Hydrogen Utopia leaps 30% on medical cannabis move.
Hydrogen Utopia jumped 30% as investors warmed to a plan to take an option in a medical cannabis grower in North Macedonia.
The plastic waste-to-hydrogen business is not changing direction, rather will use the cash flow from a 49% stake in the grower to fund a roll-out of its core operations.
HUI director Howard White owns the medical cannabis business and if the option is taken up will receive 49mln additional shares or around 16.5% of the current amount in issue.
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White already has a stake of just under 4%.
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.”.
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Hydrogen Utopia leaps 30% on medical cannabis move, June 21, 2023
