Edible Garden Completes Phase One Buildout of Edible Garden Heartland Ahead of Schedule
15 December 2022 - 11:00PM
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 provided an update
on the buildout of its Edible Garden Heartland greenhouse facility
in Grand Rapids, Michigan.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, commented, “I am happy to report that first phase of our
buildout of the Edible Garden Heartland greenhouse in Grand Rapids,
Michigan has been completed ahead of schedule. This initial phase
included installation of our proprietary grow system, and we have
already commenced initial production. We have also begun the FDA
food safety and USDA Organic certification processes, and we expect
to receive those certifications in January 2023. In addition,
we are completing the installation of our cooling and cold storage
systems in the facility, as we prepare to ramp up our production in
the coming months. In phase two of the buildout, which is
expected to commence in January 2023, the Company will be
installing a state-of-the-art seeding machine and deploying our
hybrid vertical grow system within the facility. These
additions are designed to increase the facility’s production
capabilities, as well as expand Edible Garden’s gross profit
margins. In addition, we will continue to work with our contract
growers in the Midwest to support demand in excess of our
production capabilities.”
“When we purchased the facility, there was an
existing, legacy floral business that came with it. We recently
commenced shipping the poinsettias grown at Edible Garden Heartland
in time for the holiday season, providing the Company with a new,
additional revenue stream. Edible Garden is not just another
CEA company--we are a Company steeped in horticultural tradition,
while at the forefront of technology and innovation, evidenced by
our patented, advanced technologies and processes. Most of all,
this facility supports our mission of providing Zero-Waste
Inspired®, Simply Local, Simply Fresh® produce and products to our
Midwest distribution partners and beyond.”
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
Forward Looking StatementsThis
press release contains forward-looking statements, including with
respect to the Company’s growth strategies, ability to complete the
buildout of Edible Garden Heartland and realize the expected
benefits of acquiring the facility, ability to expand its
distribution network and distribution relationships, and
performance as a public company. The words “design,” “expect,”
“intend,” “mission,” “objective,” “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 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.
Investor Contacts:Crescendo Communications,
LLC212-671-1020EDBL@crescendo-ir.com
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