Novus Acquisition & Development Corp. aims to capitalize on the void in the cannabis marketplace by establishing a health insurance program for medical marijuana patients.
Medical marijuana patients are in great need of insurance programs to help lower their costs and provide affordable coverage. Businesses are also increasingly in need of compliance solutions. Compliance solutions from Norvus can help businesses avoid these types of situations.
Since many health insurance companies work with federal programs like Medicare and Medicaid, they must adhere to all federal laws including those that classify medical marijuana as a Schedule I Controlled Substance. The result is a significant lack of insurance coverage for patients that require medical marijuana – legal on a state level – to treat serious medical conditions like childhood epilepsy.
With its focus on the healthcare side of the business, the company’s solutions differ from compliance-related solutions provided by other publicly traded companies like Integrated Cannabis Solutions Inc. who provides regulatory assistance to new and existing legal cannabis businesses – including dispensaries – that are trying to navigate their way through the heavily regulated industry.
Novus Acquisition & Development Corp. also aims to provide structured protocols for physicians that are compliant with each state’s regulation and federal recommendations in order to ensure they are on the level. The team conducts full-scale risk management analyses in order to mitigate business liability and promote workplace safety for employers, municipalities, and businesses.
The need for effective healthcare insurance and compliance solutions are only likely to increase as the medical benefits of cannabis become more apparent. GW Pharmaceuticals’ cannabinoid-based Sativex has already been approved in 25 countries and received Fast Track status from the FDA and plans to release top-line Phase III cancer pain data towards the end of the year.