[Asia Economy Reporter Yoo Hyun-seok] Midas AI is showing strong performance. This appears to be influenced by the expectation that marijuana may no longer be treated as a narcotic internationally.
As of 1:22 PM on the 2nd, Midas AI was trading at 749 KRW, up 2.60% (19 KRW) compared to the previous trading day.
The UN Commission on Narcotic Drugs (CND) will vote during its session on the 2nd (local time) on whether to accept the World Health Organization's (WHO) recommendation to remove marijuana from the list of narcotics. The WHO classified marijuana as Schedule IV narcotics under the 1961 UN Single Convention on Narcotic Drugs.
On the 1st, Midas AI signed a memorandum of understanding (MOU) to acquire shares in U.S. companies Mplant (MPLANT) and Melrose Facility Management (MFM). MFM operates marijuana cultivation and extraction facilities under license in the United States.
A company official stated, “With the increasing possibility that marijuana will be removed from the narcotics schedule internationally, Midas AI is actively pursuing a practical marijuana business, which seems to be attracting market attention. If marijuana is removed from the narcotics schedule, it is expected that legalization will spread not only in some parts of the U.S. but globally.”
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