Novus Purchases WCIG

Novus Acquisition & Development Corp., through its subsidiary Novus Medical Group (Novus), reported that it has acquired WCIG Insurance Services (WCIG), a California insurance brokerage, license number 0K41569.

Novus said that it will now be able to collaborate with other insurance carriers and reinsurers to expand into other insurance products, opening new sales channels, diversify its business model, and complement its health insurance strategy.

"What this means is that Novus is now a regulated insurance entity; shareholders, consumers and vendors can feel confident that Novus has accountability in the MMJ sector and other industries," says Novus Chairman Frank Labrozzi. "As an independent entity, we are able to make decisions, set the style of our policies and expand with ongoing flexibility in our business model."

Through this acquisition, Novus noted that it is now officially recognized by the state of California as a licensed health insurance provider in the largest MMJ market in the country. California represents 25 percent of the MMJ market (approximately 1.2 million registered patients) and with this California presence Novus will be able to exercise reciprocity into other states nationwide.

Additionally, Novus is now able to:

-Continue offering discounts on THC-based MMJ and Integrative healthcare services

-Offer high-CBD and low-THC products nationwide with the Charlotte's Web contract

-Accelerate the supplemental insurance business model

-Compete in the property/casualty and errors and omissions sector for MMJ industry where rates have increased significantly, and;

-Buy existing books of business that complement Novus earnings and net asset value

Novus Acquisition & Development Corp. (NDEV), through its subsidiary Novus Medical Group, provides health insurance and related insurance solutions within the wellness and medical marijuana industries in states where legal programs exist.

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