Novus Acquisition & Development Corporation (symbol NDEV) has pioneered the cannabis health insurance market since 2015. The company offers innovative health plans that cover cannabis for consumers across the United States, with plans to expand into the Canadian market.
NDEV’s THC Plans are sold in legal states and cover medical and recreational cannabis, while its CBD Plans are sold nationwide. All NDEV plans include cannabis benefits, making them compliant with the following:
Compassionate Care Act: Allowing employer-sponsored health plans was made possible by protecting employees from termination for using medical cannabis.
Opioid Settlement Framework: Novus health plans will enable health carriers and big pharma to comply with the settlement by offering cannabis as an alternative to opioid prescriptions.
Rising Recreational Cannabis Taxation: Especially in California, the high taxation of up to 37% has led recreational users to obtain state cannabis cards and enroll in our health plan to receive the medicinal tax rate, which is 50% less than the recreational tax rate.
American Veterans: Legislation allowing 19 million Veterans to use cannabis benefits. The Veterans Cannabis Use for Safe Healing Act prevents the Department of Veterans Affairs from denying VA benefits due to participation in state-approved cannabis programs.
Novus has an established brand and consumer loyalty, giving us a first-mover advantage in the cannabis market. The Novus model integrates supplemental plans that include legal cannabis meds for recreational and medicinal users, addressing deficiencies in private and government health plans.
Novus has a head start in gaining market share ahead of any other health carrier, our program provides discounted rates on legal cannabis medications and other health plans that traditional insurance providers don’t offer due to conflicting laws. This makes it easier for patients to access affordable and accessible treatment options.
The three main factors behind Novus’ competitive advantage in the health insurance sector.
Since cannabis remains illegal at the federal level, many major insurance carriers are unwilling to conduct business in this sector, as it could put their multi-billion-dollar Federal Medicare/Medicaid contracts at risk.
Most large carriers prioritize acquiring market share over organic growth.
InsurTech platforms directly sell health policies with employer-sponsored health plans to individuals. They sell policies on an à la carte basis, saving 30-40% on commission outlay.
To summarize, Novus has successfully built a robust brand in the cannabis industry, earning customer loyalty by providing discounted rates on legal cannabis medication and other health plans that are not typically available from traditional insurance providers.
|Nov 1, 2023
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