Edible Garden Signs 3-Year Expanded Distribution Agreements with Major U.S. Food Retailer; Expected to Generate $18 - $20 Million of Revenue Over the 3-Year Term
12 Febrero 2024 - 7:30AM
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 signed 3-year
agreements with a major U.S. food retailer to service, develop and
expand the retailer’s current Edible Garden product assortment.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, stated, “We are excited to expand our relationship with
this retailer, which will allow us to broaden the product range
within their retail store locations. Products that will be added to
an already robust offering will include both potted and fresh-cut
herbs, fresh-cut basil, and wheatgrass. Beyond just broadening our
product offerings, the collaboration will include the design and
introduction of fresh, innovative displays paid for by Edible
Garden, as well as enhanced visibility and prominence of the brand
on the retailer's shelves. We believe that the agreements will
generate approximately $18 - $20 million in revenue over the
initial three-year term.”
“These agreements underscore Edible Garden's
dedication to strengthening relationships with all our retail
partners as we are continually seeking innovative ways to better
address their needs and simplify the shopping experience for their
customers. At the heart of our operations, we remain committed to
Edible Garden’s Simply Local, Simply Fresh® mission, ensuring that
we deliver produce in a manner that is both sustainable and
responsible."
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/.
Forward-Looking Statements
This press release contains forward-looking
statements, including with respect to the Company’s overall
profitability, ability to expand its distribution network and
distribution relationships, and performance as a public company.
The words “anticipate,” “believe,” “expect,” “objective,” “will,”
“seek,” 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 the retailer’s ability to terminate the agreements
without cause upon 60 days’ prior written notice, the Company’s
ability to perform its obligations under the agreements, market and
other conditions and the Company’s ability to achieve its growth
objectives, and other factors set forth in the Company’s filings
with the Securities and Exchange Commission, including the
Company’s annual report on Form 10-K for the year ended December
31, 2022 and subsequent quarterly reports on Form 10-Q. Actual
results might differ materially from those explicit or implicit in
the forward-looking statements, specifically the revenue expected
to be generated under the agreements over a three-year period, due
to the retailer’s ability to terminate the agreements without cause
upon 60 days’ prior written notice. There can be no assurance that
the Company will be able to realize the anticipated revenue from
these agreements. 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
Edible Garden (NASDAQ:EDBLW)
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