CEO Gives Assessment of How the Canadian Market Will Shape
MIAMI, FL / ACCESSWIRE / June 18, 2018 / Novus Acquisition and Development, Corp. (OTC PINK: NDEV), through its wholly owned subsidiary WCIG Insurance Services, Inc., the nation's first carrier/aggregator offering a cannabis health plan, today showcases an article in PotNetwork Magazine on Novus' assessment on their competitive strategy as they enter Canada.
We invite you to read the entire article here:
The Miami-based company sees marijuana legalization, which just passed in the Senate as an opportunity in the Canadian market. While other companies focus on employer-sponsored insurance plans in the Canadian market, Novus is focused on individual coverage. The individual payer system allows consumers to do some things including augmenting coverage to meet their specific needs. "Novus can cover the gaps and fulfill a value proposition in pricing and offer no restrictions to the consumer" according to a statement released by the company.
Canada is the emerging country in the legal cannabis sector and now with its cannabis regulation all but completed it is poised to set precedent as the world watches. Novus' CEO Frank Labrozzi was interviewed by PotNetwork Magazine last week and was asked regarding Novus' assessment on Canada and it's plans to compete in the great white north.
While other major insurance companies focus on employer-sponsored insurance plans in the Canadian market, Novus is focused on individual coverage. The article covers three key questions:
- Will employers increase expenditures on their group policies?
- Are employers ready to have employees come to work under the influence of certain types of cannabis?
- How will carriers mitigate risk on reimbursements of cannabis meds?
Frank Labrozzi, Chief Executive Officer of Novus, stated, "Novus, a pioneer in covering cannabis health plans has first-hand experience with patients who are not wanting restrictions on their cannabis medication consumption, which is imposed by their insurance carrier and are content with regulations set forth by the federal government. Since cannabis is safe to be self-administered, the big-name insurance carriers are coming into the marketplace very cautiously with restrictions on consumption and this is causing patients to be very dissatisfied with their coverage."
Novus management welcomes the major insurance carriers to come into the market indicating that there is plenty of business to be captured. And, Novus' competitive advantage is with our low overhead making us the better value proposition in pricing with no restrictions to the consumer.
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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.
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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
SOURCE: Novus Acquisition and Development, Corp.