Edible Garden Announces Product Development Agreement with Nutracom, an Industry Leading Developer and Contract Manufacturer of Nutritional Products

Rhea-AI Summary

Edible Garden AG has entered into a product development agreement with Nutracom to create new lines of nutraceuticals and plant proteins. This collaboration aims to leverage Nutracom's expertise in high-quality nutritional products to develop innovative offerings under the Farm to Formula® brand. With a focus on sustainability and zero waste, the new products will utilize next-generation plant ingredients. Edible Garden's established distribution network will support the rollout, targeting health-conscious consumers and enhancing the company's market position.

Positive

• Strategic partnership with Nutracom for product development.
• Focus on sustainable and zero-waste products aligning with market trends.
• Utilization of Nutracom's state-of-the-art manufacturing capabilities.
• Strengthening of Edible Garden's distribution network.

Negative

• None.

Plan to launch new lines of nutraceuticals, plant proteins, and other Zero-Waste Inspired™ nutritional plant-based products

BELVIDERE, NJ, June 30, 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 plant-based products, today announced that it has entered into a product development agreement (“Agreement”) with Nutracom, an established and trusted developer and contract manufacturer of nutritional products, based in Chesterfield, Missouri.  Nutracom operates a state-of-the-art GMP laboratory, and 100,000 square foot cGMP certified, packaging, distribution and warehouse facility.

Under the Agreement, the parties plan to develop proprietary lines of Farm to Formula®  nutraceuticals and other food products, to be distributed through the Edible Garden platform. The new product lines are expected to include vitamins, plant and whey proteins, and other products utilizing next-generation plant ingredients grown and sourced using sustainable methods.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are excited to embark on this project with Nutracom, given their decades of experience developing and manufacturing nutritional products using the highest quality food ingredients. Specifically, we look forward to launching new lines of nutraceuticals, plant proteins, and other Zero-Waste Inspired™ products that utilize every part of the plant.  Our plan is to develop the best and most efficacious products that harness the full power of the plant. Personally, I have a long history working with Nutracom dating back to my tenure with Nature’s Bounty, and I look forward to working with them again on this important initiative.”

“Nutracom also brings state-of-the-art manufacturing, centrally located in the Midwest and in close proximity to key customers.  Their climate controlled, automated facility will help ensure cost-effective shipping and fresh products, consistent with Edible Garden’s approach.  Importantly, this Agreement will enable us to pioneer the marriage of controlled environment agriculture (CEA) production with consumer-friendly extraction processes, to create efficacious and sustainably grown products.”

Brett Hastings, CEO of Nutracom, further noted, “We could not be more excited to partner with Edible Garden given their strong brand, which resonates extremely well with health-conscious consumers. In addition, they bring an established and growing distribution network with big box and independent retailers nationwide.  We believe our R&D and manufacturing capabilities, coupled with Edible Garden’s growing reputation and impressive track record, will result in exciting new product lines that tap into the explosive consumer demand for healthy and sustainably produced products.”

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 agriculture 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 state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey, and in partnership with growers 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.

ABOUT NUTRACOM
Nutracom, LLC is a developer and contract manufacturer of powdered foods and nutritional supplements.  The company, formerly a division of Reliv International, Inc. before being purchased in 2019 by Reliv Chief Scientific Officer Dr. Carl Hastings and his sons Brett and Steve, has formulated and produced high-quality supplements for over 30 years at its 100,000 square ft. manufacturing facility in Chesterfield, Missouri.  The late Dr. Hastings, a renowned food scientist specializing in plant-based nutritional and functional formulas, developed most of the Reliv product line earning 9 patents and a top 10 ranking by more than 5,000 CSOs by ExecRank in 2012.  Nutracom offers turnkey product development and manufacturing services to its many customers and employs an experienced research and production team with an impeccable quality and safety record.

Forward Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s growth strategies, ability to develop new products, expand its distribution network and distribution relationships, and performance as a public company. The words “believe”, “could,” “expect,” “intend,” “look forward,” “objective,” “plan,” “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   

FAQ

What is the recent partnership between Edible Garden and Nutracom about?

Edible Garden has partnered with Nutracom to develop new lines of nutraceuticals and plant proteins under a product development agreement.

What new products is Edible Garden planning to launch?

Edible Garden plans to launch new nutraceuticals, plant proteins, and Zero-Waste Inspired™ products utilizing sustainable plant ingredients.

What is the significance of the agreement with Nutracom for Edible Garden?

The agreement with Nutracom enhances Edible Garden's ability to innovate and market new, sustainably produced nutritional products.

What market trend is Edible Garden tapping into with its new product lines?

Edible Garden is responding to the growing consumer demand for healthy and sustainably produced food items.

When was the partnership between Edible Garden and Nutracom announced?

The partnership was announced on June 30, 2022.