The Cannabis Health Insurance Entity On Positive Course As It Wrangles With HMO Bid
MIAMI, FL, June 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Novus Acquisition and Development, Corp. (OTC Markets: NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, announced today that it has gained more than 400 legal THC and CBD cannabis providers for its cannabis health plan.
Novus’ in-network Providers consist of a mix of Cultivators, Manufactures, Extractors, and Retailers, all who have signed up as facilitators of CBD Plans and/or THC Plans. The cannabis insurance entity offers nationwide coverage with the top CBD manufacturers such as:
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States that Novus offers regulated THC Cannabis MedPlan are:
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As new cannabis verticals are being licensed every month, management projects an increase of our Provider Network by 10%-15% by the end of 2019. Novus’ business model continues to attract and retain providers by driving new and loyal consumers that purchase higher than average monthly transactions and a value-added of cost-free local advertising, social networking awareness, push notifications of orders and access to patients through our telemedicine platform.
Novus’s Chief Executive Officer, Frank Labrozzi, commented, “Our success over the past 3 years is a steady expansion of our infrastructure in new territories without any institutional funding. We remain asset strong without any pressures of long- or short-term debt. The platform that medicinal cannabis has given Novus paves the way to expand into managed care as an HMO. We still have a legal examination to address for the California Department of Managed Healthcare, but all signs point in a positive direction as Novus will make cannabis a mainstream part of health plans in the not too distant future.”
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About Novus
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 platforms.
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Forward-Looking Statements
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 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.