Ispire Technology Inc. and its joint venture, IKE Tech LLC, announced a successful in-person pre-PMTA (Pre-Market Tobacco Product Application) submission meeting with the FDA's Center for Tobacco Products (CTP). The meeting focused on their innovative Identity and Age Verification technology, designed to prevent youth access to electronic nicotine delivery systems (ENDS) at the point-of-use.
This regulatory milestone is a crucial step towards providing a secure, universal solution for reducing youth access while expanding the market for adult users of flavored PMTA-authorized products. The FDA aligned on key points during the meeting, and IKE Tech anticipates completing the required studies for the component PMTA in the first quarter of 2025.
The IKE Tech system utilizes blockchain technology and a Bluetooth Low Energy (BLE) System-on-a-Chip, offering a solution that management believes is not easily hackable. This technology has the potential to enable regulatory compliance for flavored products, which could unlock a vast U.S. market estimated at $30 billion to $60 billion wholesale.
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