Edible Garden Begins Shipping Spring Ornamentals Grown in the New Edible Garden Heartland Facility in Grand Rapids, Michigan
May 01 2023 - 8:15AM
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 it has begun shipping
spring ornamentals, grown in its Edible Garden Heartland facility
in Grand Rapids, Michigan. The lineup of spring ornamentals
includes various-sized hanging baskets of petunias, geraniums,
impatiens, begonias, dahlias, and other accent plants.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, commented, “We are pleased to have begun shipping spring
ornamentals from our new Edible Garden Heartland facility, in time
for Mother’s Day, which is arguably one of the biggest days in the
floral industry. After acquiring Edible Garden Heartland last year,
we began implementing our proprietary technologies, such as the
GreenThumb greenhouse management system, which enhances supply
chain efficiency, as well as leveraging our advanced growing
techniques, in line with Edible Garden’s philosophy of maximizing
the Company’s available assets.”
“Our new, state-of-the-art facility, which we
believe is capable of handling up to $20 million in annualized
revenue, provides Edible Garden with considerable additional
growing capacity, some of which we are using to expand our
ornamental business in the Midwest by supplying a range of
ornamentals to our current customers, as well as expanding our
customer base by offering ornamentals to potential customers. Given
the anticipated higher-margin nature of ornamentals, we expect that
our efforts to expand this business segment will positively impact
the Company's overall margins and move us closer to becoming cash
flow positive by year's end.”
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, the Company’s financial performance, the Company’s
expansion into new distribution networks, and performance as a
public company. The words “anticipate,” “believe,” “expect,”
“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, 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
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