Healthier Choices Management Corp (OTC Pink: HCMC) is an intellectual property holding and product commercialization company focused on patented vaporizer technology and pharmaceutical products. Revenue is pursued through royalty and licensing agreements for its patent portfolio, managed by its wholly owned subsidiary HCMC Intellectual Property Holdings, LLC, alongside direct product sales of the Q-Cup and Imitine. Net sales were $2,979 (in thousands) for FY2025 versus $501 (in thousands) for FY2024, with cost of sales exceeding revenue in both periods, producing negative gross profit (FY2025 10-K, filed 2026-03-27). The company has no manufacturing capabilities and relies entirely on third-party manufacturers to produce products to its design specifications. HCMC closed all brick-and-mortar retail vape stores as of FY2024, shifting focus to wholesale and online channels. As of December 31, 2025, the company held $1.1 million in cash and negative working capital of $0.3 million, with recurring net losses and a $5 million revolving credit facility available through December 31, 2026.

Revenue model

Royalty and licensing agreements on patented intellectual property, facilitated through HCMC Intellectual Property Holdings, LLC, supplemented by de minimis product sales of the Q-Cup vaporizer technology and Imitine through wholesale and online channels.

Products and services

Q-Cup: a patented quartz cup vaporizer technology for cannabis and CBD concentrates, heated externally without direct contact; covered by 9 patents granted from 2019 through December 31, 2025. Imitine: a separate product in the company's IP portfolio being prepared for commercialization. Both products are manufactured by third parties to HCMC specifications.

Customers and end markets

End markets include medicinal and recreational cannabis concentrate consumers for the Q-Cup technology, and potential licensees across various industries for the broader IP portfolio. No specific customer concentration data disclosed in the filing excerpts.

Value-chain role

IP holding and licensing entity. HCMC does not manufacture products; it owns patents and trademarks, licenses IP through HCMC Intellectual Property Holdings, LLC, and contracts third-party manufacturers for physical product production.

Geographic exposure

United States. Patent portfolio consists of US patents. No international geographic exposure disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-27

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