Edible Garden Announces Official Launch of Edible Garden Heartland Zero-Waste Inspired® Multifaceted AgTech Facility in Grand Rapids, Michigan

Rhea-AI Summary

Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW) announced the launch of Edible Garden Heartland, a new AgTech facility in Grand Rapids, Michigan. This facility focuses on sustainable, locally sourced produce, marking a significant expansion in the Company’s capabilities. The facility aims to produce fresh, USDA Organic produce while also serving as a research and development center for plant-based proteins and nutraceuticals. The anticipated capacity of the facility could generate up to $20 million in annual revenue, allowing the Company to bring production in-house, thereby improving profit margins. The initiative aligns with Edible Garden's Zero-Waste Inspired® mission through reduced food miles and CO2 emissions. The facility is expected to create nearly 100 new jobs in the local community.

Positive

• Launch of Edible Garden Heartland expected to generate up to $20 million in annual revenue.
• Transitioning production in-house from third-party providers expected to increase profit margins.
• The facility aligns with the company's Zero-Waste Inspired® mission by reducing spoilage and emissions.
• Expected creation of nearly 100 new jobs in Grand Rapids.

Negative

• None.

BELVIDERE, NJ, April 17, 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 the launch of Edible Garden Heartland, the Company’s Zero-Waste Inspired®, multifaceted AgTech facility in Grand Rapids Michigan.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are excited about the official launch of Edible Garden Heartland, which is an important step for the Company as we extend our capabilities to provide sustainably produced, locally sourced produce to a growing number of customers in the Midwest. With the launch of this new facility, we are not only supplying the area with fresh, USDA Organic, premium produce, but also launching a groundbreaking research and development center committed to refining our current offerings, creating innovative products, and exploring advancements in plant-based protein and nutraceuticals by leveraging state-of-the-art agricultural technologies."

“The launch of Edible Garden Heartland holds great potential for positively impacting our margins, and advancing us toward our goal of turning cash flow positive later this year, as a result of the increased growing capacity it provides. This increased capacity will allow us to move production that was previously outsourced to third-party providers, in-house, which we believe will result in higher margins for the Company. We also believe that the facility offers the capacity to handle up to $20 million in annualized revenue.  In addition, the launch presents Edible Garden with the opportunity to vertically integrate our production capabilities with Pulp, our new line of sustainable gourmet sauces and chili-based products, that will initially be sold in Whole Foods locations in the Mid-Atlantic and Southeast regions starting this summer."

"By strategically positioning ourselves in Grand Rapids, we believe that Edible Garden Heartland will be able to satisfy the requirements of our largest Midwest customer, Meijer, as well as other significant big-box retailers in the region who are interested in reinforcing their connections with the Company. Moreover, by cutting down on food miles and shortening the time to market, we are not only reducing spoilage and waste but also our CO2 emissions, which aligns with our Zero-Waste Inspired® mission. Edible Garden remains committed to our Simply Local, Simply Fresh® approach when supplying produce to customers in a sustainable and responsible way."

Mike Sudbury, General Manager of Edible Garden who will oversee the Grand Rapids facility commented “The launch of Edible Garden Heartland is a significant milestone for Edible Garden, and I'm extremely proud to have played a part in it. Our decision to refurbish an existing facility with state-of-the-art technology is a testament to the Company’s commitment to ESG principles, and I'm grateful to our team in Grand Rapids for their hard work in getting us up and running so quickly after purchasing the facility in August. Our top priority is to retain as many current jobs as possible, and we're excited about the potential to create new employment opportunities for the region in the future, which could indirectly generate up to 100 jobs in the Grand Rapids community."

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, expansion into new distribution networks, financial performance, and performance as a public company. The words “aim,” “believe,” “expect,” “intend,” “objective,” “opportunity,” “possible,” “potential,” “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 the purpose of Edible Garden Heartland?

Edible Garden Heartland aims to provide sustainably produced, locally sourced organic produce and serve as a research and development center for plant-based proteins.

How much revenue can Edible Garden Heartland potentially generate?

The facility has the capacity to handle up to $20 million in annualized revenue.

What are the expected benefits of launching Edible Garden Heartland?

The launch is expected to improve profit margins by moving production in-house and reducing food miles and spoilage.

How many jobs is Edible Garden Heartland expected to create?

The facility is expected to indirectly generate up to 100 new jobs in the Grand Rapids community.

How does Edible Garden align with sustainability?

Edible Garden minimizes emissions and spoilage through its location strategy and adheres to its Zero-Waste Inspired® mission.