Edible Garden Begins Shipping Spring Ornamentals Grown in the New Edible Garden Heartland Facility in Grand Rapids, Michigan

Rhea-AI Summary

Edible Garden AG has announced the shipment of spring ornamentals from its Edible Garden Heartland facility in Michigan. The lineup includes various-sized hanging baskets of petunias, geraniums, impatiens, begonias, dahlias, and other accent plants. The CEO expects the expansion of the ornamental business to positively impact the Company's overall margins and move them closer to becoming cash flow positive by the end of the year.

Positive

• Edible Garden has begun shipping spring ornamentals from its Edible Garden Heartland facility, expanding its ornamental business in the Midwest.
• The CEO expects the expansion of the ornamental business to positively impact the Company's overall margins.
• The new facility is capable of handling up to $20 million in annualized revenue.

Negative

• None.

BELVIDERE, NJ, May 01, 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 that it has begun shipping spring ornamentals, grown in its Edible Garden Heartland facility in Grand Rapids, Michigan. The lineup of spring ornamentals includes various-sized hanging baskets of petunias, geraniums, impatiens, begonias, dahlias, and other accent plants.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are pleased to have begun shipping spring ornamentals from our new Edible Garden Heartland facility, in time for Mother’s Day, which is arguably one of the biggest days in the floral industry. After acquiring Edible Garden Heartland last year, we began implementing our proprietary technologies, such as the GreenThumb greenhouse management system, which enhances supply chain efficiency, as well as leveraging our advanced growing techniques, in line with Edible Garden’s philosophy of maximizing the Company’s available assets.”

“Our new, state-of-the-art facility, which we believe is capable of handling up to $20 million in annualized revenue, provides Edible Garden with considerable additional growing capacity, some of which we are using to expand our ornamental business in the Midwest by supplying a range of ornamentals to our current customers, as well as expanding our customer base by offering ornamentals to potential customers. Given the anticipated higher-margin nature of ornamentals, we expect that our efforts to expand this business segment will positively impact the Company's overall margins and move us closer to becoming cash flow positive by year's end.”

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, the Company’s financial performance, the Company’s expansion into new distribution networks, and performance as a public company. The words “anticipate,” “believe,” “expect,” “objective,” “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 shipping from its Edible Garden Heartland facility?

Edible Garden is shipping spring ornamentals such as petunias, geraniums, impatiens, begonias, dahlias, and other accent plants.

What is the CEO's expectation for the expansion of the ornamental business?

The CEO expects the expansion of the ornamental business to positively impact the Company's overall margins and move them closer to becoming cash flow positive by the end of the year.

What is the capacity of the new facility?

The new facility is capable of handling up to $20 million in annualized revenue.