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Glenn Wilkin - Monday, February 12, 2024
Edible Garden Gains on Deal with Food Retailer
Edible Garden AG Incorporated (NASDAQ: EDBL), shares kicked off the week ahead of last weekend, as the company, a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, today announced that the Company has signed three-year agreements with a major U.S. food retailer to service, develop and expand the retailer's current Edible Garden product assortment.
CEO Jim Kras stated,“We are excited to expand our relationship with this retailer, which will allow us to broaden the product range within their retail store locations. Products that will be added to an already robust offering will include both potted and fresh-cut herbs, fresh-cut basil, and wheatgrass. Beyond just broadening our product offerings, the collaboration will include the design and introduction of fresh, innovative displays paid for by Edible Garden, as well as enhanced visibility and prominence of the brand on the retailer's shelves. We believe that the agreements will generate approximately $18 - $20 million in revenue over the initial three-year term.”
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.
EDBL shares picked up two cents, or 3.5%. to begin Monday at 50 cents.
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