Edible Garden Completes Sale Of Its Net Operating Losses For ~$3.35M In Gross Proceeds

Edible Garden AG Incorporated ("Edible Garden" or the "Company") (NASDAQ:EDBL, EDBLW)), a leading provider of controlled environment agriculture (CEA) solutions and sustainable, locally grown organic produce, today announced that it has completed the sale of its net operating losses ("NOLs") under the New Jersey Economic Development Authority's ("NJEDA") Technology Business Tax Certificate Transfer Program (the "Program") and has received gross proceeds of approximately $3.35 million.

Through the NJEDA Technology Business Tax Certificate Transfer Program, qualified New Jersey-based technology and innovation-driven companies are permitted to transfer certain unused New Jersey net operating losses and research and development tax credits to approved corporate buyers in exchange for cash. The Program is designed to provide eligible companies with access to non-dilutive, tax-free capital without issuing equity or incurring additional debt.