Mark Kuban comes to Novus as a 30-year insurance executive, having previously worked with Colonial, Sun Life, and Washington National. His strengths are the creation of InsurTech innovation and streamlining the sale of carrier benefits to the consumer through the agent/broker network.
Mr. Kuban, stated, “I am passionate about the cannabis sector when I became familiar through my advisory work with the United States Cannabis Chamber of Commerce. My focus at Novus will be to accelerate sales growth by increasing broker/agent recruitment, greater alignment with InsureTech companies that retain millions of consumers and employ executives to administer group sales.”
Mr. Kuban’s most notable accomplishment were:
- A & H marketing arm for AIG, that facilitated the alteration of the profitability framework from Tech fee’s to Commission/admin fee’s, tripling policy margins.
- At Colonial Life he implemented sales and marketing programs that increased broker sales throughout fifteen states in the Midwest.
- Developed a New Consumer Centric enrollment platform for Sun Life.
- A skilled keynote speaker covering industry topics relating to ACA compliance, transparency, and promotion of benefits in health insurance.
- Sits on the Advisory Board of National Cannabis Industry Association for Insurance regulation and management.
Novus CEO Frank Labrozzi, commented, “Mr. Kuban’s significant experience has the right skill set to help support our expansion goals as well as the commitment to excellent service that is a hallmark of our Company. Mr. Kuban is a consummate professional with the ability to manage multiple stages of our growth environment and the development of Novus’ ecosystem as we continue to gain market share as the nation’s primary carrier of cannabis health plans.”
Recap First Quarter 2020 Financial Highlights:
- Revenue increased $7,403 or 14% to $59,077 for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019
- Demonstrated a 34% profit margin pricing structure in its business model for the three months ended March 31, 2020
- Net income increased $2,828 or 16% to $20,308 for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019
- No dilution to the total shares outstanding this reporting period, with no insider sales
- Shareholder equity remained strong with an increase to $1,445,891 at March 31, 2020, from $1,426,431 at December 31, 2019
- Cash and Cash Equivalents increased to $152,968 at March 31, 2020, from $149,822 at December 31, 2019
- Increased Zip Code Availability In Our Network Provider Coverage Area
- Executed Contract With Mark Kuban To Head Broker Relations
- Continued to Ramp with Managing General Agency (MGA) with Healthfield Solutions, LLC
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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.
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.
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