Ispire Technology Inc. (NASDAQ:ISPR), a leader in vaping technology, announced its subsidiary, Aspire North America LLC, has signed an exclusive 30-year global licensing agreement with Hidden Hills Club. This agreement marks Hidden Hills Club's expansion into the global nicotine products market.
California-based Ispire Technology is the only Nasdaq-listed U.S. vaping company.
Global Rollout Of Hidden Hills Nicotine Products
Under this agreement, Ispire will manufacture, distribute and commercialize Hidden Hills' branded nicotine products worldwide. The initial rollout of Hidden Hills' nicotine products will begin in the UAE and South Africa soon. The UK and European Union will follow in the next few months. Ispire is renowned for its innovation in vaping technology. The company offers vaporizers, cartridges, batteries and dabbing products. It plans to expand its product offerings further.
"Our partnership with Hidden Hills Club enables us to bring more innovative and reduced-risk nicotine products to a global audience," Ispire Co-CEO Michael Wang said. "The 30-year exclusive license will allow us to make significant investments in the Hidden Hills brand, ensuring robust distribution and a deep product portfolio that captures the essence of this iconic lifestyle brand."
This new agreement comes after recent reports showing revenue increased by 24% in latest quarterly report (Q3) but amid $5.9 million net loss. In that opportunity, tobacco vaping products contributed $18.1 million, while the turned towards partnerships to better its financial outcomes.
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Ispire Technology Market Expansion
Dre Liang, CEO of Hidden Hills Club, added, "Teaming up with Ispire was a strategic decision for us. Ispire's expertise in vaping technology and its global distribution network provide the perfect platform to expand our brand into the nicotine products market. We believe this collaboration will redefine the market with products that reflect our brand's commitment to quality and innovation."
Wang was recently featured on Cannabis Insider show, where he predicted that vaping will become the dominant method for cannabis consumption within the next few years.
Ispire Technology Previous Collaborations
Earlier this year, Ispire and Hidden Hills Club launched a unique cannabis and hemp vaping experience: Hidden Hills & Friends. The company also carried out a public offering of 2.05 million shares of common stock for $6 per share for gross proceeds of $12.3 million.
The e-vapor and cannabis vaping markets are projected to reach $29.9 billion and $11.6 billion in 2024, respectively. This growth is driven by the trend toward healthier tobacco alternatives. Being a pioneer of the "cloud chasing" movement, the company holds over 200 issued patents and more than 800 patents pending across China, the U.S., E.U., and other countries. .
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Image generated using artificial intelligence with Midjourney.