Edible Garden Receives Preliminary Approval to Sell Up to $3.35 Million in Tax Credits Through NJEDA Program

Core Insights - Edible Garden AG Incorporated has received preliminary approval from the New Jersey Economic Development Authority (NJEDA) to transfer up to approximately $3.35 million of unused net operating losses and R&D tax credits, which could provide non-dilutive capital for growth and innovation [1][2][4] Group 1: Financial Implications - The approval allows Edible Garden to generate up to approximately $3.35 million in cash proceeds, which can be used to support working capital, growth initiatives, and innovation [2][4] - The transaction is contingent upon identifying an approved corporate buyer and final allocation under the NJEDA's Technology Business Tax Certificate Transfer Program [2][3] Group 2: Program Overview - The NJEDA NOL Program enables qualified New Jersey-based technology and innovation-driven companies to convert unused net operating losses and R&D credits into working capital, creating a non-dilutive source of liquidity [3] - The program is part of New Jersey's $75 million annual allocation aimed at fostering innovation and business expansion [3] Group 3: Company Background - Edible Garden is a leader in controlled environment agriculture (CEA), providing locally grown, organic, and sustainable produce through its advanced farming model [5] - The company operates state-of-the-art greenhouses and processing facilities across the U.S. and partners with contract growers to ensure freshness and reduce environmental impact [5][6] - Edible Garden has developed proprietary technologies, including the GreenThumb software and Self-Watering displays, to optimize growing conditions and enhance product presentation [6]