Midas AI Pays $10.3 Billion to US Marijuana Corporation... "Acquisition Complete"

[Asia Economy Reporter Hyunseok Yoo] Midas AI has completed the acquisition of the U.S. marijuana corporation Melrose Facility Management (MFM).

Midas AI announced on the 10th that it issued convertible bonds (CB) worth 7 billion KRW to the U.S. company Mplant, Inc. (MPLANT).

This convertible bond issuance follows the share transfer agreement for MFM signed with Mplant on the 20th of last month. A total of 10.3 billion KRW was paid by issuing 3 million USD (3.3 billion KRW) and 7 billion KRW in CB.

A company official stated, "The MFM share transfer date was changed to today due to delays in administrative procedures for reporting foreign direct investment at the time of contract signing," and added, "With the issuance of the CB, all procedures of the contract have been completed."

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

According to a company official, MFM recorded sales of 15.4 million USD in the second half of last year. Currently generating monthly sales of 3 million USD, if the sales growth trend continues, sales of 40 million USD (approximately 44.7 billion KRW) are expected this year.

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