R&D partnership focused on next-generation fermented product development
Strategy to leverage Edible Garden’s credibility in produce for new product expansion
BELVIDERE, NJ, May 07, 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 that it has entered into a product development agreement (the “Agreement”) with Hermann Pickle Company LLC (“Hermann Pickles”), an industry leading company in the region that specializes in refrigerated kosher dill pickles, sauerkraut and fermented food products based in Garrettsville, Ohio.
Under the Agreement, the parties intend to collaborate on the research and development of scalable commercial opportunities and initiatives to leverage the strengths, and expertise of both parties in the production, marketing, and distribution of fermented plant-based products and non-GMO consumer packaged foods such as fermented sauces, pickles, and sauerkraut products with Hermann Pickles manufacturing expertise and through the Edible Garden distribution platform.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, “We are excited to embark on this joint development project with Hermann Pickles. Hermann Pickles and sauerkrauts have been a long-standing staple at delis and dinner tables across the country for generations. At Edible Garden, we want to live up to our reputation as ‘The Flavor Maker’ by bringing the most delicious flavors to America’s homes. Given Hermann Pickles’ decades of experience developing and manufacturing great-tasting fermented products such as non-GMO kosher dill pickles and sauerkraut, we believe that they are a perfect partner for us. Notably, Hermann Pickles is the official packer for many of the most popular brands of kosher pickles and sauerkraut. We look forward to developing and launching new lines of fermented and shelf-stable products, as there has been a noteworthy increase in consumer interest in plant-based and healthier food and flavor options including pickles, sauerkraut, and other fermented products. According to Global Market Insights, in 2022 the pickle market totaled $12.7 billion and is anticipated to grow to $22.36 billion by 2032. Consumers are increasingly seeking foods that support gut health and overall well-being, which we believe is leading to an increase in consumer demand for fermented products. We look forward to working with the Hermann Pickles team to tap their trusted heritage as the gold standard of products in this category to create a new contemporary line of fermented product offerings.”
Pat Viancourt, CEO of Hermann Pickle Company stated, “We are delighted to partner with Edible Garden given their strong brand, which resonates extremely well with health-conscious consumers. They bring an established and growing distribution network with big-box and independent retailers nationwide. We believe our R&D capabilities, combined with Edible Garden's growing reputation and impressive track record, will lead to the development of exciting new non-GMO fermented product lines that will cater to the growing demand for healthy and sustainably produced products, continuing our proud legacy that began in 1967.”
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 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/
ABOUT HERMANN PICKLE COMPANY
Hermann Pickle Company, established in 1967, is located in the rural farmlands of Garrettsville, Ohio, and specializes in refrigerated kosher dill pickles. The farm has cultivated a dedicated customer base, largely thanks to the distinct, homemade taste of its pickles. Enthusiasts frequently proclaim that Hermann's offers the most delicious pickles, characterized by their natural flavor.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties, and assumptions that are difficult to predict including with respect to the Company’s growth strategies, financial performance, expansion into new distribution networks, product development and performance as a public company. The words “anticipate,” “believe,” “intend,” “look forward,” “objective,” “opportunity,” “seek,” “will,” 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, the Company’s ability to achieve its growth objectives, and other factors set forth in the Company’s filings with the Securities and Exchange Act Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023. Actual results might differ materially from those explicit or implicit in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. 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
