Edible Garden Continues Organic Growth with Revenue Increasing 7.5% Year-Over-Year for the Second Quarter of 2022 and New Expansion Initiatives Underway

About this update from Edible Garden Ag Incorporated

[{"type":"text","content":"Conference Call to Be Held Today at 11:00 am ET\nBELVIDERE, N.J., Aug. 15, 2022 (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, today provided a business update and reported financial results for the three months ended June 30, 2022. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We continue to gain traction in the market, as evidenced by our solid year-over-year and sequential revenue growth, which does not reflect the deployment of the capital raised through our successful initial public offering (IPO) and listing on the Nasdaq in the second quarter. We are in the early stages of prudently deploying the capital, which we believe will help us further accelerate our capabilities, technology, and retail distribution. We expect these initiatives will build upon the growing brand awareness that Edible Garden is experiencing, especially among consumers that care deeply about the environmental impact of the food supply chain. While we are happy with the organic growth we continue to witness in our business, we believe we are now well positioned to drive more rapid expansion of our business and increase our margins beginning in the second half of 2022.” “Among our achievements in the second quarter, we entered into an agreement with Nutracom to develop proprietary lines of Farm to Formula® nutraceuticals, alternative proteins and functional food products, to be distributed through the Edible Garden platform. More recently, we increased the distribution of our sustainable, hydro basil, with a major northeast retailer across their more than 350 locations and expanded our northeast distribution network with the addition of Food Bazaar and their 28 full-service supermarket locations in densely populated areas across New York, New Jersey, and Connecticut. These arrangements provide further validation of the growing consumer appeal for our products. At the same time, our Zero-Waste Inspired® approach allows us to maximize product yields in a sustainable manner. As an example, we utilize renewable and proprietary packaging materials that preserve freshness, reduce spoilage, and lower costs. Our environmental, social, and corporate governance (“ESG”) and sustain...

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