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Edible Garden Signs Non-Binding LOI for Proposed Commercialization Alliance

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Edible Garden (EDBL) has entered into a non-binding letter of intent for a strategic commercialization alliance with an established partner in the sustainable food and agriculture sector, the company said Tuesday.

The partner was not identified.

The company said the proposed alliance would allow the partner to use Edible Garden's technologies, distribution network and commercialization capabilities to expand sales of the partner's products and generate recurring commercialization revenue for Edible Garden.

The collaboration is intended to support Edible Garden's shift to an asset-light model and allow it to focus more on its Farm-to-Formula, clean-label nutrition and ready-to-drink manufacturing platforms, the company added.

Edible Garden shares were up over 130% in premarket trading.

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