Business
Novus Reports Q3 2018 Record Revenue for 9 Consecutive Quarters
Novus Reports Q3 2018 Record Revenue for 9 Consecutive Quarters.
About this update from Novus Acquisition & Development Corp.
[{"type":"text","content":"Insurance Broker Acceptance Contributes to GrowthMIAMI, FL / ACCESSWIRE / November 14, 2018 / Novus Acquisition and Development, Corp. (OTC: 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 reported financial and operational results for its third quarter ended September 30, 2018.Third Quarter 2018 Highlights: 9 consecutive quarters of revenue growth Quarterly Gross Revenue increased 27% to $46,395 for the three months ended September 30, 2018, as compared to the three months ended September 30, 2017 which was $34,204 Total Gross Revenue increased 30% to $130,816 for the nine months ended September 30, 2018, as compared to the nine months ended September 30, 2017 which was $92,522 Demonstrated 58.5% profit margin pricing structure in its business model for the third quarter of 2018 Quarterly Net Income increased 21.1% to $27,161 for the three months ended September 30, 2018, as compared to the three months ended September 30, 2017 which was $21,689 No dilution as total shares outstanding remained unchanged at 98,233,624 at September 30, 2018 Shareholder equity increased slightly at $1,416,395 as of September 30, 2018 from $1,415,968 Cash Balance of $111,184 as of September 30, 2018 which was increase of 2% since last quarter 9th Consecutive Quarters of Sequential Increase in Revenue:Management Discussion and AnalysisNovus and Cannabis Industry OutlookExit of Jeff Sessions Since the exit of U.S. Attorney General Jeff Sessions, the victory for cannabis in the Mid-Term Elections, cannabis stocks have risen to new highs by more than 9%. Sessions was obstinate and his determination to put a federal ban on monetary transactions and depository processors. Even though there has been ease on transactional payments the issue remains on banks being disinclined to provide deposits made from cannabis transactions. With Sessions departure, it is more likely that banks might initiate a positive but cautious pace towards a depository relationship with business that utilize cannabis in their business model. As for the Trump Administration they have voiced an optimistic attitude toward the federal legalization of cannabis. If the new Attorney General of the Justice ...