Edible Garden AG Incorporated

Greetings and welcome to the Edible Garden third quarter 2023 business update conference call. At this time, all participants are in a listen-only mode and a question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Ted Avis, Investor Relations. Ted, you may begin.

Thanks, Tom. Good morning, and thank you for joining Edible Garden's quarter-ended June 30, 2023 conference call and business update. On the call with us today are Jim Kratz, Chief Executive Officer of Edible Garden, and Mike James, Chief Financial Officer of Edible Garden. Earlier this morning, the company announced its operating results for the three months ended September 30, 2023. June 30, 2023, excuse me. The press release is posted on the company's website, www.ediblegarden.com. In addition, the company will file its quarterly report on Swarm 10Q with the U.S. Securities and Exchange Commission, which can also be accessed on the company's website as well at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671-1020. Before Mr. Katz CRAS reviews the company's operating results for the quarter end of June 30, 2023, and provides a business update. We would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial positions, strategy, and plans, and our expectations for future operations are forward-looking statements. The words expect, project, plan, believe, may, will, would, should, could, mission, strategy, potential, seek, strive, and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations strategy, short-term and long-term business operations, and objectives and financial needs. These forward-looking statements are subject to several risks, uncertainties, and assumptions, as described in the company's most recent quarterly report on Form 10Q filed with the U.S. Securities and Exchange Commission. Because of these risks, uncertainties, and assumptions, the forward-looking statements and circumstances discussed in this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, It cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update these forward-looking statements except as required by law. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. With that, I would now like to turn the call over to Jim Kress. Jim?

