Edible Garden expands its Walmart partnership, adding value size fresh-cut basil, enhancing sustainability efforts and reducing emissions.
Quiver AI Summary
Edible Garden AG Incorporated has announced an expansion of its partnership with Walmart, introducing value size fresh-cut basil to their product assortment. This move aligns with Edible Garden's commitment to sustainable farming and aims to reduce environmental impact, contributing to Walmart's Project Gigaton. CEO Jim Kras emphasized the benefits of utilizing existing distribution networks, which helps lower emissions and enhance supply chain efficiencies. The company reported significant sustainability gains in 2024, such as reducing fuel demand by nearly 29,000 gallons. Edible Garden's innovative greenhouse practices and technology, including their proprietary GreenThumb software, support their mission of providing high-quality, sustainable produce while minimizing logistical inefficiencies.
Potential Positives
- Expansion of partnership with Walmart adds value size fresh-cut basil, enhancing product assortment and visibility in over 5,000 stores.
- Commitment to sustainable farming practices aligns with Walmart’s Project Gigaton and demonstrates progress in reducing environmental impact.
- Significant year-over-year improvements in sustainability, including a 183% increase in fuel reduction and a 142% improvement in avoided emissions.
- Introduction of proprietary GreenThumb technology and Zero-Waste Inspired® mission enhances supply chain efficiencies and reinforces industry leadership in sustainable food production.
Potential Negatives
- The press release includes forward-looking statements that indicate uncertainty regarding the Company's profitability and growth objectives, which may create concerns among investors about future performance.
- The need to expand distribution networks and relationships may imply existing limitations or challenges in the Company's current supply chain capabilities.
- While the press release highlights sustainability achievements, the mention of significant fuel demand reduction efforts may raise questions about the previous environmental impact of the Company's operations.
FAQ
What is Edible Garden's recent announcement?
Edible Garden announced the expansion of its partnership with Walmart, adding value size fresh-cut basil to their stores.
How does Edible Garden support sustainability?
Edible Garden supports sustainability by utilizing efficient supply chains, reducing food miles, and committing to Walmart's Project Gigaton.
What technology does Edible Garden use in farming?
Edible Garden uses GreenThumb™ technology to optimize growing processes and enhance supply chain efficiency in its greenhouses.
Where are Edible Garden's facilities located?
Edible Garden operates greenhouses and processing facilities in Belvidere, New Jersey, and Grand Rapids, Michigan.
What products does Edible Garden offer?
Edible Garden offers a range of products, including fresh produce, plant-based proteins, and culinary flavoring products under various brands.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$EDBL Insider Trading Activity
$EDBL insiders have traded $EDBL stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $EDBL stock by insiders over the last 6 months:
- JAMES E. KRAS (President and CEO) has made 2 purchases buying 33,700 shares for an estimated $5,695 and 0 sales.
- MATHEW J. MCCONNELL purchased 2,013 shares for an estimated $334
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$EDBL Hedge Fund Activity
We have seen 4 institutional investors add shares of $EDBL stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC added 370,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $98,420
- VIRTU FINANCIAL LLC added 15,390 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,093
- GEODE CAPITAL MANAGEMENT, LLC added 15,158 shares (+inf%) to their portfolio in Q3 2024, for an estimated $4,032
- MORGAN STANLEY removed 3,661 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $973
- UBS GROUP AG removed 3,189 shares (-93.8%) from their portfolio in Q3 2024, for an estimated $848
- TOWER RESEARCH CAPITAL LLC (TRC) removed 2,091 shares (-70.6%) from their portfolio in Q3 2024, for an estimated $556
- BANK OF AMERICA CORP /DE/ added 23 shares (+1150.0%) to their portfolio in Q3 2024, for an estimated $6
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BELVIDERE, NJ, Feb. 03, 2025 (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 the expansion of its existing partnership with Walmart. The Company is adding value size fresh-cut basil to its product assortment at Walmart locations. This strategic addition underscores Edible Garden’s ongoing commitment to sustainable farming practices and its dedication to reducing environmental impact through Walmart’s Project Gigaton.
"We are excited to expand our relationship with Walmart by introducing our value size cut basil to their existing locations," said Jim Kras, Chief Executive Officer of Edible Garden. "This expansion advances our mission to provide fresh, sustainable produce while optimizing supply chain efficiencies. By utilizing existing trucking routes and distribution networks, we eliminate unnecessary food miles, reducing emissions and further supporting Walmart’s Project Gigaton."
“In 2024, we accelerated our sustainability efforts, achieving significant year-over-year improvements. We proudly reduced fuel demand by 28,870 gallons, a 183% increase over 2023, and avoided emissions equivalent to 131 passenger cars, marking a 142% improvement. These results stem from enhanced route planning and backhauling efficiencies, allowing us to streamline logistics while maintaining exceptional service."
“The addition of value size fresh-cut basil not only delivers high-quality herbs to Walmart shoppers but also reinforces our ability to meet demand while maintaining industry-leading fill rates. Our Zero-Waste Inspired® mission drives efficiency at every stage of the supply chain, leveraging our proprietary GreenThumb™ technology and innovative greenhouse practices to redefine how fresh produce is grown, packaged, and distributed. Expanding our Walmart partnership strengthens this mission, reinforcing our commitment to sustainable food production and supporting Walmart’s goal of eliminating one billion metric tons of emissions by 2030."
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, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. 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’s Kick. Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.
For more information on Pulp products go to
https://www.pulpflavors.com/
. For more information on Vitamin Whey® products go to
https://vitaminwhey.com/
. For more information on Edible Garden go to
https://ediblegardenag.com/
.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the Company’s overall profitability, ability to expand its distribution network and distribution relationships, and performance as a public company. The words “aim,” “believe,” “look forward,” “objective,” “plan,” “will,” “seek,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions and the Company’s ability to achieve its growth objectives. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
