Edible Garden and Walmart Strengthen Sustainability Efforts with Expanded Distribution

Rhea-AI Summary

Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW) expands distribution alliance with Walmart, adding new SKUs in Northeast locations and extending reach to East South Central region. Solid order fill rates and commitment to sustainability drive expanded relationship.

Positive

• Expansion of distribution alliance with Walmart indicates a positive growth trajectory for Edible Garden AG Incorporated.
• Consistently achieving order fulfillment rates that exceed industry averages demonstrates the high levels of service and execution provided by Edible Garden.
• Enhanced distribution relationship with Walmart expected to have a positive effect on revenue in 2023 and beyond, bringing the company closer to its goal of becoming cash flow positive on a quarterly basis later in the year.

Negative

• None.

Adding New SKUs to Walmart’s Northeast Locations; Extending Distribution Footprint in East South Central Region of U.S.

Solid Order Fill Rates and Commitment to Sustainability Driving Expanded Relationship

BELVIDERE, NJ, July 20, 2023 (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 announced an expansion of the Company’s distribution alliance with Walmart. The initiative includes providing additional SKUs in Walmart locations across the Northeast and broadening Edible Garden’s reach to retail locations in the East South Central region of the United States.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are pleased to announce the expansion of our relationship with Walmart to provide a wider variety of Edible Garden's sustainably grown produce in their Northeast locations, as well as initiating distribution in their East South Central US retail stores. Walmart, the world's largest fresh produce retailer, has long been one of our most significant customers, and our association with them goes beyond just supplying produce. Edible Garden actively participates in Walmart's Project Gigaton, a 2017 initiative aimed at engaging suppliers, NGOs, and other stakeholders in reducing or avoiding one billion metric tons of greenhouse gases in the global value chain by 2030. Moreover, the Company has previously been recognized as a Project Gigaton 'Giga Guru' due to a steadfast commitment to our Zero-Waste Inspired® mission and our leadership in the CEA sector."

“Edible Garden has consistently achieved order fulfillment rates (“fill rate”) across all of our retailers and distribution partners that exceed industry averages, and in particular, we believe that achieving a fill rate in excess of 100% during the 2022 holiday season further strengthened our existing relationship with Walmart. We believe achieving this level of performance, despite the unprecedented supply chain challenges facing the industry, demonstrates the high levels of service and execution that Edible Garden is able to provide to its customers. By continuing to exceed our partners’ expectations, we believe retailers such as Walmart have gained confidence in Edible Garden as a trusted, dependable supplier of sustainably grown produce and may look to identify opportunities to further enhance their distribution relationships with the Company. We believe this enhanced distribution relationship with Walmart will have a positive effect on our revenue in 2023 and beyond, bringing us closer to our goal of becoming cash flow positive on a quarterly basis later in the year.”

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 2.0 patented (US No’s.: US 11,158,006 B1 and US 11,410,249 B2) 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,” “may,” “objective,” “opportunity,” “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, LLC
212-671-1020
EDBL@crescendo-ir.com

FAQ

What is Edible Garden AG Incorporated expanding with Walmart?

Edible Garden AG Incorporated is expanding its distribution alliance with Walmart, adding new SKUs in Northeast locations and extending its reach to retail locations in the East South Central region of the United States.

What is Project Gigaton?

Project Gigaton is a 2017 initiative by Walmart aimed at engaging suppliers, NGOs, and other stakeholders in reducing or avoiding one billion metric tons of greenhouse gases in the global value chain by 2030.

How has Edible Garden AG Incorporated been recognized in relation to Project Gigaton?

Edible Garden AG Incorporated has been recognized as a Project Gigaton 'Giga Guru' due to its steadfast commitment to the Zero-Waste Inspired® mission and its leadership in the controlled environment agriculture (CEA) sector.

What is the impact of the enhanced distribution relationship with Walmart on revenue?

The enhanced distribution relationship with Walmart is expected to have a positive effect on Edible Garden AG Incorporated's revenue in 2023 and beyond, bringing the company closer to its goal of becoming cash flow positive on a quarterly basis later in the year.