Edible Garden Receives Grant from Michigan’s Going PRO Talent Fund; Awarded by the Michigan Department of Labor and Economic Opportunity - Workforce Development

Rhea-AI Summary

Edible Garden (Nasdaq: EDBL) has been awarded a Going PRO Talent Fund Grant from Michigan's Department of Labor and Economic Opportunity for its Heartland facility in Grand Rapids. The grant will support workforce development through training and development of current and new employees.

The funding will specifically reimburse training in quality control, facilities management, and production and inventory oversight, including on-the-job training for positions like Assistant Grower. The company aims to leverage this support to enhance its supply chain optimization efforts, building upon improvements already achieved through its proprietary GreenThumb greenhouse technology, which has led to increased shipping and fill rates, and sales growth.

Positive

• Received government grant for employee training and development
• Reported higher shipping and fill rates
• Achieved substantial sales growth through GreenThumb technology implementation

Negative

• None.

Insights

Market Research Analyst

The Going PRO Talent Fund grant, while positive for operational development, represents a minimal financial impact relative to EDBL's $5.88M market capitalization. The grant's focus on workforce training at the Heartland facility suggests incremental improvements in operational efficiency rather than immediate material financial benefits. While the development of quality control and supply chain optimization capabilities could enhance long-term operational performance, the impact is likely to be gradual and modest in scale.

The company's emphasis on their GreenThumb technology and improved shipping and fill rates indicates positive operational momentum, but without specific metrics or financial details, it's difficult to quantify the actual impact on revenue or profitability. For micro-cap companies like EDBL, governmental support through grants can provide valuable working capital, but this particular development falls short of being a significant market-moving catalyst.

Grant to Support On-the-Job Training, Quality Control, and Supply Chain Optimization at Edible Garden Heartland Facility in Grand Rapids, Michigan

BELVIDERE, NJ, Jan. 06, 2025 (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 that the Company has received a grant from the Going PRO Talent Fund, awarded by the Michigan Department of Labor and Economic Opportunity - Workforce Development (LEO-WD), facilitated through Michigan Works!. The Going PRO Talent Fund (“Talent Fund”) provides financial support to employers for the training, development, and retention of both current and newly hired employees. Eligible training must address a specific talent need identified by the employer, be short-term in nature, and result in an industry-recognized credential for a transferable skill. This initiative empowers businesses to strengthen their workforce while enhancing employees’ professional growth and career prospects.

“We are pleased to have been awarded a 2025 Going PRO Talent Fund Grant for our Edible Garden Heartland facility in Grand Rapids, Michigan,” said Jim Kras, Chief Executive Officer of Edible Garden. “This funding will be instrumental in advancing our workforce development efforts by enhancing employee skills, creating pathways for internal growth, and supporting the professional success of our team members. The grant will reimburse the Company for essential training in areas such as quality control, facilities management, and production and inventory oversight. Additionally, it will cover on-the-job training for new hires in key roles like Assistant Grower. This initiative underscores our continued focus on optimizing supply chain management at our Heartland facility. By leveraging our proprietary GreenThumb greenhouse agriculture technology, we have already achieved greater supply chain efficiency, resulting in higher shipping and fill rates, as well as substantial sales growth. This grant will allow us to further strengthen our team’s expertise and drive operational excellence.”

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 proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. 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’s Kick Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Vitamin Whey® products go to https://vitaminwhey.com/. 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 ability to improve its financial results, and performance as a public company. The words “believe,” “design,” “expect,” “intend,” “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, 2023, and subsequent quarterly reports. Actual results might differ materially from those explicit or implicit in the forward-looking statements. 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 purpose of the Going PRO Talent Fund grant received by Edible Garden (EDBL)?

The grant will support workforce development through training in quality control, facilities management, and production oversight at Edible Garden's Heartland facility in Grand Rapids, Michigan.

How will the 2025 Going PRO grant impact Edible Garden's (EDBL) operations?

The grant will reimburse training costs, enhance employee skills, create internal growth pathways, and support supply chain optimization at the Grand Rapids facility.

What operational improvements has Edible Garden (EDBL) achieved with its GreenThumb technology?

The company has achieved greater supply chain efficiency, resulting in higher shipping and fill rates, as well as substantial sales growth.

What specific training areas will be covered by Edible Garden's (EDBL) Michigan grant?

The grant will cover training in quality control, facilities management, production and inventory oversight, and on-the-job training for positions like Assistant Grower.