In this disclosure, a method is described wherein the method comprises mixing a therapeutic gas or a therapeutic liquid or a combination thereof and a liquid carrier in a high shear device to produce a dispersion; and administering the produced dispersion intravenously to a patient; wherein the produced dispersion contains nanobubbles of the therapeutic gas or droplets of the therapeutic liquid with a mean diameter of less than about 1.5 μm. In this disclosure, a system is also described wherein the system comprises a therapeutic gas source or a therapeutic liquid source or a combination thereof; a liquid carrier source; a high shear device (HSD) having an inlet, an outlet, at least one rotor, and at least one stator separated by a shear gap; and a pump configured to control the flow rate and residence time of a fluid passing through the high shear device.