Shares of Edible Garden AG Incorporated (Nasdaq: EDBL), which just announced the completion of a build-out, were up 13.21% at $0.30 at the time of our last check in after-hours trading.
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What has EDBL finished construction on?
A progress report on the construction of the Edible Garden Heartland greenhouse facility in Grand Rapids, Michigan was released yesterday by Edible Garden (EDBL). According to Edible Garden, the initial stage of construction of the Edible Garden Heartland greenhouse in Grand Rapids, Michigan, was finished earlier than expected.
Installations of its unique grow system were part of the initial phase, and EDBL has already started the first phase of production. Additionally, EDBL has started the FDA and USDA certification processes for food safety and anticipates receiving such certifications in January 2023.
As it gets ready to scale up production in the upcoming months, EDBL is also finishing the deployment of its refrigeration and cold storage solutions at the plant. Phase two of the buildout, which is scheduled to start in January 2023, will see Edible Garden erect a cutting-edge seeding machine and set up its hybrid vertically grow system within the building.
These upgrades aim to boost the facility’s capacity for production as well as EDBL’s gross profit margins. Additionally, EDBL will keep collaborating with its contract farmers in the Midwest to meet the demand that exceeds their capacity.
How would the building support EDBL’s expansion?
There was a legacy flower company operating there when Edible Garden (EDBL) bought the building. Poinsettias cultivated at Edible Garden Heartland are now being sent by EDBL in time for the Christmas season, giving the company a fresh, supplementary cash source.
In spite of being at the forefront of technology and innovation, Edible Garden is not simply another CEA firm. This is demonstrated by its patented, cutting-edge technologies and processes. The facility helps EDBL fulfill its aim to supply its Midwest distribution partners and worldwide with Zero-Waste Inspired, Simply Local, Simply Fresh fruit and goods.