Edible Garden AG Incorporated has entered into a Real Estate Purchase Contract to acquire a property in Webster City, Iowa, for $6,325,000. The transaction involves the purchase of real and personal property, including buildings, improvements, fixtures, and equipment, from Iowa Shrimp Holdings, LLC.
The acquisition is intended to transition Edible Garden from a tenant to the owner of the Prairie Hills site, which is being developed as a ready-to-drink manufacturing facility. The company plans to use the site to support the commercial production of protein, functional wellness, and clean-label nutrition products, including both branded items and private-label opportunities.
Payment for the property will be structured through the issuance of equity and a promissory note. On September 30, 2026, the company issued 1,500 shares of Series B Preferred Stock valued at $1,500,000 to Streeterville Capital, LLC, as the initial payment. At the closing of the acquisition, the company will issue an additional 1,000 shares of Series B Preferred Stock valued at $1,000,000 and a secured promissory note with a principal amount of $3,825,000.
The promissory note will mature five years after issuance and bear interest at a rate of 8% per annum, compounded daily. The company’s obligations under the note will be secured by a real estate mortgage on the Property in favor of Streeterville Capital, LLC.
The company has been granted a 20-day review period following September 30, 2026, to conduct due diligence. The closing is expected to occur five days after the expiration of this review period, subject to the satisfaction of closing conditions.
