Ispire Technology Inc. (CNSX:ISP) (OTC:ISPIF) has experienced a significant surge in its stock prices following the company’s decision to increase its revenue outlook for the fourth quarter. The Canada-based company has gained recognition for providing hardware solutions for cannabis vaping. It has raised its revenue projection to a range of C$6.5 million to C$7.5 million ($4.9 million to $5.6 million), surpassing its previous guidance of C$3 million to C$4 million.
The optimistic forecast can be attributed to the strong demand for Ispire’s products, particularly in the Canadian and U.S. markets. Cannabis consumers have gained popularity for utilizing Ispire’s hardware in vape pens and cannabis oil cartridges. The company expressed its satisfaction with the growing momentum in the emerging cannabis consumer markets and the increasing acceptance of vaping as a preferred method of cannabis consumption .
Investors responded positively to the news, causing a surge in Ispire’s stock prices. As of mid-day trading on Thursday, the company’s shares on the Canadian Securities Exchange experienced a remarkable increase of nearly 30%, reaching 56 Canadian cents. Over the past year, Ispire’s stock has soared by more than 400%, reflecting the market’s confidence in the company’s growth potential and its ability to capitalize on the expanding cannabis industry.