Chinese agricultural product supplying company Farmmi Inc (NASDAQ:FAMI) is on the radars of many investors this morning after the company announced the formation of Zhejiang Farmmi Agricultural Supply Chain Co., Ltd.
The Farmmi stock has rallied strongly and has managed to clock gains of 11% so far this morning. The company stated in its press release that it wants to apply its experience spanning in excesses of 20 years in the Chinese agricultural sector and seeks to become a key service provider in the agricultural supply chain.
It is a significant step from the company and the Chief Executive Officer of Farmmi, Yefang Zhang spoke about it as well in the press release. She said that although the agriculture industry has grown along with the Chinese economy, the industry still faces a lot of challenges with regard to logistics and supply chains. That can also lead to faulty demand projections and ultimately lower profits.
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