I called Armen this afternoon and talked with him for about 30 minutes. There are many exciting things, especially their plans on CBD business!
1. Pharmacy alliance to fight PBMs First, I congratulated him on the company’s great achievements, especially when considering the obnoxious environment that has been caused by the unregulated PBMs throughout the whole country. He said some states have already stood up and sued PBMs to preserve states’ rights to regulate them, such as Ohio, Arkansas and New York etc. But Florida has been quiet on this issue. Armen said Progressive Care recently formed an alliance with some other major independent pharmacies in Florida. They are using their collective power to lobby the state law makers to bring this issue to the state’s attention. He hopes this will help change how PBMs can charge independent pharmacies once regulations are put into place in 2020, or 2021.
2. Shareholder Meeting The meeting will be held in August, no later than early September. Armen confirmed there will be definitely no RS whatsoever. He said some shareholders prefer digital conference to a traditional shareholder meeting so they don’t have to make a trip to Florida. The company is still considering different options. He also said the company’s transfer agent Clear Trust, LLC. will be at the meeting.
3. FPRx audit and SEC filing They have started auditing Family Physicians Rx for the fiscal year 2017 and 2018. Once completed, they will immediately file S-1 with SEC. Armen said they actually already started preparing S-1 early this year but had to stop because of the timing of the FPRx acquisition. He’s confident they will complete the SEC registration by the EOY.
4. CBD business I asked him if there’s any change in state and federal regulations regarding pharmacies doing CBD business. He said there’s still a lot of gaps that need be filled regarding the legal status of CBD, especially for pharmacies. But he emphasized this business will bring HUGE revenue stream to Progressive Care considering the company currently is servicing over 20,000 patients. Then I said maybe they could put their CBD business under a different umbrella that is totally separate from their pharmacy business. Armen said that’s exactly what they are planning to do! This new entity will be still under Progressive Care, but will be independent of Pharmco. They have been in talks with some CBD companies for partnerships/acquision. Their goal is still to push out their own brand of CBD products under the name of this new entity. He stressed again that this new business will become a huge revenue stream for Progressive Care. I asked what’s the time frame they can announce such news. He said it might be before the Shareholder meeting, or after the meeting. But as soon as they have the final deal, we will be the first ones to know.
5. The Benchmark Company They are still using The Benchmark Company as their financial advisor for SEC registration. Armen has talks with them every month to update them on the company’s progress. Benchmark is ready at any time to help Progressive Care register with SEC.
6. More pharmacy acquisitions The company’s next acquisition target is going north. It will be in Georgia as Shital mentioned earlier. They have been in talks with that company for quite some time.
7. Stock price Armen said he truly believes the current stock price should be much higher than 10 cents. The company is currently working on putting more resource to empower their new PR strategies so many many more investors will start to know Progressive Care through this campaign. His goal is to DOUBLE the shareholder base for RXMD through the new PR stratigies.
At the end of the call, he said he’s willing to talk with any investor who wants to call him. So if you have any questions, just call his cell phone. His number is listed on Progressive Care’s website on the top right corner: 786-657-2060. https://progressivecareus.com/
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