Business
Novus Addresses DOJ Guidance and Expects No Changes with Only Uncertainty in Washington
Novus Addresses DOJ Guidance and Expects No Changes with Only Uncertainty in Washington.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n Novus is proud to announce that it was a featured in cover article on Canadian CannaInvestor Magazine\n \n \n \n \n \n \n \n \n\n Remains Focused on Aggressive Expansion into Canadian Medical Cannabis Market MIAMI, FL, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Novus Acquisition and Development, Corp. (OTC Markets: NDEV), through its wholly owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, liability, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, today issued the following comments in response to the United States Department of Justice’s (“DOJ”) decision to rescind the Cole Memorandum (“Cole Memo”).  The Cole Memo, which has been in place since 2013, stated that the DOJ would not interfere in state legalized cannabis outlined by the federal government. Last week, the Cole Memo was rescinded by the Department of Justice, led by Jeff Sessions. Frank Labrozzi, Chairman and CEO of Novus, commented, “This was a very serious action and we sought consultation with our legal advisors on how this may affect Novus’ business model. While we understand that the Cole Memo is not a federal law, we believe Congress will enforce budgetary restrictions overriding the Justice Department actions.  The DOJ and Sessions will face a Congress filled with an unprecedented number of pro-marijuana lawmakers from a record number of states where it’s legal. Additionally, there has been overwhelming support among Americans for regulated marijuana and the rights of the states. 94% of American electorates support medical marijuana and 64% support adult use laws. State legalized marijuana has created a $7 billion industry, with much needed state and local tax revenue approaching $1 billion dollars and tens of thousands of jobs.” Labrozzi, continued, “It is no mystery that Session is no friend to legal cannabis and we believe that this effort by Sessions to derail pro-marijuana legislation will not be a fruitful outcome for him other than to shake the confidence of the investor markets.  This action will have no effect on Novus’ business model where we are approved to conduct our business in the United States and Canada.  So our a...