Edible Garden Completes Phase Two of Packhouse Buildout at Company’s Flagship Belvidere NJ Facility
Rhea-AI Summary
Edible Garden, a leader in controlled environment agriculture (CEA), has completed phase two of its packhouse buildout at its Belvidere, NJ facility. This phase introduces new processing and warehousing capabilities designed to optimize efficiency and serve over 5,000 retail outlets. The facility will integrate the advanced GreenThumb technology, a cloud-based platform to manage greenhouse operations and streamline demand planning. This integration is expected to enhance operational efficiency and potentially increase the company's gross profit margins. The final phase will include refrigeration, warehousing, and corporate offices.
Positive
- Completion of phase two of the packhouse buildout introduces new processing and warehousing capabilities.
- The facility will serve over 5,000 retail outlets in Edible Garden's distribution network.
- Integration of the advanced GreenThumb technology is expected to enhance operational efficiency.
- GreenThumb platform designed to streamline demand planning, potentially increasing production capabilities.
- Completion aligns with the company's Zero-Waste Inspired® mission, enhancing sustainable practices.
Negative
- The final phase of construction, including refrigeration and corporate offices, is still pending.
- No immediate financial gains or cost savings reported from the completion of phase two.
- Potential increase in operational costs related to integrating new technologies and expanding infrastructure.
News Market Reaction – EDBL
On the day this news was published, EDBL declined 4.39%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Packhouse adds Processing and Warehousing Capabilities to Facility; Expected to Expand Company’s Capacity
State-of-the-Art GreenThumb Technology to be Integrated at Facility; Expected to Increase Production
BELVIDERE, N.J., May 24, 2024 (GLOBE NEWSWIRE) -- 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 that the Company has completed phase 2 of the packhouse buildout at the Edible Garden greenhouse facility in Belvidere, NJ.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “I am pleased to report that Edible Garden has successfully completed the second phase of our packhouse buildout at our flagship greenhouse facility located in Belvidere, New Jersey. With the introduction of new processing and cross-docking facilities, when fully realized, we are poised to optimize our efficiency and capabilities, enabling the Company to better serve the more than 5,000 retail outlets in our extensive distribution network. The successful completion of phase 2 aligns with our Zero-Waste Inspired® mission, ensuring the efficient delivery of fresh, sustainable produce.”
“In this phase, we have made significant strides by integrating state-of-the-art technologies. Among these innovations is our patented GreenThumb system, a sophisticated cloud-based platform designed to manage greenhouse operations and streamline demand planning. This system is pivotal in enhancing our operational efficiency and is expected to substantially increase the production capabilities of the facility, and we believe, increase the Company’s gross profit margins in the future. The final phase of construction will include integrated refrigeration, warehousing and corporate offices.”
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 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 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 did Edible Garden complete at its Belvidere, NJ facility?
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What is pending in the final phase of Edible Garden's packhouse buildout?
