Ispire Reports Strong Growth in CBD Business

News on July 10: Ispire recently announced that revenue from its CBD vaporization device business for the fourth quarter of 2023 will exceed its previous forecast of US$12 million to US$15 million. The company's fiscal 2023 fourth quarter and full year ended on June 30, 2023.

Ispire Chief Financial Officer Michael Wang said, “While we had already expected a strong fourth quarter, revenue from our CBD vaporization device business is now expected to reach the upper end of our previously forecast range, indicating very strong growth from the third quarter. We attribute this success to market recognition of our CBD vaporization technology, which has helped drive product orders for both medical and recreational use.” Ispire began selling CBD vaporization devices in mid-2020. The latest revenue forecast for CBD vaporization devices in the fourth quarter of 2023 is US$14 million to US$15 million, above the previous forecast range of US$12 million to US$15 million. The updated range represents year-over-year growth of 247% to 271% compared with the fourth quarter of 2022, and quarter-over-quarter growth of 84% to 98%. In addition, Ispire expects total fourth-quarter revenue of US$29 million to US$31 million, up 33% to 42% from the fourth quarter of 2022.