"Vaping will become the number one way for using cannabis within the next 2 or 3 years," stated Michael Wang, CEO of Ispire Technology Inc. (NASDAQ:ISPR), during a recent interview on Benzinga's Cannabis Insider podcast. Wang's prediction emphasizes the advancements and growing consumer preference for vaping over traditional cannabis consumption methods.
Ispire's Rapid Rise In Cannabis Vaping
Ispire, the only Nasdaq-listed American vaping company, has been a significant player since introducing the first commercially available e-cigarette in 2009. "We came to the cannabis sector about three and a half years ago and quickly became one of the top four players," Wang said, underscoring the company's swift rise in a competitive sector.
Innovation-Driven Growth And Strategic Expansions
Highlighting recent successes, Wang revealed a 57% year-over-year increase in cannabis-related hardware sales. "This growth stems from our mission to solve pain points for consumers and brands alike," he said. According to Wang, the launch of their low-temperature vaping devices and the Ispire One technology have transformed the consumer experience by enhancing operational efficiency and device performance for brands.
Wang also detailed strategic expansions, including the development of a Malaysian manufacturing operation to mitigate geopolitical risks and improve gross margins. "It's about being strategically positioned to handle industry shifts and maintaining our innovative edge."
Key Partnerships And Compliance Innovations
Discussing partnerships, Wang highlighted the collaboration with Acreage Holdings (OTCQX:ACRDF) (OTCQX:ACRHF), facilitated by Ispire's One technology. "It triples operational efficiency and eliminates leaking issues, a common problem in the industry," he said. This efficiency and reliability make Ispire a valuable partner for operators looking to reduce costs and improve product quality.
Ispire is also pioneering in regulatory compliance technology. Wang provided a walkthrough of its innovative age verification technology that uses blockchain and Bluetooth to ensure products are used only by verified individuals.
Preparing Ispire For Cannabis Industry Consolidation
As cannabis policy discussions evolve, Ispire continues to innovate, preparing for the consolidation of the industry, which Wang sees as an "inevitable outcome" of federal legalization. "When consolidation happens, volume production and operating efficiency would become even more important. So we want to stay in the forefront of that inevitable outcome," Wang concluded, reflecting Ispire's commitment to leading the industry's future.
Interested in more insights from Michael Wang? Watch the full interview on Benzinga Cannabis' YouTube channel to dive deeper into Ispire's innovations.