Farmmi Targets North American Growth with New Canadian Subsidiary and Latest Order

LISHUI, China, Aug. 16, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today the recent formation of a wholly owned subsidiary, Farmmi Canada Inc., to further develop its agricultural products trading business in Canada and other international markets. The Company also announced a new sales win for its popular, flavor rich, nutritious dried Shiitake mushrooms, which will export to Vancouver, Canada.  

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented "We are excited about this latest step in Farmmi's evolution and believe it will help Canada become an even greater contributor to our sales as we move forward. The formation of our new Farmmi Canada subsidiary reflects the critical mass we have achieved in the North American market and Canada's strategic importance to our long-term growth. As we have grown our local presence, it became clear there is an opportunity for even faster growth in Canada and other international markets we can more effectively serve from Canada."

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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