Edible Garden Completes Phase Two of Packhouse Buildout at Company’s Flagship Belvidere NJ Facility
May 24 2024 - 9:15AM
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 that the
Company has completed phase 2 of the packhouse buildout at the
Edible Garden greenhouse facility in Belvidere, NJ.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, commented, “I am pleased to report that Edible Garden has
successfully completed the second phase of our packhouse buildout
at our flagship greenhouse facility located in Belvidere, New
Jersey. With the introduction of new processing and cross-docking
facilities, when fully realized, we are poised to optimize our
efficiency and capabilities, enabling the Company to better serve
the more than 5,000 retail outlets in our extensive distribution
network. The successful completion of phase 2 aligns with our
Zero-Waste Inspired® mission, ensuring the efficient delivery of
fresh, sustainable produce.”
“In this phase, we have made significant strides
by integrating state-of-the-art technologies. Among these
innovations is our patented GreenThumb system, a sophisticated
cloud-based platform designed to manage greenhouse operations and
streamline demand planning. This system is pivotal in enhancing our
operational efficiency and is expected to substantially increase
the production capabilities of the facility, and we believe,
increase the Company’s gross profit margins in the future. The
final phase of construction will include integrated refrigeration,
warehousing and corporate offices.”
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 StatementsThis
press release contains forward-looking statements, including with
respect to the Company’s growth strategies, the Company’s ability
to improve its financial results, and performance as a public
company. The words “believe,” “design,” “expect,” “intend,”
“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, 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, 2023,
and subsequent quarterly reports. Actual results might differ
materially from those explicit or implicit in the forward-looking
statements. 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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