Lifted Made, a CBD brand under LFTD Partners, has reached an agreement with a third-party manufacturer of disposable e-cigarettes. This will allow Lifted Made to recover its losses, slightly exceeding $1 million, related to clogging issues with the disposable e-cigarette devices.
Lifted Made confirmed the existence of these defective devices in the third quarter of 2022.
According to a press release, an unknown overseas manufacturer of disposable smoking products has agreed to write off the outstanding debt of $630,000 owed by Lifted Made. Additionally, the manufacturer has committed to providing Lifted Made with a credit line for future purchases at a price of $185,023 per year in both 2023 and 2024, with a total value of $370,047.
Nick Warrender, CEO of Lifted Made and Vice President and Chief Operating Officer of LFTD Partners, stated that the company has a strong relationship with a manufacturer of disposable vape devices.
They are willing to share the losses we suffered in the third quarter due to the blockage of our 2mL vape device and this really proves that they are a good partner. We look forward to a very bright future with them," said Warrender. "Our new and award-winning 3mL disposable vape device has indeed been welcomed by our customers. We are very excited for 2023 and everything ahead as we enter the new year.
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