Edible Garden Announces New Grant Funding from Michigan Department of Labor and Economic Opportunity - Workforce Development Through West Michigan Works!
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Insights
The grant received by Edible Garden from the Michigan Department of Labor and Economic Opportunity is a strategic investment in the company's human capital, particularly in the areas of supply chain management, transportation and logistics. These fields are critical for companies in the controlled environment agriculture (CEA) industry, where efficiency and speed are paramount. By focusing on these areas, Edible Garden is likely to enhance its operational capabilities, which can lead to improved customer satisfaction through better shipping and fill rates.
Investing in employee training can also have a positive impact on the company's economic performance. Well-trained employees are typically more productive and can contribute to reducing operational costs by minimizing errors and improving processes. This, in turn, can lead to increased sales growth as the company becomes more competitive in its offerings. The focus on credentials for transferable skills ensures that the workforce remains adaptable and can meet evolving industry demands, which is particularly important in the CEA sector where technology advancements are continuous.
The financial implications of the 'Going PRO Talent Fund' grant for Edible Garden are multifaceted. On one hand, the reimbursement for training expenses can alleviate the financial burden associated with upskilling employees. This is particularly beneficial for a publicly traded company like Edible Garden, as investors often scrutinize operational expenses. The ability to enhance employee capabilities without incurring additional costs can improve the company's profit margins and potentially its stock valuation.
Moreover, the emphasis on training for roles such as Food Safety Officer and General Manager suggests that Edible Garden is committed to maintaining high standards of quality and safety, which can have a long-term positive impact on the brand's reputation and customer loyalty. The mention of sales growth in conjunction with improved supply chain efficiency indicates that the company is already experiencing tangible benefits from its technological investments, which could make it an attractive prospect for investors seeking growth opportunities in the CEA space.
From a human resources perspective, the grant signifies an investment in talent retention and development that is essential for Edible Garden's growth strategy. The ability to offer comprehensive training and development opportunities can be a significant factor in attracting and retaining top talent, especially in a competitive labor market. By addressing the demonstrated talent needs within the company, Edible Garden is positioning itself to better manage its human resources, which can lead to increased employee engagement and reduced turnover rates.
The strategic focus on transferable skills and credentials also aligns with broader workforce development trends, where employees are increasingly seeking employers that contribute to their career progression. This approach not only benefits the individual employees but also creates a more resilient workforce that can adapt to the company's evolving needs, potentially leading to a stronger competitive position in the CEA industry.
‘Going PRO Grant’ Aimed at Training, Developing, and Retaining Current and Newly Hired Employees in Key Areas Such as Supply Chain Management, Transportation and Logistics
BELVIDERE, NJ, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today announced that the Company has received funding from the Going PRO Talent Fund, awarded by the Michigan Department of Labor and Economic Opportunity - Workforce Development (LEO-WD), facilitated through Michigan Works! This funding is aimed at reimbursing employers in Western Michigan for costs incurred in the training, development, and retention of both existing and new employees. It supports the expansion and enhancement of employee skills, fosters opportunities for internal growth or promotion, and contributes to their economic progress. All training must fill a demonstrated talent need experienced by the Company, be short-term in nature, and lead to a credential for a skill that is transferable and recognized by industry.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are pleased to have been awarded this grant from the Michigan Department of Labor and Economic Opportunity – Workforce Development. The grant will reimburse the Company for training expenses for our staff at the Edible Garden Heartland facility in Grand Rapids, Michigan, in crucial areas such as supply chain management, transportation, and logistics. Additionally, it will cover on-the-job training costs for new hires at the facility, expected to fill positions like Food Safety Officer, General Manager, and Grower. Furthermore, this training will provide added support for the Company’s ongoing efforts to enhance supply chain management at the Heartland facility, where we utilize our proprietary GreenThumb greenhouse agriculture technology to enhance supply chain efficiency which has resulted in increased shipping and fill rates, alongside notable sales growth.”
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 patented Self-Watering display (US No: US D1,010,365 S) enables retailers to present plants in their prime, reducing waste and offering superior products to consumers. 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 ability to apply grant funds to reimburse its expenses, sales growth, and performance as a public company. The words “expect,” “seek,” “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 the factors set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2022 and subsequent quarterly reports on Form 10-Q. 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, LLC
212-671-1020
EDBL@crescendo-ir.com
FAQ
What is the purpose of the 'Going PRO Grant' received by Edible Garden AG Incorporated?
Who awarded the funding to Edible Garden AG Incorporated?
Which facility of Edible Garden AG Incorporated will benefit from the training covered by the grant?
What positions are expected to be filled with new hires at the Edible Garden Heartland facility?
How does the training aim to enhance supply chain management at the Heartland facility?
