Farmmi Boosts North American Sales; Expects Strong 2022 Finish

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), an agricultural products supplier in China, announced a new sales agreement for dried black fungus to be exported to Vancouver, Canada. The global functional mushroom market is expected to grow from $7.98 billion in 2020 to $19.33 billion by 2030. Chairwoman Yefang Zhang expressed optimism about increased demand for mushrooms due to changing consumer preferences and improving logistics as Covid-19 restrictions ease. Farmmi aims to leverage these trends for sustained growth in 2022 and beyond.

Positive

• Secured new sales agreement for dried black fungus in North America.
• Global functional mushroom market projected to grow significantly, benefiting Farmmi.
• Improved product demand as Covid-19 restrictions ease.

Negative

• None.

LISHUI, China, July 27, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today a new North American sales win, for dried black fungus, that will export to Vancouver, Canada.

The Covid-19 pandemic seems to have sparked a renewed interest in  mycology products and their potential in assisting the body's immune response. In November 2021, Allied Market Research reported that the global functional mushroom market generated $7.98 billion in 2020, and expects it to swell to $19.33 billion in 2030. (source: Bloomberg)

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented "We are pleased to see new waves of demand as customers discover new uses for mushrooms and demand high quality products like Farmmi is known for. We believe that as more consumers turn to mushrooms, it will help serve as a long-term growth catalyst. Moreover, as expected, we are seeing demand for our products improve as Covid-19 closures are ending and logistics challenges ease. These factors give us added confidence as we go into the second half of 2022."

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.

FAQ

What recent sales agreement has Farmmi (FAMI) announced?

Farmmi announced a new sales agreement to export dried black fungus to Vancouver, Canada.

What is the projected growth of the functional mushroom market?

The global functional mushroom market is projected to grow from $7.98 billion in 2020 to $19.33 billion by 2030.

Who is the Chairwoman of Farmmi, and what did she say about sales?

Yefang Zhang, the Chairwoman of Farmmi, expressed optimism about increased demand and improving logistics as Covid-19 restrictions ease.

How does Farmmi plan to benefit from the new market trends?

Farmmi aims to leverage growing consumer interest in mushrooms for sustained growth in 2022 and beyond.