Edible Garden and Walmart Strengthen Sustainability Efforts with Expanded Distribution
20 Juillet 2023 - 3:15PM
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 an
expansion of the Company’s distribution alliance with Walmart. The
initiative includes providing additional SKUs in Walmart locations
across the Northeast and broadening Edible Garden’s reach to retail
locations in the East South Central region of the United States.
Mr. Jim Kras, Chief Executive Officer of Edible
Garden, commented, "We are pleased to announce the expansion of our
relationship with Walmart to provide a wider variety of Edible
Garden's sustainably grown produce in their Northeast locations, as
well as initiating distribution in their East South Central US
retail stores. Walmart, the world's largest fresh produce retailer,
has long been one of our most significant customers, and our
association with them goes beyond just supplying produce. Edible
Garden actively participates in Walmart's Project Gigaton, a 2017
initiative aimed at engaging suppliers, NGOs, and other
stakeholders in reducing or avoiding one billion metric tons of
greenhouse gases in the global value chain by 2030. Moreover, the
Company has previously been recognized as a Project Gigaton 'Giga
Guru' due to a steadfast commitment to our Zero-Waste Inspired®
mission and our leadership in the CEA sector."
“Edible Garden has consistently achieved order
fulfillment rates (“fill rate”) across all of our retailers and
distribution partners that exceed industry averages, and in
particular, we believe that achieving a fill rate in excess of 100%
during the 2022 holiday season further strengthened our existing
relationship with Walmart. We believe 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, we believe
retailers such as Walmart have gained confidence in Edible Garden
as a trusted, dependable supplier of sustainably grown produce and
may look to identify opportunities to further enhance their
distribution relationships with the Company. We believe this
enhanced distribution relationship with Walmart will have a
positive effect on our revenue in 2023 and beyond, bringing us
closer to our goal of becoming cash flow positive on a quarterly
basis later in the year.”
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
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, including with
respect to the Company’s growth strategies, expansion into new
distribution networks, financial performance, and performance as a
public company. The words “aim,” “believe,” “expect,” “intend,”
“may,” “objective,” “opportunity,” “goal,” “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, 2022. 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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