LISHUI, China, June 25, 2021 /PRNewswire/ — Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its subsidiary Zhejiang Forest Food Co., Ltd., won a new product order from a long-term customer for its popular dried black fungus. The customer will export Farmmi’s products to Vancouver, Canada.
Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, "Our level of customer engagements continues to expand as we add further value with our leading packaging and logistics to ensure product quality, flavor and minimize costly waste. We are focused on accelerating Farmmi’s revenue growth and overall expansion as we leverage our large scale to serve higher demand levels worldwide. We expect our accelerated growth will continue, led by catalysts from health and wellness, professional and aspiring cooks, and an expansion of the overall consumption of mushrooms."
Black fungus mushrooms have also been used in traditional Chinese medicine for centuries to help prevent heart disease, with other benefits including liver protection, lowering cholesterol, boosting gut health and reducing inflammation. Also known as Cloud Ear or Tree Ear fungus, the protein rich mushrooms are high in fiber, mineral-dense with manganese, selenium, iron and more. Black fungus is also an excellent source of riboflavin and niacin and is high in antioxidants.
According to Research and Markets, the worldwide mushroom market is expected to reach a value of US$86.6 billion by 2025, registering a CAGR of 8.3% during 2020-2025. In addition to the health benefits, various advancements in mushroom packaging technologies are acting as another major growth-inducing factor. Manufacturers are developing humidity-regulating packaging materials that prevent water condensation on mushrooms, thus prolonging their shelf-life. Other factors, including the increasing consumption of organic food products, rapid urbanization and rising consumer expenditure capacities, are projected to drive the market further.
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China and the size of the worldwide mushroom market. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
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