The former Cannabis Medical Solutions Inc. has turned over a new leaf.
The company, which provides payments processing services to medical marijuana sellers and health care businesses, said Friday that it has changed its name to MediSwipe Inc. to facilitate its expansion to new markets.
The Financial Industry Regulatory Authority approved the change, and the company is now trading over the counter using the symbol MWIP.
The name change allows "us to keep our present business model in place and at the same time expand into the overall mobile health and security sector," B. Michael Friedman, the chief executive of MediSwipe, said in a press release.
MediSwipe's first-quarter revenue grew more than 200% from a year earlier to $7,160, which was primarily driven by its L.A. Marketing Plans subsidiary, which performs direct marketing for non-insurance health care programs.
The company posted a net loss of $30,057 in the quarter, compared with a net loss of $18,589 a year earlier.