Farmmi Announces New High-Volume, North American Sales Order
Farmmi, Inc. (NASDAQ: FAMI) announced a significant high-volume order for dried Shiitake mushrooms to be shipped to North America, specifically Canada.
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Rhea-AI Summary
Farmmi, Inc. (NASDAQ: FAMI) announced a significant high-volume order for dried Shiitake mushrooms to be shipped to North America, specifically Canada. The Company has observed increased activity in the North American market, which is noted as one of the fastest-growing regions in the industry. Challenges due to COVID-19 and heightened supply chain costs have eased, contributing to new demand that the Company expects to sustain through Q4. Established in 1998, Farmmi specializes in edible mushrooms and agricultural products, catering to various market segments.
Positive
- High-volume order for dried Shiitake mushrooms to North America indicates growing demand.
- Easing of COVID-related complications is boosting demand for products.
Negative
- Higher supply chain and logistics costs continue to pose challenges.
- Risks associated with lingering effects of COVID-19 on business remain.
Details
News Market Reaction – FAMI
The recorded move for FAMI in the trading session of this news was +0.07%.
Data tracked by StockTitan Argus. Session date unavailable.
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LISHUI, China, Nov. 2, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, today announced a new high-volume order which will ship to North America. The latest order is for the Company's popular dried Shiitake mushrooms and will be exported to Canada.
Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented "We are encouraged by the high level of activity we are seeing in the North American market. This has long been one of the industry's largest and fastest growing geographies. Complications resulting from COVID shutdowns and higher supply chain and logistics costs presented challenges to both Farmmi and our customers. The recent easing of complications is serving as a tailwind and driving new demand for our products, which we believe will continue through Q4 as consumers stock up in advance of the traditionally colder winter months."
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. In addition to its offline sales, Farmmi sells its products direct-to-consumer. For further information about the Company, please visit website.
Forward-Looking Statements
No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customer's businesses and our end purchaser's disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Farmmi may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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SOURCE Farmmi, Inc.
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