Hydrogen Utopia International has exercised its option to acquire a 49% stake in North Macedonia-based Ohrid Organics, marking a significant expansion into the cannabis production sector.

This acquisition is expected to bolster Hydrogen Utopia's working capital in aid of the development of its first waste-plastic-to-hydrogen facility.

Ohrid Organics' King Fild production facilities are aiming for 4.5 tonnes of dry flower per year and an expected target sales price of €2 million per tonne, providing a significant dividend distribution to Hydrogen Utopia.

King Fild's first commercial medicinal cannabis harvests are anticipated in early February, while finished goods available for sale at a rate of €240,000 to €400,000 every three weeks are expected to commence in March.

King Fild has a licence for up to 37 greenhouses which, if reached, could produce between 37 and 50 tonnes per year.

Read more at proactiveinvestors.co.uk