Edible Garden AG Incorporated (NASDAQ: EDBL) shares are surging on the US stock market during the current trading session, registering a significant increase of 80.22% to $8.20 as of the latest update. The upward movement in EBL stock is attributed to the release of promising preliminary results.
Edible Garden (EDBL) has unveiled preliminary first-quarter results, showcasing a notable year-over-year surge in produce revenues by 40% and a remarkable increase of over 200% in cut herb revenue compared to the corresponding period last year. This growth is a direct outcome of EDBL’s strategic investments in equipment, infrastructure, and expanded retail distribution channels, which have led to a twelve-fold rise in herb production.
Building on a successful year for cut herb sales in 2023, Edible Garden continues to witness robust demand for its products in 2024, with its distribution network now encompassing many leading retailers nationwide. These retailers rely on Edible Garden for top-notch, locally sourced, organic, and sustainably produced goods.
To support this growth trajectory, Edible Garden prioritized becoming a vertically integrated herb supplier in 2023, making substantial investments in equipment, including coolers, to bolster production capacities at its facilities in Grand Rapids, Michigan, and Belvidere, New Jersey.
As EDBL ramps up its production and capitalizes on economies of scale, it anticipates improved margins. Moreover, in a recent development, Edible Garden has entered into a collaboration with United Natural Foods, Inc. (UNFI) Distributors. Under this partnership, UNFI Distributors will carry Edible Garden’s innovative line of Pulp sustainable gourmet sauces and chili-based products.
The launch of EDBL’s Pulp line at UNFI has been well-received by consumers seeking to elevate their dining experiences with its ‘Bland to Bold’ flavor profile, further solidifying Edible Garden’s position as ‘The Flavor Maker.’ This collaboration with UNFI is in perfect harmony with Edible Garden’s Zero-Waste Inspired mission.
By expanding the availability of its Pulp line through UNFI’s extensive network, in addition to its existing partnership with KeHE Distributors, Edible Garden is accelerating the momentum of the Pulp line, ensuring that its distinctive flavors reach consumers across the United States and Canada.
