Novus 2020 Annual Report Shows Continual Expansion7 min read
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Agreements with carriers and the InsureTech platform continue to improve visibility and traction
MIAMI, FL / ACCESSWIRE / March 30, 2021 / Novus Acquisition and Development, Corp. (OTC PINK: NDEV), through its wholly owned subsidiary WCIG Insurance Services, Inc., is the first hybrid airline in the country to offer recreational cannabis health plans, and medical users today announced their financial and operational results for twelve months ended December 31, 2020 known.
Fourth quarter 2020 financial highlights:
Revenue increased $ 4,234, or 7%, to $ 62,096 for the three months ended December 31, 2020 compared to the three months ended December 31, 2019. Revenue increased $ 23,143, or 11, for the twelve months ended December 31, 2020 % to $ 242,382 compared to the twelve months ended December 31, 2019 For the three months ended December 31, 2020, its business model demonstrated a pricing structure for profit margins of 34%. Operating and net income increased $ 5,713, or 37%, to $ 21,047 for the three months ended December 31, 2020 compared to The three months ended December 31, 2019 Operating and net income increased for the twelve months ended December 31, 2020 $ 13,368, or 19%, to $ 82,626 compared to the twelve months ended December 31, 2019. Equity increased from $ 1,468,783 on December 31, 2020 to $ 1,424,990 on December 31, 2019 Cash and cash equivalents increased from 142,796 USD 156,422 on December 31, 2019 to USD 156,422 on December 31, 2020. Secured life health carrier contracts that incorporate Novus Can nabis MedPlan in their fully guaranteed insurance plans No dilution in Q4 2020
Management discussion & analysis of 2020
Due to the COVID 19 crisis, the US economy came to a standstill in the second quarter of 2020. Layoffs of unnecessary workers slowed new member acquisition, but the company still posted sales growth of 7% compared to the three months ended December 31, 2019.
Highlights of the Novus infrastructure, which ended the year with great dynamism:
a). Carrier Participation: Contracts entered into with carriers in the health, life, minimal basic care and InsureTech platforms that have recognized the benefits of integrating Novus Cannabis MedPlan into their offerings to drive new and existing customer conversions.
b). Promoting Compliance: Compliant with Health Savings Account (HSA) and Health Reimbursement Accounts (HRA). These are savings / reimbursement accounts used by employees with high deductible health insurance that allow individuals to save money tax-free as long as it is eligible for medical expenses and / or rewards.
c). User-Based Insurance UBI: On the way to legalization through cannabis, Novus offers User-Based Insurance (UBI), a tiered pricing plan based on a calculation of a user’s behavior when consuming cannabis.
Notable achievements in the fourth quarter:
a). Unique Insurance Concepts UIC: A consortium of health insurance agents focused on group policies, Medicare supplements, dental and critical illnesses with over 5,000 corporate clients.
b). Go Enroll / Elevate Wellness: One of the nation’s leading InsureTech platforms for large groups with over 92,000 customers. This platform enables employees to incorporate cannabis into dental, vision, GAP and medical plans. The Elevate Wellness plans cover over 4,500 employers, allowing their employees to choose alternative treatment options that may not be available from their traditional health care providers.
c). Oneshare: A medical cost-sharing provider that is adopting an ACA-free path to healthcare. The health-based sharing membership plan focuses on disaster planning and full health.
d). Key Benefits: Is the Minimum Basic Care (MEC) is a plan that meets the requirements of the Affordable Care Act for health insurance. Some of these programs under MEC include Market Plans, Occupational Plans, Medicare, and Medicaid. Mainly focuses on routine disease preventive plans.
e). Wellness 360: This is an employee-based wellness platform that offers plans, program guides, online educational resources, a white label wellness program, and many other customizable options for workplace wellbeing.
f). Back 9 Insurance: This is an InsureTech platform that sells annuities, life, long-term care and disability. Their platform makes it easier for agents to show comparisons with over 50 carriers side by side and offers Novus’ plans in a cross-sell way.
G). National Life: Contract concluded with Novus provider Compass Health. This is one of the oldest life insurance carriers in the country.
