Edible Garden Order Fulfillment Rate Exceeds Industry Average, Contributing to Successful Holiday Season

Rhea-AI Summary

Edible Garden AG Incorporated (Nasdaq: EDBL, EDBLW) reported above-industry order fulfillment rates, leading to a successful 2022 holiday season. CEO Jim Kras highlighted that their fill rate surpassed 100% with a major retailer, showcasing their reliability amidst supply chain challenges. Edible Garden continues to expand its reach, offering organic produce across over 4,000 stores in the US. The company emphasizes sustainable practices and innovative logistics, with plans to introduce new food products.

Positive

• Achieved above-industry order fulfillment rates during the 2022 holiday season.
• Fill rate exceeded 100% with a major retail partner, strengthening relationships.
• Operates over 4,000 stores in the US, indicating strong market presence.
• Focus on sustainable practices aligns with growing consumer demand.

Negative

• None.

BELVIDERE, NJ, Jan. 12, 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 achieved above-industry order fulfillment rates, which led in part to a successful 2022 holiday season.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are proud to report that during the recent 2022 holiday season, the Company’s order fulfillment rate (“fill rate”) across all of our retailers and distribution partners contributed to a successful holiday season. Our overall fill rate exceeded industry averages, and in particular, we achieved a fill rate in excess of 100% at one of the nation’s largest operators of supercenters, further strengthening our existing relationship with this retailer.  Achieving this level of performance, despite the unprecedented supply chain challenges facing the industry, demonstrates the high levels of service and execution that Edible Garden is able to provide to its customers. By continuing to exceed our partners’ expectations, not only during the holiday season, but throughout the entire year, we believe that our partners have gained confidence in Edible Garden as a trusted, dependable supplier for sustainably grown produce.”

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 plans to offer a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including with respect to the Company’s growth strategies, ability to maintain and expand its distribution network and distribution relationships, and performance as a public company. The words “believe,” “intend,” “plan,” “seek,” “strategy,” 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 was Edible Garden's order fulfillment rate during the 2022 holiday season?

Edible Garden achieved above-industry order fulfillment rates, with a fill rate exceeding 100% at one major retailer.

How many stores does Edible Garden operate in the US?

Edible Garden products are available in over 4,000 stores across the United States.

What are Edible Garden's growth plans for the future?

The company aims to maintain and expand its distribution network and relationships while introducing new sustainable food products.

What stock symbols are associated with Edible Garden?

Edible Garden is listed under the stock symbols EDBL and EDBLW.