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Novus Acquisition & Development Corp (NDEV) Announces 2023 Results in Annual Report
Novus Acquisition & Development Corp (NDEV) Announces 2023 Results in Annual Report.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Novus Acquisition & Development Corp (OTC Markets: (NDEV) is a leading national supplemental health insurance carrier and pioneer in offering cannabis in health plans for recreational and medicinal users. Today, it released its 2023 Annual Report, highlighting financial growth and a strategic partnership to expand its reach.Despite cannabis industry challenges, Novus achieved sustainable growth:Midwest Expansion: Partnered with prominent cannabis vertical Heya Wellness to offer MedPlans to 4.3 million potential policyholders in the Midwest, leveraging Missouri's reciprocity laws.Financial Strength:No dilution through common stock issuance since June 15, 2021.No insider share sales for over 2.5 years.Increased gross revenue by 10.58% compared to 2022 and 22.08% compared to 2021, reaching $341,930.Increased 2023 net revenue (EBITDA) by 20.3% compared to 2022 and 35.2% compared to 2021.A steady rise in gross profit margins: 35.8% (2021), 38.4% (2022), and 43.14% (2023) .Increased shareholder equity by 2.8% compared to year-end 2022.Increased cash and cash equivalents by 7.2% compared to 2022.Maintained a financial position with no convertible notes issued.Looking Ahead: Novus is optimistic about the future. In conclusion, Novus Cannabis MedPlan is well-positioned for sustainable growth. With regulations on the brink of change, the company is ready to capitalize on opportunities that emerge with approval for banking and rescheduling cannabis. Moreover, expanding partnerships with major carriers who are eager to collaborate with Novus underscore the industry's recognition of the company's potential and commitment to innovation. As we move forward, Novus remains dedicated to providing comprehensive healthcare solutions and driving positive transformation in the cannabis space.About Heya Wellness:Heya Wellness is a vertically integrated cannabis company with a profound presence in Missouri. The company encompasses cultivation facilities, processing facilities, and dispensaries, fostering a vertically integrated approach to ensure the highest quality medical cannabis products. Heya remains steadfast in its mission to provide patients with exceptional access to medical cannabis.About NovusFurther Research:Financial Filings: Click HereQuote: Click HereWebsite: Click HereInvestor's Page: Click Here Novus Acquisiti...