Novus Releases 2Q Results, Underscores Independent Organic Growth In Cannabis
Miami, Florida–(Newsfile Corp. – August 13, 2024) – Novus Acquisition & Development Corp d/b/a Novus Cannabis MedPlan (OTC Pink: NDEV) is a leading national supplemental health insurance carrier and pioneer in offering cannabis in health plans for recreational and medicinal users. It released its update on its Q2 2024 results, Rx Dispensing Platform, and Key Elements that fuel its success after the Drug Enforcement Agency (DEA) announced that cannabis could be rescheduled.
Management’s Statement
CEO Frank Labrozzi has stated the following: “Novus’ growth trajectory is entirely self-funded and independent of external capital. Our organic strategy has consistently delivered results, demonstrating our ability to thrive even without the potential benefits of industry-wide or regulatory changes. Our unwavering commitment to shareholders is evident in our consistent financial performance. We have maintained a capital structure without diluting common shares since June 2021 and have had zero insider selling for nearly three years.”
Financial Highlights
Financial insights into Novus’ business model include its revenue streams and financial condition.
- No Dilution: No common stock has been issued after June 15, 2021.
- No Sales of Insider Shares: For close to 3 years
- Gross Revenue Increase: During this reporting period, Gross Revenue increased by 7.32% compared to June 30, 2024, and 2023, respectively.
- Net Revenue Increase: During this reporting period, EBITDA increased by 20.4% compared to June 30, 2024, and 2023.
- Profit Margin: During the reporting period, the company experienced an increase in gross profit margins (EBITDA), with margins of 40.4% on June 30, 2023, and 45.4% on June 30, 2024.
- Cash and Cash Equivalents: There was a 4% increase compared to the financial reporting periods ending June 30, 2024, and December 31, 2023.
- No Convertible Notes: No convertible notes issued or outstanding
- Debt Transparency: Frank Labrozzi, the CEO, is owed $158,061. He has no plans to exercise the call provision, and this debt instrument has no equity conversion provision.
- Leak Out Vendor Shares: All vendors who have received treasury-issued stock are contractually obligated to sell their shares gradually. The selling amount is determined based on 15% of the average daily trading volume over the past 30 days.
D2C Platform Release
Federal rescheduling is on the horizon, and Novus is prepared for the newly regulated market. The company plans to launch its direct-to-consumer cannabis RX platform on September 1, 2024. This platform is designed to benefit policyholders, cannabis verticals, and healthcare providers alike. The platform will provide:
Platform Access Available To Cannabis Verticals: Cannabis brands can reach policyholders and consumers through Novus without setup or listing fees. Our platform enables direct sales between brands and the beneficiary. In return, brands provide pre-negotiated discounts for our policyholders and, if eligible, qualify them for reimbursement. This enhances affordability, strengthens brand loyalty, and creates a new revenue stream for brands, ensuring sustainable income for Novus.
Facilitate Audience Expansion: The platform aims to assist registered medical users and attract unregistered users from the illicit market, as medical consumers tend to buy cannabis more frequently than unregistered consumers.
Recreational Users: Leveraging our unique position, we can now cater to all cannabis users, including recreational users. We offer affordable wellness programs with customized insurance benefits for recreational users, presenting a compelling value proposition for this market segment.
Future Integrating Of Pharma (Rx) Meds: Novus’ platform will bridge the gap between conventional medicine and cannabis medicine, providing policyholders with a one-stop shop and a more holistic, comprehensive healthcare approach.
Closing: Anticipating an impending market shift resulting from federal rescheduling, Novus presents unique diversification opportunities beyond traditional cannabis cultivation and retail stocks. Through the integration of cannabis into healthcare plans and the use of a direct-to-consumer (D2C) platform, we are establishing a scalable infrastructure and adopting a flexible approach that allows us to take advantage of emerging market opportunities as regulations and research evolve.
Further Research:
- Financial Filings: Click Here
- Quote: Click Here
- Investor’s Page: Click Here
Novus (NDEV) operates through its wholly-owned subsidiary, WCIG Insurance Services, Inc. The company provides health plans as a health insurance carrier in states with legal medical marijuana programs. Novus’ business model is based on receiving insurance premiums and does not involve the cultivation, distribution, or sale of cannabis or cannabis-related products.
Forward-Looking Statements
This release includes forward-looking statements, which are based on certain assumptions and reflect 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. Dilution, if any, would be for the purposes of management taking stock in lieu of cash salary. 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. Additionally, this press release that is not statements of historical fact may be considered to be forward-looking statements. Written words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.
Investor Contact Information
Investor Website
855-228-7355
Email: info@getnovusnow.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219708
