Edible Garden Reports Preliminary First Quarter Year-Over-Year Increase in Produce Revenues of 40%; Cut Herb Revenue Increased More Than 200% for the Same Period

BELVIDERE, NJ, April 17, 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 a preliminary first-quarter year-over-year increase in produce revenues of 40% and an increase in cut herb revenue of more than 200% compared to the same period last year. This growth resulted from the Company’s investments in equipment and infrastructure, as well as expanded retail distribution leading to a 12-fold increase in herb production.

Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "Following a strong year for cut herb sales in 2023, the Company is experiencing sustained strong demand for cut herbs in 2024 and our distribution network now includes many of the foremost retailers in the nation. These retailers rely on us for our high-quality, locally sourced, organic, and sustainably produced products.  To support our growth, in 2023, we placed a major emphasis on becoming a vertically integrated herb supplier, which included investments in equipment such as coolers to support increased production in both our Belvidere, New Jersey and Grand Rapids, Michigan facilities.  As we increase our production volume and leverage our fixed costs, we expect to benefit from improved margins and economies of scale.”

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 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1 and US 11,410,249 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way and Vitamin Whey brands. In addition, the Company offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.For more information on Edible Garden go to https://ediblegardenag.com/.