Drug delivery platform innovator Lexaria Bioscience (CSE:
LXX) (OTCQB: LXRP), together with Hill Street Beverage Company (TSXV: BEER),
this morning announced that the companies have signed a definitive agreement to
license Lexaria’s DehydraTECH™ for five years on a semi-exclusive basis to
produce a line of cannabis-infused alcohol-free beverages to be distributed in
Canada following regulatory approval. The purchase price shall be partially
paid to Lexaria in common shares in the capital of Hill Street totaling
$56,250, which is equal to 419,982 common shares. The issuance of the shares is
subject to regulatory approval. “Hill Street’s award-winning and great-tasting
wines and beers need an odorless and tasteless infusion process like our
powerful DehydraTECH™ platform to ensure they will remain that way after the
inclusion of cannabis. Our proven ability to render full spectrum cannabis and
hemp oil into a water-soluble ingredient with no impact on the taste and smell
of complex beverages like wine enables Hill Street to produce adult format
beverages that will give consumers the recreational experience of cannabis,
while enjoying tastes and experiences consistent with consuming traditional
wine, beer and other adult format beverages,” Lexaria CEO Chris Bunka stated in
the news release.
To view the full press release, visit http://ibn.fm/oWDlC
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp. licenses disruptive patented
delivery technology that promotes healthier ingestion methods, lower overall
dosing and higher effectiveness of lipophilic active molecules. Lexaria has
multiple patents pending in over 40 countries around the world and has patents
granted in the USA and in Australia for utilization of its DehydraTECH™
delivery technology. Lexaria’s technology provides increases in intestinal
absorption rates; more rapid delivery to the bloodstream; and important
taste-masking benefits, for orally administered bioactive molecules including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs),
nicotine and other molecules. For more information, visit the company’s website
at www.LexariaBioscience.com.
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