Midas AI Achieves Record Sales of 17.2 Billion KRW in Second Half of Last Year for US Marijuana Corporation

[Asia Economy Reporter Yoo Hyun-seok] Midas AI announced on the 8th that Melrose Facility Management (MFM), based in the United States, recorded sales of $15.4 million (approximately 17.2 billion KRW) in the second half of last year.

According to a company official, MFM posted $7 million in sales in Q3 and $8.4 million in Q4 last year. Currently generating $3 million in monthly sales, if this growth trend continues, sales of $40 million (approximately 44.7 billion KRW) are expected this year.

MFM is a corporation established in California, USA, in 2016, operating marijuana cultivation and extraction facilities. It holds marijuana licenses from the California state government and permits from the City of Los Angeles.

On the 20th of last month, Midas AI secured a 51% stake in MFM, becoming the majority limited liability partner.

Meanwhile, recreational marijuana is legalized in a total of 15 states in the US. Four states legalized it just last year. This legalization trend in the US is expected to accelerate as the Democratic Party took control of both the Senate and the House in last year’s elections. The legalization bill already passed the House in December last year.

A company official stated, “With marijuana legalization rapidly expanding across the US, sales growth is expected this year as well,” adding, “Since we acquired a stake in MFM this year, it will be reflected in consolidated earnings, likely improving overall performance.”

This content was produced with the assistance of AI translation services.