Aspire North America, LLC Enters Five-Year Exclusive Manufacturing and Global Distribution Agreement with Hempacco Co., Inc.
November 9th, 2023
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First Collaboration with Global Rapper & Cannabis Icon Snoop Dogg and Dogg Lbs
LOS ANGELES, Nov. 9, 2023 /PRNewswire/ — Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, announced that Aspire North America, LLC (“Aspire”), one of Ispire’s operating subsidiaries, has entered a five-year exclusive manufacturing and global distribution agreements (the “Agreement”) with Hempacco Co., Inc. and its affiliate (“Hempacco”), a manufacturer of hemp-based alternatives, cannabinoid smokables and rolling papers and subsidiary of Green Globe International Inc. (OTC: GGII).
Under the Agreement, Aspire has agreed to supply, distribute and commercialize Hempacco’s branded cannabinoid and nicotine vapor products, namely Dogg Lbs by Snoop Dogg, a rap legend and entertainment icon. Ispire is a leader in vaping technology, research and development, design and innovation that is forging the worldwide industry standard for vaporized products. The Company offers a complete line of cartridges, disposables, batteries and dabbing products.
“By leveraging Ispire’s expertise in bringing to market cutting-edge vaping and precision dosing technologies and devices and Hempacco’s leadership position in the herb and hemp-based alternatives sector, we plan to set new standards for the cannabis industry and its consumers,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “I don’t know many people who don’t recognize or appreciate the global impact that Snoop Dogg has had – both as an artist and cultural icon – on the cannabis industry. With our innovation, commitment to quality and collaboration, we look forward to expanding the reach of Dogg Lbs while driving sales and visibility across the cannabis sector.”
As part of the Company’s international expansion strategy and pursuant to the Agreement, Ispire will exclusively distribute vaping products worldwide for Hempacco, using the Company’s existing vapor ecosystem, which currently generates more than $100 million in revenue each year. Ispire will also oversee manufacturing and quality control of Hempacco’s vaping hardware.
“Earlier this year, we launched Dogg Lbs hemp-derived CBD and Delta-9 infused gummies, which were well received,” said Hempacco Chief Executive Officer Sandro Piancone. “Our collaboration with Ispire will help Dogg Lbs expand its reach and presence in the e-cigarette and vape market, which was valued at USD 22.45 Billion in 2022 and is projected to reach USD 190.00 Billion by 2030, according to Verified Market Research.”
Hempacco Co., Inc. is Disrupting Tobacco™ with its herb and hemp-based alternatives to nicotine cigarettes and manufacturing and marketing of herb, spice and cannabinoid smokables and rolling papers. Hempacco’s operating segments include: manufacturing of smokables, hemp rolling papers and cannabinoid sticks; smokable technology development; the Real Stuff™ brand of functional smokables and rolling papers; Cheech and Chong Hemp Cigarettes and Hemp Hop Smokeables with Rick Ross; as well as a joint venture with Snoop Dogg and his line of hemp-derived product line Dogg Lbs. To learn more, visit www.hempacco.com.
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.
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: 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.
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SOURCE Ispire Technology Inc.
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