Edible Garden AG Incorporated (EDBL) experienced a significant stock surge on Friday following the announcement of grants awarded by the U.S. Department of Agriculture’s (USDA) Organic Certification Program. This funding, managed by the Farm Service Agency, is specifically designed to reimburse organic producers and handlers, providing crucial financial assistance to offset the costs associated with organic certification and processing/handling certifications.
Jim Kras, the Chief Executive Officer of Edible Garden, expressed enthusiasm for the grants, stating, “These grants further strengthen our partnership with the USDA and align seamlessly with the Company’s Zero-Waste Inspired® mission.” He emphasized the company’s commitment to leveraging the funding to drive research and development of new organic offerings, highlighting their dedication to sustainability. Kras added, “By utilizing this funding to drive R&D for new organic offerings, we look forward to exploring new opportunities to work together, and continue to lead the way in sustainable agriculture, ensuring we make a lasting, positive contribution to the industry and the communities we serve.”
This news follows Edible Garden’s recent expansion of its distribution partnership with Walmart, which now includes the launch of sustainably grown Hydro Basil. To accommodate this new product, Edible Garden has created a custom-designed Basil Station display that integrates seamlessly into Walmart’s produce sections without disrupting their existing layout.
The positive impact of these developments was evident in the stock market, as EDBL shares rose by 17.3% to reach $0.2508 by the end of Friday’s trading session.
Edible Garden’s focus on organic production and sustainability, coupled with its strategic partnership with Walmart, positions the company for continued growth and a leading role in the evolving agricultural landscape. The USDA grants represent a significant boost to these efforts, further solidifying Edible Garden’s commitment to creating a more sustainable and environmentally conscious food system.