Lifted Made Recoups $630,000 for Clogged Vapes
Credit: Birdland
The CBD brand Lifted Made, a subsidiary of LFTD Partners, has entered into an agreement with its third party disposable vape device manufacturer that will allow Lifted Made to recoup just over $1 million of the losses associated with clogged disposable vape devices.
The defective devices were recognized by Lifted Made during Q3 2022.
The unnamed overseas disposable vape device manufacturer has agreed to write-off $630,000 currently owed to it by Lifted Made for previously delivered disposable vape devices, and to give credits to Lifted Made against future purchases totaling $370,047 at the rate of $185,023 for each of years 2023 and 2024, according to a press release.
Nick Warrender, CEO of Lifted Made, and vice chairman and COO of LFTD Partners, said that the company had an excellent relationship with the manufacturer of its disposable vape devices.
“Their willingness to share the losses we experienced during Q3 due to the discontinued clogged 2mL vape devices has really demonstrated to us what a good partner they are. We look forward to a very bright future with them,” Warrender said. “The new, award-winning 3mL disposable vape devices have been really well received by our customers. We are extremely excited about 2023 and all the things we have in the pipeline going into the new year.”