Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) has flagged that Ohrid Organics, in which it is acquiring a 49% stake, has secured a supply agreement with Canopy Growth, one of the world's largest cannabis companies.
Ohrid will produce five medicinal strains of cannabis for Canopy's German subsidiary. In a press release, Ohrid stated that this deal represents a "material acceleration" of its international growth and expansion plans.
Hydrogen Utopia (HUI), known for converting non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, has exercised its option to acquire the 49% holding in Ohrid.
"I am delighted with Ohrid Organic's exceptional relationship," said Aleksandra Binkowska, CEO of HUI.
"The partnership with Canopy Growth far exceeds my expectations. To have an association with possibly the best-known cannabis company in the world is spectacular.
"I strongly believe that medicinal cannabis could help millions of patients with cancer, epilepsy, depression, insomnia and many other ailments, all over the world."