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Novus Acquisition & Development Corp (NDEV) Announces 2023 Results in Annual Report

Novus Acquisition & Development Corp (NDEV) Announces 2023 Results in Annual Report

Miami, Florida – March 20th, 2024 – Novus Acquisition & Development Corp (OTC Markets: (NDEV) is a leading national supplemental health insurance carrier and pioneer in offering cannabis in health plans for recreational and medicinal users. Today, it released its 2023 Annual Report, highlighting financial growth and a strategic partnership to expand its reach.

Read Full Filings Here:

Despite cannabis industry challenges, Novus achieved sustainable growth:

*Midwest Expansion: Partnered with prominent cannabis vertical Heya Wellness to offer MedPlans to 4.3 million potential policyholders in the Midwest, leveraging Missouri’s reciprocity laws.

Financial Strength:

  • No dilution through common stock issuance since June 15, 2021.
  • No insider share sales for over 2.5 years.
  • Increased gross revenue by 10.58% compared to 2022 and 22.08% compared to 2021, reaching $341,930.
  • Increased 2023 net revenue (EBITDA) by 20.3% compared to 2022 and 35.2% compared to 2021.
  • A steady rise in gross profit margins: 35.8% (2021), 38.4% (2022), and 43.14% (2023).
  • Increased shareholder equity by 2.8% compared to year-end 2022.
  • Increased cash and cash equivalents by 7.2% compared to 2022.
  • Maintained a financial position with no convertible notes issued.

Looking Ahead:
Novus is optimistic about the future. In conclusion, Novus Cannabis MedPlan is well-positioned for sustainable growth. With regulations on the brink of change, the company is ready to capitalize on opportunities that emerge with approval for banking and rescheduling cannabis. Moreover, expanding partnerships with significant carriers eager to collaborate with Novus underscore the industry’s recognition of the company’s potential and commitment to innovation. As we move forward, Novus remains dedicated to providing comprehensive healthcare solutions and driving positive transformation in the cannabis space.

About Heya Wellness:
Heya Wellness is a vertically integrated cannabis company with a profound presence in Missouri. The company encompasses cultivation facilities, processing facilities, and dispensaries, fostering a vertically integrated approach to ensuring the highest-quality medical cannabis products. Heya remains steadfast in its mission to provide patients with exceptional access to medical cannabis.

Forward-Looking Statements
This release includes forward-looking statements, which are based on certain assumptions and reflect management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Dilution, if any, would be for the purposes of management taking stock in lieu of cash salary. Novus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Additionally, this press release that is not statements of historical fact may be considered to be forward-looking statements. Written words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future.

Media Contact:
Frank Labrozzi CEO

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