Edible Garden Capitalizes on Distribution Platform with Launch of EG Direct Division
August 11 2023 - 8:00AM
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 StatementsThis
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,
LLC212-671-1020EDBL@crescendo-ir.com
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