IN BRIEF: Hydrogen Utopia drops cannabis acquisition to focus on core
Hydrogen Utopia International PLC - London-based developer of technology to convert non-recyclable waste plastics into hydrogen and other clean energy - Backs out of agreement to buy a stake in medicinal cannabis firm Ohrid Organics Ltd, saying involvement in cannabis could harm its business in jurisdictions where it is illegal. Hydrogen Utopia notes in particular negotiations to license its waste conversion technology in the Middle East and Africa, in particular in Gulf Cooperation Council countries, including Saudi Arabia, Oman and the UAE, all of which ban cannabis and impose severe punishments for possession. Hydrogen Utopia says the cancellation of the share purchase is mutually agreed with Ohrid Organics. The two companies had been planning for Hydrogen Utopia to buy 49% stake in Ohrid Organics since the middle of 2023. Ohrid Organics is owned by Howard White, who also is the non-executive chair of Hydrogen Utopia. Read More