LONDON, UK: Hydrogen Utopia International PLC (HUI), a company that converts non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, has announced that it has acquired 49% of Ohrid Organics Ltd, a medical cannabis producer in North Macedonia.

The deal, which is expected to be completed in the first quarter of 2024, will provide HUI with dividends that will help finance its first waste plastic to hydrogen facility. HUI is also in talks with the North Macedonian Government to set up the facility near the greenhouses of King Fild DOO, a subsidiary of Ohrid Organics.

King Fild, which holds the largest licence for medical cannabis cultivation in North Macedonia, is expected to start selling its products in March 2024, at a rate of €240,000 to €400,000 every three weeks. The company aims to produce 4.5 tonnes of dry flower per year, with a target sales price of €2 per gram. The price could increase to €3-4 per gram once the company obtains German GMP certification, which is anticipated in Q4 2024.

King Fild could also become one of HUI’s off takers, as the electricity demand of medical cannabis cultivation is high. HUI believes that the medical cannabis market is growing rapidly, especially in countries that have legalised it for medical purposes, such as Israel, Australia, and some EU countries. The company also cites the potential benefits of medical cannabis for people suffering from post-traumatic stress disorder (PTSD), a condition that affects many citizens in regions affected by wars, such as Ukraine and Gaza.

HUI says that the acquisition of a stake in Ohrid Organics will enable it to pursue its vision of creating a sustainable, clean-energy future by transforming waste plastic into hydrogen.

Aleksandra Binkowska, CEO of HUI, commented: “I am grateful that HUI is still standing strong amid difficult markets and that it was given a chance, which it has taken, to fund itself. It can be frustrating to experience delays caused by authorities, even the ones which are in desperate need of a technology such as HUI’s. Whilst authorities delay, we have noticed an increasing problem with fires caused by hazardous waste dumps.

This has brought attention to the hundreds of illegal waste dumps across Poland and Europe generally. We have a solution and believe that governments should be proactive and adopt it, quickly.”

Howard White, Executive Director of HUI, commented: “Since July 2023 the White family has invested over €2 million to take a 5/10 facility to an 8/10 facility – but one that is located in the lowest cost region of Europe for land and labour with nearly 300 days of sunshine in a country that anticipates entry into the EU in the future.

I have engaged one of the leading consultants in the medical cannabis sector to not only oversee the upgrade of the facility but to bring in one of the top agronomists in Europe. The facility has existing GMP (Good Manufacturing Practice) equipment. Upon achieving German GMP the sales price rises from €2 per gram to €3-4 per gram and the margins move towards 1500% (who says money doesn’t grow on trees?).

The White family have made the transaction at a very low value because our sole intent with this transaction is to ensure that HUI survives without decimating existing shareholder value as other companies have done in this market and to enable HUI to break free from the yoke of proving to the skeptical, risk averse supposed “green lenders/investors” who just can’t see that what HUI offers is not just what the world wants but what the world desperately needs.”

Hydrogen Utopia signs deal for a waste plastic to hydrogen facility in Europe