Aims to Provide Trusted Source of Partner Produce to Company’s Existing 4,000+ Retail Doors
Expected to Positively Impact Revenue with Minimal Expected Impact on Costs
GreenThumb 2.0 Patented Software to Play Pivotal Role in Managing the Process
BELVIDERE, NJ, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, announced the launch of EG Direct, a division of Edible Garden. This new division will source and provide, partner produce to the Company's retail distribution network partners.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, stated, “I am excited to announce the launch of EG Direct, a division of Edible Garden. The Company consistently outperforms the competition, as evidenced by our superior order fulfillment rates across all retailers and distribution partners, consistently surpassing industry norms. This high level of performance demonstrates Edible Garden's unwavering commitment to delivering excellent service and execution to its distribution network partners and their more than 4,000 retail locations. By continually exceeding partner expectations, we believe our retailers recognize Edible Garden as a reliable, trustworthy source of produce. We view EG Direct as an opportunity to leverage our relationships with retail partners, by adding new revenue streams through the distribution of key, high volume, produce items such as broccoli, carrots, and potatoes, to name a few.”
"We intend to utilize our advanced GreenThumb 2.0 greenhouse management system which will play a pivotal role in the operation of EG Direct. We believe that EG Direct may significantly impact Edible Garden's top and bottom line due to the Company’s established infrastructure."
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 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 2.0 patented (US No’s.: US 11,158,006 B1 and US 11,410,249 B2) 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 within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict including with respect to the Company’s growth strategies, the success of implementing the GreenThumb 2.0 software, the Company’s ability to reduce its costs while meeting the needs of its customers, and performance as a public company. The words “believe,” “expect,” “aims,” “may,” “opportunity,” “potential,” “seeking,” “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. Actual results might differ materially from those explicit or implicit in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. 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