Thanks, Ted. Good morning, and thank you to everyone for joining us today. We continue to execute on our growth strategy as evidenced by the 19.4% increase in revenue for the third quarter of 2023. This growth reflects the expansion of our distribution channels as well as our growing brand recognition. We continue to be a leader in our industry, setting the standard in terms of both service excellence and dependability. As a result, an increasing number of retailers are choosing Edible Garden to fulfill their requirements for organic and sustainable products. The company is growing our distribution network by strengthening ties with current retailers, as well as welcoming new retailers, thereby enhancing our reach. For instance, a collaboration with Woodman's Market has resulted in introducing Edible Garden produce and products across their 19 stores in Wisconsin and Illinois. Woodman's addition to our Retail distribution network boosts our presence in the Midwest and allows us to leverage our edible garden heartland facility in Grand Rapids, Michigan, which we launched in April of 2023. Additionally, we're pleased to welcome Topps Friendly Markets as the latest major retailer to join our distribution network and carry the edible garden brand, offering our range of sustainably grown, high-quality herbs. The addition of Topps Friendly Markets is significant as our products will now be available at all of their 149 stores across New York, Pennsylvania, and Vermont. In July, as previously reported, the company expanded its relationship with Walmart to provide additional SKUs at Edible Garden Sustainably Grown Produce in locations across the Northeast, as well as broadening our reach within Walmart's retail locations in the East-South Central region of the United States. We've also continued with the rollout of our new Pulp Lime Sustainable Gourmet Sauces, All 16 Morton Williams retail locations across New York metropolitan area have introduced the pulp line, representing the brand's initial venture into the substantial and influential New York City marketplace. Morton Williams serves as an excellent partner for our pulp line, aligning with their customers' demand for flavorful, sustainable, and organic fermented products, a concept best expressed in the pulp tagline, Bland Bold. Building on this momentum, the company also brought Dearburg's market into its distribution network, introducing pulp gourmet sauce selection to all 26 of its outlets in the greater St. Louis metropolitan area, as well as their location at Missouri's Lake of the Ozarks. In the third quarter, Edible Garden launched EG Direct, a new division specifically focused on sourcing produce from partners and supplying these products to the company's retail distribution network. The company has consistently outperformed our competitors. as evidenced by order fulfillment rates, which routinely exceed industry averages. We view EG Direct as a strategic move to capitalize on the company's existing distribution network partners and its expensive network of over 5,000 retail locations, potentially opening up additional revenue streams by distributing essential high-volume produce such as broccoli, carrots, and potatoes, among others. We believe that EG Direct could have substantial effect on both revenue and profits of Edible Garden by leveraging our established infrastructure. Edible Garden began shipping fall ornamentals from our new Edible Garden Heartland facility in Grand Rapids, Michigan, just in time for the fall gardening season. These plants are now being shipped to prominent big box retailers across the company's distribution network. Following the acquisition of Edible Gardens Heartland last year, the company integrated cutting-edge technologies like our proprietary and patented Green Thumb greenhouse management systems to boost our supply chain efficiency, in addition to implementing our advanced growing techniques. These steps were in line with Edible Garden's philosophy of maximizing all available assets at our disposal. The company received a notice of allowance from the U.S. Patent and Trademark Office for our innovative self-watering display, underscoring our dedication to innovation. The self-watering display has proven to be a game-changer, revolutionizing the way plant life is extended, maintaining optimal freshness, and greatly reducing spoilage in retail settings. The implementation of this cutting-edge technology allows retailers to showcase plants at their freshest minimizing waste, and delivering superior products to the consumer. Initially introduced at all Meijer locations, the success of these displays has led to a broader national deployment. The company also started distributing two new flavors, our Vitamin Whey product line, to Meijer stores across the Midwest. These innovative additions, Ice Cream Cake and Orange Creamsicle, enhance our flavor-focused Vitamin Whey line, known for its advanced, high-performance formula that supports muscle recovery and overall well-being, while also offering great taste. The product features our proprietary multivitamin, whey protein, and amino acid complex formulas. Vitamin Whey stands out for its exceptional value, providing superior supplementation and recovery benefits at an affordable price. We believe these new flavors will reinforce Edible Garden's image as a flavor maker as we continue to develop innovative, cutting-edge flavors in collaboration with our partner, Nutricon. Given Vitamin Whey's successful history at Meijer, we're optimistic that these new flavors will further enhance the brand's appeal. Our aim is to create the highest quality and most flavorful whey protein on the market, and we plan to launch it nationwide and roll out of the product in the near future. Recently, the company was awarded a grant from the USDA Organic Certification Program managed by the Farm Service Agency to cover various expenses related to organic crop certification at Belvedere, New Jersey facility. This support is valuable and appreciated as we continue to lead the controlled environment agriculture industry and prioritize local, organic, and sustainable produce. Additionally, following grants from West Michigan Works and the specialty crop block program of the Michigan Department of Agriculture and Rural Development, our employees at Edible Garden Heartland Facility will undergo additional leadership and food safety training. These grants not only demonstrate our dedication to food safety, but also complement our ongoing research collaborations. We are currently working with the New York Institute of Technology, the USDA, and the EPA on how nanobubble technology impacts food safety and processing of fresh produce. Moreover, our partnership with Auburn University's Department of Horticulture is focused on addressing food safety issues related to fresh produce such as contamination from listeria. These combined efforts reflect our commitment to maintaining the highest standards of food safety and quality in our products. In July, Edible Garden unveiled Green Thumb 2.0, the latest iteration of our sophisticated greenhouse management system, representing a major leap forward in automation technology. This upgraded system enhances our dynamic forecasting abilities, utilizing real-time data more efficiently. Our goal is to more accurately predict the requirements of our distribution partners and adapt our growing strategies accordingly. Overall, I'm encouraged by the outlook of the business, given the growth in our retail network, that expansion of our product offering, and careful management of our expenses. As a result, we expect to maintain strong organic revenue growth and remain laser-focused on achieving our target of positive cash flow before year-end. I would like now to turn the call over to Mike James, Chief Financial Officer of Edible Garden, who will review the financial results for the three-month period ending September 30, 2023. Mike? Mike?