Business
Novus Releases 2Q Results, Underscores Independent Organic Growth In Cannabis
Novus Releases 2Q Results, Underscores Independent Organic Growth In Cannabis.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Novus Acquisition & Development Corp d/b/a Novus Cannabis MedPlan (OTC Markets: (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 StatementCEO 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 yearsGross 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 outstandingDebt 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.Review The Entire Filing HereD2C Platform ReleaseFederal rescheduling is on the horizon, and Novu...