Farmmi Continues North American Sales Expansion with Latest Order Complementing Growth in New Corn and Cotton Businesses
Farmmi, Inc. (NASDAQ: FAMI) continues its North American sales expansion with a new order of Winter and Camellia mushrooms for export to Canada. Chairwoman and CEO Yefang Zhang highlighted the company’s focus on growth in its core fungi business and the recently added corn and cotton operations. Amid global food scarcity concerns, Farmmi is positioned to leverage its logistics and supply chain expertise. North America is identified as a high-growth potential market, enhancing Farmmi's competitive advantage in addressing customer needs amidst ongoing challenges from the COVID-19 pandemic.
- New order for Winter and Camellia mushrooms suggests increasing demand.
- Expansion into corn and cotton businesses diversifies revenue streams.
- Strong logistics and supply chain expertise provide competitive advantage.
- North America identified as high-growth potential market.
- Risks related to lingering COVID-19 pandemic effects on customer businesses.
- Dependency on economic conditions affecting the agricultural industry.
LISHUI, China, Sept. 7, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced the Company is continuing its North American sales expansion with its latest order, complementing growth in the Company's new corn and cotton businesses. The order for Winter mushrooms and Camellia mushrooms will export to Canada.
Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented "We are focused on driving growth as we leverage the strong platform we built in our core fungi business, with the significant new greenfield revenue opportunities we recently added in corn and cotton. These are all established, very large markets where our brand, logistics and supply chain expertise, warehousing and processing and fulfilment capabilities give Farmmi a meaningful competitive advantage. Food scarcity has increasingly been at the forefront of concerns for many of our customers as they work to secure much needed inventory during global drought conditions and continuing COVID concerns. Our team is doing a great job supporting this added demand and working closely with our customers to align with their expected growth over the coming quarters. We also continue to prioritize the geographic markets we are focusing our resources on, with North America remaining one of the highest growth potential markets for us after our domestic China market and the broader Asian market."
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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