Midas AI Targets North American Market via Blue Synergy after Acquiring MFM... "Due Diligence for Store Acquisition Also Underway"
[Asia Economy Reporter Yoo Hyun-seok] Midas AI announced on the 28th that it is targeting the North American market, not the domestic market, by securing all rights from offline cultivation to sales after obtaining licenses for marijuana cultivation, distribution, and sales with 2 to 3 other listed companies.
Last month, it acquired shares by pledging Blue Synergy's stock and is preparing to acquire manufacturing, distribution, and extraction companies. The company explained that this is a basic stepping stone to enter Nasdaq. It is known that accounting firms are finishing evaluation work, with at least two firms conducting evaluations. An acquisition of Nasdaq in the U.S. and evaluations by major local U.S. accounting firms are also expected.
The U.S. and Canada have legalized marijuana the fastest, and it is quickly integrating into daily life. The Nasdaq listings pursued by Midas AI and other listed companies differ significantly in scale and financial aspects.
Looking at the current U.S. market size, Canadian marijuana manufacturer Cronos Group has started trading on Nasdaq. This made Cronos Group the first marijuana manufacturer listed on a U.S. stock exchange.
Innovative Industrial Properties (Innovative), the first real estate investment trust to operate on the New York Stock Exchange, was listed on the NYSE. Through this listing, Innovative raised approximately $175 million.
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Marijuana-related stocks are showing unstoppable rallies on the New York Stock Exchange. Among them, Canadian medical marijuana producer Aurora Cannabis (NYSE: ACB) saw its stock price surge by 41%. Additionally, Canadian marijuana company Aphria (Nasdaq: APHA) announced the acquisition of Atlanta's largest craft brewery Sweetwater Brewing Co. for $300 million the previous day, and its stock rose 9.86% during regular trading that day.
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