Publicly-Traded Vape-Tech Company Posts 100.4% YoY Growth In Revenue For Pot Products
Portfolio Pulse from Nina Zdinjak
Ispire Technology Inc. (NASDAQ:ISPR) reported a 100.4% YoY growth in revenue from cannabis products, reaching $40 million for the fiscal year 2023. The company's overall revenue increased by 31.2%, driven by the doubling of revenues from cannabis vaping products in the US and a rise in sales of tobacco vaping products in Europe. For the fiscal year 2024, the company projects revenue for cannabis vaping products to be between $80 million and $90 million, representing a growth between 100% and 125% from fiscal year 2023.
September 19, 2023 | 12:23 pm
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Ispire Technology reported a significant increase in revenue from cannabis products, which is expected to continue into the next fiscal year. However, the company's shares were trading slightly lower.
The significant increase in revenue from cannabis products indicates a strong market demand and successful business strategy, which could attract investors. However, the slight decrease in share price suggests that the market may have already priced in this growth.
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