HomeFinancial MarketsFarmmi Inc. (FAMI) stock soars during pre-market. What has been happening lately?

Farmmi Inc. (FAMI) stock soars during pre-market. What has been happening lately?

Farmmi Inc. (NASDAQ: FAMI) stock gained by 2.1% at last close, while the FAMI stock price rises further by 1.5% in the pre-market trading. Farmmi, Inc. (NASDAQ: FAMI), based in Lishui, Zhejiang, is a supplier, manufacturer, and distributor of Shiitake mushrooms, Mu Er mushrooms, and other edible fungus, as well as other agricultural goods.

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Recent Development in FAMI stock

Farmmi said that its subsidiary Zhejiang Forest Food received a new product contract for its popular dried black fungus from an old client. Farmmi’s products will be sent to Vancouver, Canada, by the customer.

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For generations, black fungus mushrooms have been used in traditional Chinese medicine to aid reduce heart disease, as well as to protect the liver, decrease cholesterol, improve gastrointestinal health, and reduce inflammation. The protein-rich mushrooms, sometimes known as Cloud Ear or Tree Ear fungus, are full of fiber and mineral-dense, including manganese, selenium, iron, and other minerals. Black fungus is also full of antioxidants and a great choice of riboflavin and niacin.

The global mushroom market is projected to expand a value of US$86.6 billion by 2025, according to Research and Markets, with a CAGR of 8.3% from 2020 to 2025. Aside from the health advantages, numerous improvements in mushroom packaging technology are a key driver in mushroom growth. Manufacturers are working on humidity-controlling packaging materials that will keep water from condensing on mushrooms, extending their shelf life. Other factors, such as increased organic food use, fast urbanization, and rising consumer expenditure capabilities, are expected to fuel the industry even more.

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Ms. Yefang Zhang, FAMI Stock Chairwoman and CEO, stated,

FAMI customer base continues to grow as they provide more value with their industry-leading packing and logistics to assure product quality, taste, and waste minimization. They’re working to accelerate Farmmi’s revenue growth and overall expansion by using their huge scale to meet increasing demand levels throughout the world. They expect their rapid pace of growth, fueled by drivers like as health and wellbeing, expert and ambitious cooks, and an increase in total mushroom consumption.

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