Enhanced Tool Provides Dynamic Forecasting and Efficient Data Integration
Provides Enhanced Ability to Manage Costs
BELVIDERE, NJ, July 19, 2023 (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 launch of GreenThumb 2.0, an enhanced version of the Company’s proprietary, cloud-based, GreenThumb greenhouse management and demand planning system, which provides the ability to manage goods throughout the entire supply chain.
Mr. Jim Kras, Chief Executive Officer of Edible Garden, stated, “I am pleased to announce the launch of GreenThumb 2.0, the next generation of our advanced, state-of-the-art, greenhouse management system. With an improved degree of automation, this upgraded system offers us a substantial enhancement in dynamic forecasting abilities, making the most efficient use of real-time data. This more precise predictive capacity is designed to predict our distribution partners' needs with greater precision and fine-tune our growing plans to meet these needs, incorporating year-over-year trends, sales velocity, and seasonality fluctuations. In addition, GreenThumb 2.0 now features an upgraded purchase order screen, enabling seamless integration and consolidation of all purchase order data from Oracle's Netsuite platform. This enhancement eliminates the need for manual data entry.”
“Another significant improvement in GreenThumb 2.0 is the integration of a real-time inventory system that meticulously tracks all raw materials, work-in-progress, and finished products. This improvement will empower us to scrutinize our costs down to the smallest detail for each component involved in plant growth. We believe this level of detail will be valuable in managing our expenses.”
“By closing the loop on the production cycle and incorporating real-time data, we are able to optimize our processes, and identify opportunities to reduce cost of goods sold. The dynamic generation of forecasting and aggregation of purchase order data has saved countless manhours and provided real-time transparent access to the data for all departments. This gets us one step closer to a fully self-learning system that can dynamically optimize the forecasting algorithm based upon historical accuracy and identify cost of goods sold fluctuations in real-time and make any necessary adjustments,” commented Scott Prendergast, Chief Data Officer at Edible Garden.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in locally grown organic leafy greens and herbs backed by Zero-Waste Inspired® next generation farming. Offered at over 4,000 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 No’s.: 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/.
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, the success of implementing the GreenThumb 2.0 software, the Company’s ability to reduce its costs while meeting the needs of its customers, and performance as a public company. The words “believe,” “can,” “design,” “objective,” “opportunity,” “potential,” “seek,” “strategy,” “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, 2022. 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
