Rexpharm, a Korean health food company, has signed a Memorandum of Understanding (MOU) with Timely Basket to establish a cooperation framework for the joint development of health functional foods and product sourcing, aiming to expand into the U.S. market.

Timely Basket, a subsidiary of OTG New York and More Trading, specializes in distributing Korean food and beauty products across the eastern U.S., handling both online and offline logistics.

Rexpharm, founded in 2021 by Chairman Park Young-soon, who also established the Onnuri Pharmacy Chain, specializes in sanghwang mushroom cultivation technology and health functional food manufacturing.

The MOU outlines plans for ▲Product development and supply through sanghwang mushroom cultivation technology ▲Mutual sourcing cooperation for health functional foods between Korea and the U.S. ▲Entry and operation on Amazon in the U.S. ▲Registering and managing Rexpharm’s domestic factory through the FDA .

With this agreement, Rexpharm aims to focus on professional health functional food development and sourcing, while leveraging Timely Basket’s distribution and marketing channels to pave the way for entry into the U.S. market.

Rexpharm CEO Jeong Sang-yoon said, “We look forward to introducing a variety of products developed with sanghwang mushroom cultivation technology to the U.S. market through Timely Basket, and aim to expand globally beyond the U.S.”

Leighann Choi, CEO of Timely Basket, added, “We’re excited to introduce products made with sanghwang mushroom cultivation technology and other health functional foods to the U.S. market through our collaboration with Rexpharm.”