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Edible Garden Announces Official Launch of Edible Garden Heartland Zero-Waste Inspired® Multifaceted AgTech Facility in Grand Rapids, Michigan
BELVIDERE, NJ, April 17, 2023 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"BELVIDERE, NJ, April 17, 2023 (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 the launch of Edible Garden Heartland, the Company’s Zero-Waste Inspired®, multifaceted AgTech facility in Grand Rapids Michigan. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, \"We are excited about the official launch of Edible Garden Heartland, which is an important step for the Company as we extend our capabilities to provide sustainably produced, locally sourced produce to a growing number of customers in the Midwest. With the launch of this new facility, we are not only supplying the area with fresh, USDA Organic, premium produce, but also launching a groundbreaking research and development center committed to refining our current offerings, creating innovative products, and exploring advancements in plant-based protein and nutraceuticals by leveraging state-of-the-art agricultural technologies.\" “The launch of Edible Garden Heartland holds great potential for positively impacting our margins, and advancing us toward our goal of turning cash flow positive later this year, as a result of the increased growing capacity it provides. This increased capacity will allow us to move production that was previously outsourced to third-party providers, in-house, which we believe will result in higher margins for the Company. We also believe that the facility offers the capacity to handle up to $20 million in annualized revenue. In addition, the launch presents Edible Garden with the opportunity to vertically integrate our production capabilities with Pulp, our new line of sustainable gourmet sauces and chili-based products, that will initially be sold in Whole Foods locations in the Mid-Atlantic and Southeast regions starting this summer.\" \"By strategically positioning ourselves in Grand Rapids, we believe that Edible Garden Heartland will be able to satisfy the requirements of our largest Midwest customer, Meijer, as well as other significant big-box retailers in the region who are interested in reinforcing their connections with the Company. Moreover, by cutting down on food miles and shortening the time to market, we are not only reducing spoilage...