Edible Garden Receives Preliminary Approval to Sell Tax Credits Through New Jersey Economic Development Authority (NJEDA) Program
BELVIDERE, NJ, Oct. 09, 2026 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), organic and sustainable produce, and developer of the Zero-Waste Inspired® mission and Farm-to-Formula® platform, today announced that the New Jersey Economic Development Authority (NJEDA) has preliminarily approved the Company’s application under the Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL) Program, for State Fiscal Year 2026.
The NJEDA program enables qualified New Jersey-based technology and innovation-driven companies to monetize certain unused net operating losses and research and development (R&D) tax credits by transferring them to approved corporate buyers. Subject to final allocation, required approvals, and completion of a transaction, participation in the program could provide Edible Garden with an additional source of non-dilutive capital to support its ongoing operations, strategic initiatives, and long-term growth objectives.
The potential proceeds would provide additional financial flexibility as Edible Garden continues to advance its strategy of building a more efficient, diversified, and scalable business. The Company remains focused on optimizing its vertically integrated operations, leveraging its proprietary GreenThumb 2.0 technology, strengthening its distribution capabilities, and expanding its portfolio of innovative, better-for-you food and nutrition products, including its initiatives in the ready-to-drink (RTD) beverage category. These efforts are designed to enhance operational efficiency, support sustainable growth, and position the Company to capitalize on emerging opportunities across its markets.
Jim Kras, Chief Executive Officer of Edible Garden, commented, “We appreciate the continued support of the New Jersey Economic Development Authority and its commitment to fostering innovation and business development throughout the state. This program provides an important opportunity to unlock the value of our existing tax assets and potentially access additional capital to support our ongoing growth initiatives. It also reinforces our focus on maintaining financial flexibility while continuing to invest in innovation and operational efficiency.”
“As we continue to optimize our operations, advance our proprietary technologies, and expand our product offerings, the potential proceeds from this program could provide valuable resources to support these efforts. We remain focused on strengthening our financial position, managing our resources efficiently, and executing our strategy to build a more scalable and sustainable business that creates long-term value for our shareholders,” concluded Mr. Kras.
The Company’s participation in the program remains subject to final allocation, identification of an approved corporate buyer, completion of a transaction, and applicable regulatory and program requirements.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), delivering organic, better-for-you, sustainable produce and products through its Zero-Waste Inspired® next-generation farming model. Available in over 6,000 retail locations across the United States, Caribbean, and South America, Edible Garden is at the forefront of the CEA and sustainability technology movement, distinguished by its advanced safety-in-farming protocols, sustainable packaging, patented GreenThumb software, and innovative Self-Watering in-store displays. The Company operates state-of-the-art, vertically integrated greenhouses and processing facilities, including Edible Garden Heartland in Grand Rapids, Michigan; Edible Garden Prairie Hills in Webster City, Iowa; and its headquarters at Edible Garden Belvidere in New Jersey. It also partners with a network of contract growers strategically located near major U.S. markets to ensure freshness and reduce environmental impact. The Company is also expanding its Prairie Hills facility in Webster City, Iowa, into a dedicated ready-to-drink (RTD) clean nutrition manufacturing hub, supporting its Farm-to-Formula® strategy and its transformation into higher-margin, shelf-stable nutrition categories.
Edible Garden’s proprietary GreenThumb 2.0 software—protected by U.S. Patents US 11,158,006 B1, US 11,410,249 B2, and US 11,830,088 B2—optimizes vertical and traditional greenhouse growing conditions while aiming to reduce food miles. Its patented Self-Watering display (U.S. Patent No. D1,010,365) is designed to extend plant shelf life and elevate in-store presentation. In addition to its core CEA operations, Edible Garden owns three patents in advanced aquaculture technologies: a closed-loop shrimp farming system (US 6,615,767 B1), a modular recirculating aquaculture setup with automated water treatment and feeding (US 10,163,199 B2), and a sensor-driven ammonia control method utilizing electrolytic chlorine generation (US 11,297,809 B1).
The Company has been recognized as a FoodTech 500 firm by Forward Fooding, is a multi-year participant in Walmart’s Project Gigaton and a Giga Guru designee and has received NRG’s Excellence in Energy Award for its commitment to measurable environmental performance and energy stewardship. Edible Garden also develops and markets a growing line of nutrition and specialty food products, including Vitamin Way® and Vitamin Whey®—plant and whey protein powders—and Kick. Sports Nutrition, a premium performance line for health-conscious athletes seeking cleaner, better-for-you options. The Company’s offerings further include fresh, sustainable condiments such as Pulp fermented gourmet and chili-based sauces, as well as Pickle Party, a collection of fermented fresh pickles and krauts.
Learn more at https://ediblegardenag.com.
For Pulp products, visit https://www.pulpflavors.com.
For Vitamin Whey® products, visit https://vitaminwhey.com.
For Kick. Sports Nutrition products, visit https://kicksportsnutrition.net/.
Watch the Company’s latest corporate video here.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “believe,” “expect,” “intend,” “plan,” “expand,” “advance,” “designed to,” “opportunity,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These statements include, without limitation, statements regarding the Company’s holiday fresh herb program with Walmart, the expected benefits of the Company’s recent Walmart distribution center awards, the Company’s ability to expand its presence and capture additional market share in its key markets, the Company’s available capacity and ability to service additional retail volume, the Company’s ability to deepen its relationship with Walmart and other major retailers, the development of the Company’s ready-to-drink manufacturing facility in Webster City, Iowa, and the Company’s Farm-to-Formula® strategy. There can be no assurance that the holiday program or the Company’s distribution center awards will result in the anticipated volume, revenue or market share gains. Forward-looking statements are based on the Company’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those described in the “Risk Factors” section and other sections of the Company’s reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
