Edible Garden Announces Product Distribution with Hemingways

Rhea-AI Summary

Edible Garden AG (Nasdaq: EDBL, EDBLW) announced a partnership with Hemingways to distribute its products across the Northeast, starting in over 30 stores and aiming at more than 200. This strategic move supports Edible Garden's rapid expansion within the organic produce sector, projected to reach $68.50 billion by 2028. The CEO emphasizes the importance of Hemingways' established distribution network, which aligns with the growing consumer demand for sustainable and locally sourced food products.

Positive

• Expansion into over 200 stores supports growth strategy.
• Partnership with Hemingways enhances distribution capabilities.
• Market for organic fruits and vegetables estimated to grow to $68.50 billion by 2028.

Negative

• None.

Plan to launch products in over 200 stores across the Northeast

BELVIDERE, NJ, May 25, 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 and sustainable produce, today announced that Hemingways, a premier, full-service specialty distributor of wholesale dairy, groceries and produce, will begin distributing Edible Garden products.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to announce this latest expansion of our distribution with the addition of Hemingways, a premier Northeast distributor specializing in all natural and high quality foods.  This development supports our rapid expansion plans, by initially introducing our products in over 30 new stores with near-term plans to expand to over 200 stores across the region.  Hemingways bring immediate relationships with both independent retailers, as well as some of the leading big box retailers in the country.  Importantly, they have an established infrastructure and distribution capabilities, supporting our model of fresh, local, safe and sustainable foods. According to Vantage Market Research, the global organic fruits and vegetables market is estimated to reach $68.50 billion by 2028, up from $39.45 billion in 2021.  With over 20 million households in the Northeastern U.S. alone, we look forward to expanding our market penetration to address the growing demand.”

Alan Hemingway, owner of Hemingways, commented, “We are delighted to partner with Edible Garden, a leading provider of locally grown, organic and sustainable produce.  We are witnessing unprecedented demand from both retailers and consumers for fresh and healthy food products that are sustainably and ethically produced. Moreover, Edible’s Zero-Waste Inspired® next generation farming, reduces spoilage, thereby significantly enhancing the retailer’s bottom line.”

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.

Forward Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s growth strategies, ability to expand its distribution network and distribution relationships, and performance as a public company. The words “estimate,” “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 Edible Garden's recent expansion plan?

Edible Garden plans to expand distribution into over 200 stores in the Northeast through a partnership with Hemingways.

What does the partnership with Hemingways mean for Edible Garden?

The partnership allows Edible Garden to leverage Hemingways' established distribution network to meet growing consumer demand for sustainable produce.

What market opportunity is Edible Garden targeting?

Edible Garden is targeting the growing organic fruits and vegetables market, projected to reach $68.50 billion by 2028.

How many stores will Edible Garden products initially appear in?

Initially, Edible Garden products will be introduced in over 30 stores.