Expands the Reach of Cannabis Health Plans
MIAMI, FL / ACCESSWIRE / October 23, 2017 / Novus Acquisition and Development, Corp. (OTC PINK: NDEV) (“Novus”), 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 announced a joint venture with CannaLife Financial Solutions, Inc. (“CannaLife”).
The partnership will expand Novus’ presence in the cannabis health and life insurance industry by leveraging CannaLife’s life components as a value add to the Novus health distribution model. As a result of this deal, Novus will be the aggregator and CannaLife will be the administrator of writing new business under the name of Novus CannaLife.
The joint venture will provide for 50/50 revenue split and a 10% override fee to CannaLife to handle all administration of the writing business. This partnership allows Novus to expand the reach of its MedPlan products through CannaLife’s direct-to-consumer and institutional channels. These additional capabilities will complement the highly regarded adviser network that currently does business with Novus MedPlan. Both companies will continue to operate under their current brands and maintain their respective management teams and workforces.
“Novus is committed to growing our leadership position within the cannabis health insurance industry and maintaining our strong track record of success,” commented, Frank Labrozzi, Chairman and CEO, Novus. “This alliance allows us to reach more cannabis friendly Americans with much needed financial products and guidance. We admire the team at CannaLife, and look forward to helping them serve the needs of the company’s existing clients, as well as building new client relationships into the future.”
CannaLife CEO Ken Kaufman, stated, “Novus is a pioneer in the cannabis insurance sector and this partnership will allow CannaLife to continue to develop and deploy cutting-edge technologies and distinctive strategies to reach more cannabis friendly customers. Our portfolio with a rating of A or better by A.M. Best, who provides credit ratings for the insurance industry, will deliver consumer confidence and participation of cannabis users throughout the United States.”
Novus’ management is confident that as the legalized medical industry moves forward, more insurance companies will seek high-quality partnerships with Novus to continue to add value to their customer base.
Novus Acquisition & Development Corp. (NDEV), through its subsidiary WCIG Insurance, provides health insurance and related insurance solutions within the wellness and medical marijuana industries in states where legal programs exist. Novus has developed its infrastructure within many lines of the insurance business such as, health, property & casualty, life, accident and fixed annuities.
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Chairman and CEO