Benzinga | Dec 7, 2021 08:07AM EST

Farmmi Wins Repeat Order From Long-Term Customer For Shiitake Mushrooms, No Terms Disclosed

Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ:FAMI), an agriculture products supplier in China, today announced the Company's subsidiary Zhejiang Farmmi Biotechnology Co., Ltd., won another repeat order from one of its long-term customers. The latest order is for dried Shiitake mushrooms. The customer will export Farmmi's products to Jordan.



Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "Our continued progress on the agricultural portion of our business is one of the most visible externally. We are benefitting from excellent supplier relationships that give us valuable access to high quality Shiitake and fungi products. The logistics and distribution investments we made are paying off for us as we gain momentum with new wins and reliably fulfill orders around the world. Less visible is the progress we are making in the other areas of our business, as we take bold steps to create greater value for the Company and all shareholders. Of note, the expansion of our Health and Wellness Business is firmly on track, including our recently announced investment of approximately RMB 509 million (approximately US$79.8 million) through a subsidiary, making us the second largest shareholder of Shanghai Jiaoda Onlly Co., Ltd.. This is a landmark deal for our company and marked our entrance into China's medical and health industry, where we see extensive opportunities for growth and success. We are making significant progress, underscoring our confidence in the outlook and the extensive prospects for revenue and profit growth we see in 2022."