Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) said Ohrid Organics Ltd, in which it has an option to acquire 49%, has achieved a milestone in terms of medical cannabis certification.
Ohrid has achieved certification for the Control Union Medical Cannabis Standard - Good Agricultural Practice, which covers medical Cannabis propagation, cultivation and post-harvest processes, Hydrogen Utopia said on Thursday.
“This certification is a pivotal achievement,” Ohrid commented. “It grants us access to the thriving and well-established Israeli medical cannabis market”, which the company dubbed a global leader.
Ohrid, which operates a medical cultivation facility in North Macedonia, has also begun updating investors of news on its website, Hydrogen Utopia added.
Hydrogen Utopia specialises in converting non-recyclable mixed plastic waste into hydrogen and alternative carbon-free fuels and has an option to acquire 49% of Ohrid.
“[Ohrid is] a company which it is anticipated will generate substantial future cashflows for its shareholders and which Hydrogen Utopia would utilise in developing its pipeline of waste plastic to hydrogen plants,” the company said.