Commences Growing and Expects FDA Food Safety and USDA Organic Certifications in January 2023
Legacy Floral Business Providing Edible Garden a New Revenue Stream
BELVIDERE, NJ, Dec. 15, 2022 (GLOBE NEWSWIRE) -- 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 Statements
This 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, LLC
212-671-1020
EDBL@crescendo-ir.com