H). Medova Healthcare: Medova offers plans under Bridgewell Health®. These are six guaranteed plans that offer prevention and wellness plans with solid medical benefits for employer-based group health benefits.
Focus on continuous expansion in 2021
Pooling cannabis users with employer-sponsored health plans
With federal legalization imminent, the biggest challenge today is keeping the supply chain free of black market weeds. We have assessed the cannabis industry and management is confident about how we can leverage our guaranteed health insurance plans as a vehicle for compliant bundling of medical and recreational users.
Here’s how it works: Forty-nine percent of 150 million American workers get their health insurance from their employer, and more than 60 percent (45 million American workers) want cannabis as a health benefit. There’s no better way to get cannabis users compliant through the inclusion of employer-sponsored health plans. And what does Novus use as a corralling tool? The health insurance card. This conforms to consumer buying habits by referring them to specific network-internal cannabis brands.
The cannabis industries benefit from increased sales from a loyal customer base that is aligned with the network of Novus’ providers and allows them to compete in the market for and part ways with unwanted illegal weed purchases.
Will employers accept cannabis as part of health care for their employees?
It was a challenge until March 2020, when the New Jersey Supreme Court took precedence in ordering under the New Jersey Law Against Discrimination (“LAD”) employees to legally consume cannabis, as permitted by the state’s benevolent cannabis use of medical marijuana Law[i] may not be fired. Subsequently, we have seen employers shy away from zero tolerance for the freedom of non-discriminatory workplace rules and standards with regard to cannabis use.
Trends seen by the cannabis industry in 2021 are that cannabis sales will continue to rise, the ban movement towards legalization will intensify, the increase in cannabis products in the market will increase, consumers will become more aware of their medicinal properties, and more doctors are recommending medicinal cannabis.
The market advantage of Novus as an insurance company is the fluent development of new tactics in the acquisition of patients / members and their purchasing habits compared to cannabis brands. We anticipate 2021 to be one of the most significant years for the cannabis industry to date.
Research Novus Now:
Novus Acquisition & Development Corp. (OTC PINK: NDEV), through its subsidiary WCIG Insurance, provides health insurance and related insurance solutions to the wellness and medical marijuana industries in states that have legal programs. Novus has developed its infrastructure in many areas of the insurance business, e.g. B. in the areas of health, property and casualty insurance, life, accident and fixed pensions.
Novus Medical Cannabis Benefit Package functions as an outside developer and will act as a third party developer and will sell, sell, grow, extract, dispose of, offer for sale, market, sell, supply, supply, circulate or trade cannabis or any other substance that sells, sells, grows, extracts, releases, offers for sale, marketed, sells, supplies, supplies, circulates or trades cannabis or any other substance Violate United States law or Controlled Substances Act and will not intend to do so in the future and will continue to follow state and federal laws. Statements about certain products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure, or prevent any disease. Any information in these press releases or information on or in a product label or packaging is for informational purposes only and is not intended as a substitute for advice from your doctor or other healthcare professional. As soon as a push notification is completed, the transaction takes place exclusively between the state-licensed pharmacy and the registered patient.
The state laws contradict the federal law on controlled substances. The current administration has effectively stated that instructing federal law enforcement agencies to prosecute those who lawfully abide by state laws and facilitate the use and distribution of medical marijuana is not an efficient use of resources. However, there is no guarantee that the current or future administration will not amend this policy and decide to strictly enforce federal laws. Such a change in the federal government’s enforcement of applicable federal laws could result in significant financial changes for the Novus Medical Group. While we do not intend to harvest, distribute, or sell cannabis or cannabis products, a change in enforcement by federal or state governments may be harmed.
This press release contains forward-looking statements that 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 world economic conditions; general industry and market conditions and growth rates; Uncertainty as to whether our strategies and business plans will produce the expected benefits; increasing competition; Availability and cost of capital; the ability to identify, develop and achieve commercial success; the amount of expenditure necessary to maintain and improve the quality of services; Changes in the economy; Changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters that are not expected; 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 as a result of new information, future events or for any other reason.
Contact information for investors
SOURCE: Novus Acquisition and Development, Corp.
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