Ispire Technologies Inks Long-Term Agreement with Acreage Holdings, Inc.

Rhea-AI Summary

Ispire Technology Inc. (NASDAQ: ISPR) has signed a long-term agreement with Acreage Holdings, Inc., a multi-state operator of cannabis facilities, to supply them with the Ispire ONE™ vapor products and filling machines, aimed at streamlining vape production and enhancing reliability in Acreage's retail facilities. The agreement includes innovative features such as capless technology, bottom filling, and one-touch automation, providing a seamless and efficient manufacturing solution.

Positive

• The agreement with Acreage Holdings, Inc. opens up a new market segment for Ispire Technology Inc. in the cannabis industry.

• The partnership aims to enhance production efficiency and cost-effectiveness for Acreage Holdings, Inc.'s retail facilities in the United States.

• The innovative features of Ispire ONE™, including capless technology, bottom filling, and one-touch automation, offer a competitive edge in the vaping technology market.

Negative

• There may be potential risks associated with entering the cannabis industry due to regulatory challenges and changing market dynamics.

• If the innovative features of Ispire ONE™ do not meet market expectations, it could lead to a setback in the partnership with Acreage Holdings, Inc.

Company to Supply Multi-State Cannabis Operator with Comprehensive Solution to Streamline
Vape Production: Ispire ONE™

LOS ANGELES, April 30, 2024 /PRNewswire/ -- Ispire Technology Inc. (NASDAQ: ISPR) ("Ispire" or the "Company"), an innovator in vaping technology and precision dosing, announced it has signed an agreement with a subsidiary of Acreage Holdings, Inc. ("Acreage"), a publicly traded, vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the United States.

Under the agreement, Ispire will supply Acreage with the Company's Ispire ONE™ vapor products and filling machines – a comprehensive solution that aims to streamline vape production and enhance reliability in Acreage's retail facilities in the United States. The key features of Ispire ONE™ include:

• Capless Technology: Ispire ONE™ eliminates the cap, simplifying devices into single-piece units. This design reduces leakage, contamination and device failure, enhancing production efficiency and cost-effectiveness.
• Bottom Filling: Ispire ONE's innovative filling procedure prevents heating core oversaturation. This technology ensures that hot oil does not permeate the core, enhancing device reliability and providing a flawless user experience.
• One Operator, Two Machines: Ispire ONE™ works harmoniously with its proprietary filling machine, enabling one-touch automation. This feature allows for easy device loading, start-up unparalleled accuracy and speed, simplifying operation.

"Ispire's solution offers a seamless experience that represents the future of manufacturing efficiency, which we believe will fuel the growth of our brands, Superflux and The Botanist" said Patricia Rosi, Chief Marketing and Strategy Officer of Acreage Holdings, Inc. "Its innovative solutions align perfectly with our commitment to quality and efficiency.  We are excited about the possibilities this relationship brings and look forward to leveraging Ispire ONE™ to enhance our production processes and deliver exceptional products to our customers."

"Working with our Ispire ONE™ team provides our clients with access to our full suite of OEM/ODM customization services," said Ispire Technology Co-Chief Executive Officer Michael Wang. "Our in-house design team is dedicated to helping clients like Acreage customize devices to align with their brand. With our ODM and OEM solutions, we look forward to helping more cannabis businesses expand and elevate their brands to new heights."

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company's operating subsidiaries own or license more than 200 patents received or filed globally. Ispire's tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global distribution network. The Company's cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on  Instagram, LinkedIn, Facebook, Twitter and YouTube.

About Acreage Holdings, Inc.

Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including its national retail store ‎brand, The Botanist. Acreage's wide range of national and regionally available cannabis products include the award-winning brands The Botanist and Superflux. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely" or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the Joint Venture may be successful in achieving its goals as currently contemplated, with different terms, or at all, the Joint Venture's ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices, the Company's ability to collect its accounts receivable in a timely manner, the Company's business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™'s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Cautionary Note on Forward-Looking Statements" and the additional risk described in Ispire's Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

For more information about Ispire, kindly contact:

IR Contacts:
Investor Relations
Sherry Zheng
718-213-7386
ir@ispiretechnology.com

KCSA Strategic Communications
212-896-1233
ispire@kcsa.com

PR Contact:
Ellen Mellody
570-209-2947
EMellody@kcsa.com

 

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SOURCE Ispire Technology Inc.

FAQ

What is the agreement between Ispire Technology Inc. and Acreage Holdings, Inc. about?

The agreement involves Ispire supplying Acreage with the Ispire ONE™ vapor products and filling machines to streamline vape production and enhance reliability in Acreage's retail facilities.

What are some key features of Ispire ONE™?

Key features include capless technology, bottom filling, and one-touch automation, aimed at simplifying devices, preventing oversaturation, and enabling easy operation.

Who is Patricia Rosi and what is her role in Acreage Holdings, Inc.?

Patricia Rosi is the Chief Marketing and Strategy Officer of Acreage Holdings, Inc., who expressed excitement about the possibilities the partnership with Ispire Technology Inc. brings for their brands.

What customization services does Ispire Technology Inc. offer to clients like Acreage?

Ispire Technology Inc. provides clients with access to their full suite of OEM/ODM customization services, allowing businesses to customize devices to align with their brand.