Edible Garden AG Inc EDBL Shares are trading higher after the company unveiled a new vertical integration initiative.
The integration targets the Edible Garden Heartland facility in Grand Rapids, Michigan, allowing the company to shift production of its potted herbs from contract growers to in-house production.
The above initiative is expected to improve Edible Garden’s margins.
“As a result of our vertical integration initiative, I am pleased to announce that we are now shipping USDA Organic potted herbs produced at our Edible Garden Heartland facility to key distribution partners in the Midwest,” said CEO Jim Kras.
“We believe this vertical integration illustrates our commitment to maximizing the operational efficiency of our facilities as we move toward our goal of profitability.”
Edible Garden offers controlled environment agriculture (CEA), locally grown, organic and sustainable produce, and products supported by next-generation, Zero Waste-inspired agriculture.
Price action: EDBL shares were trading 24.2% higher at $0.40 on Wednesday, at last check.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.