Edible Garden Implements Proprietary “Shrink Savings” Solutions Focused on Packaging and Shipping to Support Basil Product Offering
Edible Garden, a leader in controlled environment agriculture, announced the implementation of proprietary 'shrink savings' innovations for its basil products. These packaging and shipping improvements aim to reduce spoilage and prolong shelf life, aligning with the company's Zero-Waste Inspired® mission. CEO Jim Kras emphasized the competitive advantage of these innovations, which will be introduced at the annual sales meeting on June 20, 2024. The company believes these measures will enhance its reputation as a reliable partner and drive cost savings for retailers.
- Implementation of proprietary 'shrink savings' solutions for basil products.
- Innovations expected to reduce spoilage and extend shelf life.
- Aligns with Zero-Waste Inspired® mission, bolstering sustainability efforts.
- Potential cost savings for retail partners due to reduced waste.
- Enhances Edible Garden's competitive advantage in controlled environment agriculture.
- Innovations to be showcased at the annual sales meeting on June 20, 2024.
- Strengthens reputation as a dependable and consistent partner.
- Supports the company's largest product, basil, enhancing business impact.
- Aligns with increasing interest from major U.S. retailers.
- Potential challenges in the implementation and effectiveness of new packaging and shipping innovations.
- Dependence on basil as the single largest product might create risk concentration.
Edible Garden's recent implementation of proprietary "shrink savings" innovations in packaging and shipping aims to tackle a significant issue in the fresh produce industry: spoilage. Given that basil is the company's largest product, these advancements could lead to notable savings and increased efficiency for both Edible Garden and its retail partners. Reducing spoilage directly impacts profit margins by decreasing waste and improving product turnover. For retailers, fresher products equate to happier customers and reduced losses. In a competitive market where sustainability is increasingly valued, these innovations could enhance Edible Garden's market position and appeal to eco-conscious consumers.
From a market perspective, this move reinforces Edible Garden's commitment to sustainable practices, potentially attracting a broader customer base. It also positions the company as an industry leader in controlled environment agriculture (CEA). If successful, these innovations could set a new standard in the industry, prompting competitors to follow suit. However, the effectiveness of these innovations will be closely watched by investors, as the actual cost savings and improved shelf life will need to be proven over time.
The financial implications of Edible Garden's new "shrink savings" solutions could be significant. By reducing spoilage, the company stands to lower its operational costs, which could improve its gross margins. This is particularly important given that basil is their largest product, implying that even incremental improvements in spoilage rates can have a substantial impact on the bottom line. Additionally, if these innovations lead to higher customer satisfaction and reduced wastage for retail partners, it could translate into stronger, more enduring business relationships and potentially higher sales volumes.
Financially, investors should monitor the company's cost of goods sold (COGS) in upcoming earnings reports. Significant reductions here could validate the effectiveness of these innovations. Also, increased efficiency may free up capital for further investments or potentially result in shareholder returns. However, the long-term financial impact will depend on the scalability of these solutions and their acceptance across the company's retail network.
Consistent with Company’s Zero-Waste Inspired® Mission, Innovations Expected to Reduce Waste and Offer Superior Products to Consumers
Innovations Bolster Company’s Reputation as a Dependable and Consistent Partner
BELVIDERE, NJ, June 18, 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 the implementation of several proprietary “shrink savings” innovations related to its basil product offering, designed to reduce product spoilage typically experienced by retailers.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are excited about implementing several new proprietary innovations, primarily focused on packaging and shipping, which are expected to significantly prolong the shelf life of our basil products, thereby reducing spoilage and driving cost savings for our retail partners. These innovations are an important competitive differentiator and build on our other unique solutions. For instance, our patented self-watering in-store display has already transformed the way plants are displayed, ensuring they remain fresh for longer and greatly minimizing waste at retail outlets. Aligned with our Zero-Waste Inspired® mission, these proprietary innovations allow retailers to showcase plants at their peak, minimizing waste and providing superior products to our customers. These new innovative solutions will be introduced at the Company’s annual sales meeting on Thursday, June 20, 2024.”
“We believe these innovations underscore Edible Garden's leading role in controlled environment agriculture and could significantly impact our business since basil is the single largest product in our brand portfolio. Alongside our industry-leading fill rates, these innovations bolster our reputation as a dependable and consistent partner, and we believe this is a key reason major retailers across the U.S. are increasingly choosing to work with us.”
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/.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
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