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.
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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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