$RXMD - cannabinoid-based and alternative therapy product lines! https://finance.yahoo.com/news/progressive-care-inc-announces-formation-120000392.html
Progressive Care (RXMD) today announces formation of its wholly owned subsidiary, RXMD Therapeutics Inc., specializing in cannabinoid-based and alternative therapy product lines. RXMD August 2019 monthly revenue was $3.7M, not including this new business revenue stream.
MIAMI – October 1, 2019– Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company, today announces formation of its wholly owned subsidiary, RXMD Therapeutics Inc., specializing in cannabinoid-based and alternative therapy product lines.
“We are excited to make this official announcement, RXMD Therapeutics Inc. has been in the planning stages this past year” said S. Parikh Mars, CEO of Progressive Care Inc. “We believe we have finally found a pathway where we can provide cannabinoid and homeopathic products that meet our strict quality requirements while also being able to manage these therapies from a health and wellbeing perspective.” Progressive Care Inc. will develop and produce proprietary cannabinoid and homeopathic products that will be solely offered from RXMD Therapeutics Inc. The first line of production will consist of tinctures, skin creams, roll-ons and gel capsules which are the dosage forms most easily managed by retail patients.
RXMD Therapeutics brands will be tested for consistency and quality assurance prior to release and periodically thereafter. The formation of RXMD Therapeutics Inc. was discussed with Progressive Care Inc.’s shareholders during the first quarter 2019 quarterly report conference call on May 15, 2019. The Company announced plans to market current CBD brands and leverage the cash buying customer base to fortify against insurance rate compression and increase profitability. The Company discussed plans to produce an exclusive line of products that incorporates the Company’s brand and mission to further develop its core market base and healthcare capabilities.
“2019 has moved at an unprecedented pace,” said S. Parikh Mars, CEO of Progressive Care. “In the past 4 months, Progressive Care has doubled in size in almost every measurable way, not only gaining sales, locations, or economies, but a wealth of talent that includes expertise in pharmaceutical logistics, operational management, and clinical awareness. We believe that offering quality natural products is a logical step forward in our development and is consistent with our mission to elevate healthcare.”