Business
Novus Reports First Quarter 2020 Results and Hires Insurance Executive to Accelerate Sales and Operations Growth
Novus Reports First Quarter 2020 Results and Hires Insurance Executive to Accelerate Sales and Operations Growth.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Business Model Designed to Withstand Economic DownturnsMIAMI, FL / ACCESSWIRE / May 28, 2020 / Novus Acquisition and Development, Corp. (OTC PINK:NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is an insurance entity in health and, the nation's first carrier offering cannabis health plans to recreation and medicinal users, today reported, its financial and operational results for the three months ended March 31, 2020."The year 2020 shows continual increases in the number of lives covered that continues to drive our revenue growth," stated, Frank Labrozzi, CEO of Novus. "Our Cannabis MedPlan and its business model is designed to weather economic adversity, even during this global COVID-19 pandemic."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, 2019Demonstrated a 34% profit margin pricing structure in its business model for the three months ended March 31, 2020Net 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, 2019No dilution to the total shares outstanding this reporting period, with no insider salesShareholder equity remained strong with an increase to $1,445,891 at March 31, 2020, from $1,426,431 at December 31, 2019Cash and Cash Equivalents increased to $152,968 at March 31, 2020, from $149,822 at December 31, 2019Increased Zip Code Availability In Our Network Provider Coverage AreaExecuted Contract With Mark Kuban To Head Broker RelationsContinued to Ramp with Managing General Agency (MGA) with Healthfield Solutions, LLCIncreased Agent/Affiliate Base:Our Agent/Affiliate base grew 10% with 840 active reps. Our growth potential is tied to these participants book of business throughout the year as opposed to the two months during Open Enrollment.Increased Network Provider Coverage AreaExpansion in our network of THC providers servicing our patient/members in areas that offer delivery options citywide and statewide covering over 22,000 zip codes. CBD providers offer nationwide delivery for CBD with participating top brands. We invite you to review our latest coverage of providers.Click on the Map to View Provider Network Executed Contract With Mark Kuban To Head Broker R...