Edible Garden Completes Sale of Net Operating Losses and Receives Approximately $3.35 Million in Proceeds

Core Insights - Edible Garden AG Incorporated has successfully completed the sale of its net operating losses (NOLs) under the NJEDA's Technology Business Tax Certificate Transfer Program, generating approximately $3.35 million in gross proceeds, which enhances the company's financial position and liquidity [1][3]. Financial Position - The sale of NOLs allows Edible Garden to convert tax assets into immediate, non-dilutive liquidity, thereby strengthening its balance sheet and enhancing financial flexibility [3]. - The company aims to utilize this enhanced liquidity to support ongoing operations, invest in its core business, and make disciplined capital allocation decisions for growth and operational efficiency [3]. Business Model and Operations - Edible Garden is a leader in controlled environment agriculture (CEA), providing sustainable, locally grown organic produce through its innovative farming model [4]. - The company operates advanced vertically integrated greenhouses and processing facilities across the U.S., including locations in Michigan, Iowa, and New Jersey, and partners with contract growers to ensure product freshness and reduce environmental impact [4]. Technology and Innovation - The proprietary GreenThumb 2.0 software optimizes greenhouse growing conditions and aims to reduce food miles, while the patented Self-Watering display extends plant shelf life [5]. - Edible Garden holds multiple patents in advanced aquaculture technologies, enhancing its product offerings and operational capabilities [5]. Product Offerings - The company markets a range of nutrition and specialty food products, including plant and whey protein powders, and a line of sustainable condiments [6].