Farmmi Inc.(NASDAQ:FAMI) jumped 6% after the company announced that its subsidiary Zhejian Forest Food Co Ltd. had won a new product order for the famous dried whole Shiitake mushrooms. The company’s customers will export the mushrooms to Southwest Asia.
Chairwoman and CEO Yefang Zhang said that this is a win that comes from a long-term customer with an extensive business network. She added that supporting such an important relationship enables the company to leverage most of its partner’s established logistics and distribution networks.Most importantly, this allows the company to focus on its direct farm and combines networks to ensure there is an adequate supply of the mushrooms to meet growing customer demand.
Yefang added that the company’s high-quality agricultural products with enhanced nutritional benefits are witnessing considerable demand. Also, there is more interest in the inherent cultivation benefits of Farmmi, considering the low water requirements of their mushrooms, which is vital in regional markets globally. So in the coming weeks, FAMI is worth keeping an eye on.
Market Reaction:
On Tuesday, FAMI stock surged 6% at $0.4346 with more than 17.13 million shares, compared to its average volume of 13.53 million shares. The stock has moved within a range of $0.4060 – 0.4470 after opening the trade at $0.4115
