ME1 found this -- worth watching, imo
Special Report: Investor interest in the North American cannabis sector is surging as the US Congress moves closer to passing key legislation that could benefit ASX-listed operator Melodiol Global Health (ASX:ME1)North American cannabis stocks have rallied since Schumer’s petition went public.
One of the world’s largest cannabis companies – Canopy Growth Corporation (TSE:WEED) – is up ~240% in the past month.
While the rally hasn’t translated to the Aussie bourse yet, ME1 could stand to benefit as one of the only ASX-listed companies with North American cannabis operations via its 100%-owned subsidiary, Mernova Medicinal Inc.
Mernova has extensive operations in Canada, where cannabis is legalised for both medicinal and recreational use. Its established product suite of dried cannabis flower and pre-rolled joints are already sold in all major Canadian provinces.
In the first two months of FY24, ME1 generated unaudited group revenue of $3.1 million, with Mernova a strong contributor.
Lay says the company would look at US expansion after the SAFER Banking Act is passed.
“The US is the largest cannabis market in the world and we continue to monitor potential changes in regulation very closely,” he added.
