Novus Acquisition and Development Corp, through its subsidiaries, is a provider of various insurance and planning services to the medical marijuana industry. It offers medical and health insurance plans to cannabis patients, and professional services like risk management to cannabis organizations.
Incorporated in 1996, the company formerly operated under various names, including Shirazi Corporation, Surface Tech, Inc, and BrandQuest Development Group, Inc. In 2009, it changed to Novus Acquisition and Development Corp.
Today, Novus is listed in the OTC markets as NDEV, and has a market cap of USD 60.7 M.
The company’s wholly owned subsidiary for cannabis patients is Novus Medical Group, Inc. The subsidiary offers products such as health insurance and medical plans, alongside other related insurance services. Its principal product is the Novus MedPlan, a medical plan made for individuals and families, allowing them to save costs in the cannabis and hemp wellness sectors. According to Novus, this product answers a need in those sectors because many health insurers currently do not cover medical marijuana.
The other subsidiary of Novus Acquisition and Development Corp is NovusQC, catering to groups and businesses in the MMJ industry. Some of the targets of NovusQC are employers, municipalities, and organizations. The subsidiary provides services like business risk management, healthcare risk management, independent compliance review, and liability exposure review of physician’s practice.
In addition to these, Novus has also stated its intentions to acquire, merge with, or form joint ventures with MMJ companies (small to midsized) that are seeking to obtain capital. The company however emphasizes that it acts only as an outside developer and not a direct handler of marijuana.
The management team at Novus Acquisition and Development Corp includes Chairman and CEO Gary Frank Labrozzi, President Chris Pittman, and Director Andrea Lopez.
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