Hydrogen utopia takes option over Medical Cannabis grower

The investment will generate cash flow for its core business, said a statement.

Hydrogen Utopia International PLC (HUI) has taken out an option over a 49% stake in Carbon Capture and Sequestration (CCS), which has just agreed to acquire 95% of a medical cannabis cultivator in North Macedonia.

CCS is owned by Howard White, an executive of HUI and a 3.97% shareholder.

In a statement, plastic-to-hydrogen specialist HUI said it can exercise the option in CCS in return for the issue of 49mln shares by the end of October 2024.

HUI, which said it expects to generate significant cash flow from the investment, will provide a loan of £500,000 to CCS that it will use towards the first payment for the medical cannabis cultivator.

The total consideration payable by CCS is €9.5mln between now and December 2029.

HUI added that the medical cannabis cultivator has the opportunity to acquire land adjacent to its current operation that could be used to site a HUI plant where it would get electricity.

Aleksandra Binkowska, HUI’s chief executive, said: "We are operating in difficult times that only the strongest will survive.

“I believe this option to acquire a major stake in the CCS business will give us access to much-needed cashflow.

“Thanks to our director, Mr. Howard White, and his belief in our technology, this deal should help HUI move forward with our goal of building the first plastic-to-hydrogen facility."