Pot Stocks and Cannabis Insurance: A Cannabis Stock Report Exclusive With Novus Chairman Frank Labrozzi
Pick and Shovel plays are fast rising as a safe bet for pot stock investors in a volatile market that still straddles the line between prohibition and legality. The ancillary cannabis market is rife with companies in the security, technology, and ag-tech sectors looking to score in the green rush, without having to traverse the muddy regulatory waters of an industry in its infancy. With the rise of medical marijuana, cannabis stock investors have a new avenue to explore — health insurance.
Novus Acquisition & Development Corp. (OTCMKTS:NDEV) was one of the first health insurance companies to offer medical marijuana plans under the banner Novus Cannabis MedPlan. We spoke with the Owner and Chairman of Novus Acquisition & Development Corp. Frank Labrozzi to find out what his business means to the cannabis industry at-large.
Thank you for taking time to speak with us today. Let’s start by discussing your background. Tell our readers how you started the company and how you came to find yourself working in the cannabis industry.
Basically, I’m an analyst by trade. I did everything from brick to nuclear medicine. I also did mergers and acquisitions in health care insurance, accountable care organizations, so I’ve done roughly over 100 transactions.
The company started in 2006 in California. We created a public entity; we were looking for the right opportunity, and cannabis came along. We began exploring cannabis in 2015. We were approached by investment bankers to get in the cannabis sector. As I researched, I found a lot of areas of the cannabis sector where there was just no barrier to entry. Anybody could come in and file to be a business. We got into insurance because there was a high barrier of entry; because you had to go into each state and have high financial net