Business
Edible Garden Achieves Over 44% Year-Over-Year Increase in Preliminary Overall Produce Sales Results During Key July 4th Time Period
High Fulfillment Rate During the Period, 99%, and Reduced Dependence on Third-Party Growers Keys to Success BELVIDERE, NJ, July 24, 2024 (GLOBE NEWSWIRE) --
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"High Fulfillment Rate During the Period, 99%, and Reduced Dependence on Third-Party Growers Keys to Success\nBELVIDERE, NJ, July 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, and sustainable produce and products, today announced that the Company experienced a more than 44% year-over-year increase in preliminary produce sales for the key July 4th holiday time period.1 Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, \"We are extremely proud of Edible Garden's performance during the crucial July 4th period, highlighted by an impressive year-over-year preliminary sales increase of over 44% compared to the 2023 comparable period. This follows a significant 27.6% year-over-year revenue growth in the 2024 first quarter, typically the slowest quarter of the year for the Company. We believe that consistency and reliability are key factors in the Company’s success, strengthening our appeal to distribution partners who see Edible Garden as a dependable supplier. The Company’s consistency and reliability is best illustrated by its 99% fulfillment rate during the July 4th period, one of the best in the industry.” “Our impressive results are a testament to our focus on vertical integration, as well as the substantial capacity boost the launch of Edible Garden Heartland provided. This expansion has allowed the Company to significantly reduce our dependence on third-party growers, with Edible Garden now producing approximately 95% of our product in Company-owned facilities. This shift has led to incremental margin growth and enhanced operational efficiency, while also strengthening our ability to serve our distribution partners more reliably, thereby solidifying our market position. Our shipper programs in the Northeast, Mid-Atlantic, and Midwest regions have been pivotal in driving this success, ensuring we meet customer demands more effectively and consistently and we believe these programs will be integral to our growth strategy.\" 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 sto...