Business
Edible Garden Reports Second Consecutive Quarter of Year-Over-Year Revenue Growth; Revenue Increases 12.5% Year-Over-Year for the Third Quarter of 2022
Edible Garden’s Heartland Facility - Q3 Acquisition Expected to Begin Operations by Year-End Expanding Capacity to Support up to $20 Million in Annualized
About this update from Edible Garden Ag Incorporated
[{"type":"text","content":"Edible Garden’s Heartland Facility - Q3 Acquisition Expected to Begin Operations by Year-End Expanding Capacity to Support up to $20 Million in Annualized Revenue Conference Call to Be Held Today at 11:00 am ET BELVIDERE, N.J., Nov. 10, 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- and nine-month periods ended September 30, 2022. Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We continue to generate solid year-over-year revenue growth, and believe we can accelerate that growth through the execution of our business strategy and prudent deployment of capital raised to date. Importantly, the Company continues to effectively add new retail distribution partners, while expanding penetration within the existing partners. We have also been diligently working with buying teams at our retail partners to optimize the mix of SKUs at each retailer. The Company is also working aggressively to drive Edible Garden towards our goal of profitability. Towards this end, the Company plans to further optimize the supply chain, leverage the purchasing power that should come with continued growth, and further enhance the product lines with new, higher margin, complementary products. All of these steps should help offset some of the inflationary effects that have impacted costs of goods across the industry. Importantly, our Zero-Waste Inspired® mission continues to resonate with both retailers and their customers who are increasingly concerned about the sustainability of the food supply and its effect on the environment. Edible Garden has taken steps to cut down on food miles by acquiring a greenhouse facility closer to our midwestern customers and will continue to look for new, innovative technologies to further this mission.” “Among the achievements in the third quarter, the Company acquired a five-acre greenhouse facility in Grand Rapids, Michigan, which will operate as Edible Garden Heartland. This new, Zero-Waste Inspired® CEA facility, which will utilize our patented GreenThumb software in order to bring products to market in a highly efficient manner, is expected to begin operatio...