revenue. In addition, the launch
presents Edible Garden with the opportunity to vertically integrate
our production capabilities with Pulp, our new line of sustainable
gourmet sauces and chili-based products, that will initially be
sold in Whole Foods locations in the Mid-Atlantic and Southeast
regions starting this summer."
"By strategically positioning ourselves in Grand
Rapids, we believe that Edible Garden Heartland will be able to
satisfy the requirements of our largest Midwest customer, Meijer,
as well as other significant big-box retailers in the region who
are interested in reinforcing their connections with the Company.
Moreover, by cutting down on food miles and shortening the time to
market, we are not only reducing spoilage and waste but also our
CO2 emissions, which aligns with our Zero-Waste Inspired® mission.
Edible Garden remains committed to our Simply Local, Simply Fresh®
approach when supplying produce to customers in a sustainable and
responsible way."
Mike Sudbury, General Manager of Edible Garden
who will oversee the Grand Rapids facility commented “The launch of
Edible Garden Heartland is a significant milestone for Edible
Garden, and I'm extremely proud to have played a part in it. Our
decision to refurbish an existing facility with state-of-the-art
technology is a testament to the Company’s commitment to ESG
principles, and I'm grateful to our team in Grand Rapids for their
hard work in getting us up and running so quickly after purchasing
the facility in August. Our top priority is to retain as many
current jobs as possible, and we're excited about the potential to
create new employment opportunities for the region in the future,
which could indirectly generate up to 100 jobs in the Grand Rapids
community."
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in locally grown
organic leafy greens and herbs backed by Zero-Waste Inspired® next
generation farming. Offered at over 4,000 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 software optimizes growing in vertical and
traditional greenhouses while seeking to reduce
pollution-generating food miles. 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 growth strategies,
expansion into new distribution networks, financial performance,
and performance as a public company. The words “aim,” “believe,”
“expect,” “intend,” “objective,” “opportunity,” “possible,”
“potential,” “goal,” “seek,” “strategy,” “will,” 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, the Company’s ability to achieve its growth objectives,
and other factors set forth in the Company’s filings with the
Securities and Exchange Act Commission, including the Company’s
annual report on Form 10-K for the year ended December 31, 2022.
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.
Investor Contacts:Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
Edible Garden (NASDAQ:EDBL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Edible Garden (NASDAQ:EDBL)
Historical Stock Chart
From Jul 2023 to Jul 2024