The Solution to Blockage Projected to Strengthen Cash Flow
MIAMI, FL, June 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE --Novus Acquisition and Development, Corp. (OTC Markets: NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., a diversified insurance entity in health, liability, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, is pleased to announce that this coming September, Novus Cannabis MedPlan will begin accepting credit cards for policy payments.
For years management has been searching for a processor to provide transactional ACH/credit cards as opposed to collecting checks through the mail. After being shut down by banks and/or merchant providers in the past, Novus has finally established a relationship with Authorize, a leading credit card processing platform. The Company’s workaround strategy, being that we don’t touch or sell the plant, we provide insurance benefits to patient/members and this appears to be satisfactory.
We are witnessing relaxing banking policies thanks to the effort of The SAFE Banking Act of 2019 (The Act) introduced by U.S. Senator Bob Menendez, a senior member of the Senate Banking Committee. Notwithstanding the denial from the inflexible banking system due to the threat of being prosecuted under federal law, this has not the stopped Novus’ progress in the booming cannabis industry, but it certainly helps by reducing as many regulatory impediments as possible.
Novus’s Chief Executive Officer, Frank Labrozzi, states, “It’s about obtaining banking services that most other businesses take for granted. We are handcuffed by regulatory, advertising and banking; it’s like going into a prize fight with one arm tied behind your back. This Act is a testament to the cannabis industry showing its maturity and moving forward as it should operate as normal legitimate businesses.”
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Novus Acquisition & Development Corp. (NDEV), through its subsidiary WCIG Insurance, provides health insurance and related insurance solutions within the wellness and medical marijuana industries in states where legal programs exist. Novus has developed its infrastructure within many lines of the insurance business such as, health, property & casualty, life, accident and fixed annuities.
Novus medical cannabis benefits package will work as outside developers and will not cultivate, handle, transport grow, extract, dispense, put up for sale, put on the market, vend, deliver, supply, circulate, or trade cannabis or any substances that violate the United States law or the Controlled Substances Act, nor does it intend to do so in the future and will continue to follow state and federal laws. The statements made about specific products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure or prevent disease. All information provided on these press releases or any information contained on or in any product label or packaging is for informational purposes only and is not intended as a substitute for advice from your physician or other health care professional. Once a push notification is competed the transaction is solely between the state-licensed dispensary and the registered patient.
The state laws are in conflict with the federal Controlled Substances Act. The current administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state designated laws, allowing the use and distribution of medical marijuana. However, there is no guarantee that the current administration, nor any future administration, will not change this policy and decide to enforce the federal laws strongly. Any such change in the federal government's enforcement of current federal laws could cause significant financial changes to Novus Medical Group. While we do not intend to harvest, distribute or sell cannabis or cannabis related products, we may be harmed by a change in enforcement by federal or state governments or third party payment processing platfroms.
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This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Novus Medical Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chairman and CEO