Cannabis Vaping Sales Propel Q2 Revenue For Marijuana Co. Doing Business With Burna Boy, Berner
Ispire Technology Inc. (NASDAQ:ISPR) reported financial results on Tuesday for the second quarter of fiscal 2024, three months ended Dec. 31, 2023.
The Los Angeles-based company reported a 30.7% year-over-year increase in revenue to $41.7 million in the second quarter. Cannabis vaping products contributed $19.5 million to revenue the total revenue, representing a 149% year-over-year increase, while tobacco vaping products contributed $22.1 million.
“This significant growth in cannabis vaping hardware revenues is a testament to our commitment to innovation and the immense potential of our industry,” Daniel Machock, the company’s CFO said.
Ispire Technology went public last year, after closing its initial public offering of 2.7 million shares of common stock at the initial public offering price of $7.00 per share.
In April 2023, the company entered into a strategic partnership with cannabis brand Cookies founded by rap star Berner, a.k.a. Gilbert Milam. Under that deal, Cookies agreed to work with Ispire to help facilitate the purchase of an aggregate of 15 million units of mutually agreed Ispire products by Cookies’ third-party retail and wholesale partners.
In November, Aspire North America, one of Ispire’s …