BELVIDERE, NJ - Edible Garden AG Incorporated (NASDAQ:EDBL, EDBLW), a company specializing in controlled environment agriculture, has announced a new partnership that will see its USDA Organic herb product line stocked at Green’s Natural Foods and The Extra Supermarket in New York and New Jersey. The collaboration is part of Edible Garden's efforts to increase its presence in the Northeastern United States.
Jim Kras, CEO of Edible Garden, expressed his enthusiasm for the partnerships, noting that Green's Natural Foods' dedication to sustainability and food safety complements Edible Garden's Zero-Waste Inspired® mission. The introduction of Edible Garden's products to Green’s and The Extra Supermarkets is expected to meet growing consumer demand for fresh, organic, and eco-friendly options.
Green's Natural Foods is known for its organic and non-GMO offerings, including a juice and smoothie bar and a variety of health and wellness products. The Extra Supermarkets, on the other hand, is recognized for its broad selection of prepared meals and international foods. Both retailers are committed to high-quality standards and aim to cater to the health and lifestyle needs of their diverse customer bases.
The partnership with The Extra Markets is anticipated to enhance the retailer's product selection with Edible Garden's sustainable herbs, aligning with customer expectations for quality and sustainability.
Edible Garden operates state-of-the-art greenhouses and processing facilities and utilizes a network of contract growers. Its proprietary GreenThumb software aims to optimize vertical and traditional greenhouse growing while reducing food miles that contribute to pollution.
In addition to its core produce offerings, Edible Garden develops ingredients and proteins, including plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. Its Kick Sports Nutrition line and Pulp gourmet sauces are part of its sustainable product range.
This news is based on a press release statement from Edible Garden AG Incorporated. The company's forward-looking statements involve risks and uncertainties, and actual results may differ. Edible Garden does not undertake any obligation to update forward-looking statements to reflect subsequent events or changes.
In other recent news, Edible Garden AG has reported significant developments. The crop production company's shareholders approved an amendment to its equity incentive plan, increasing the shares reserved for issuance and extending the plan's term. This move is aimed at incentivizing and retaining key employees by offering them a stake in the company's future growth.
The company has also elected four directors to serve a one-year term, and ratified Marcum LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. In terms of financial performance, Edible Garden AG reported a robust Q2 in 2024, marked by a significant increase in gross profit and an expansion of distribution channels, despite a net loss for the quarter.
The company is strategically shifting towards higher-margin businesses and improving its gross margin, which has reached 36.7%. These shifts include a move away from third-party growers and a focus on expanding their product mix in vitamins and supplements. New partnerships with major retailers and product launches are expected to drive growth in the latter half of the year.
InvestingPro Insights
As Edible Garden AG Incorporated (NASDAQ:EDBL) expands its distribution network with new partnerships in New York and New Jersey, its financial health and stock performance remain crucial for stakeholders. The company's recent initiatives to increase its presence in the Northeastern United States come at a time when the market is reflecting significant challenges for the company.
An InvestingPro Tip highlights that Edible Garden operates with a significant debt burden, which could be a concern for investors as the company scales up its operations. Additionally, analysts are skeptical about the company's profitability in the near term, which is another critical aspect for potential investors to consider.
InvestingPro Data shows a market capitalization of $3.04M, reflecting the company's current valuation in the market. The Price / Book ratio stands at 5.94, which could suggest the stock is trading at a premium relative to its book value. Moreover, the company's stock price has experienced a considerable decline over the last year, with a 94.14% drop in the one-year total return, indicating a period of significant volatility for shareholders.
For those looking to delve deeper into Edible Garden's financials and stock performance, there are additional InvestingPro Tips available that could provide further insights into the company's fiscal health and market position. Visit InvestingPro for a comprehensive list of tips that could inform your investment strategy regarding EDBL.
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