Full Press Release Details
Lexaria Announces LOI with Hill Street Beverage Co.
Cannabis Infused Alcohol-Free Beer and Wine
Kelowna, British Columbia April 27, 2018 Lexaria Bioscience
Corp. (OTCQX: LXRP) (CSE: LXX) (the Company or Lexaria ), a drug delivery
platform innovator, announces that it has entered a Letter of Intent (the LOI )
with Hill Street Beverage Co. to license DehydraTECHTM, on a semi
exclusive basis to produce a line of cannabis infused alcohol-free beers and
wines for Canadian distribution, following regulatory approval. The LOI is
currently non-binding and is subject to the parties entering into a definitive
binding agreement, which is expected to occur in the latter part of 2018.
Lexaria has already lab-tested Hill Street s alcohol-free red
and white wines to formulate CBD wines from multi-spectrum hemp oil, and such
tests show virtually zero unwanted cannabis taste or odour. Although
DehydraTECH functions well with cannabis isolates and distillates, Lexaria s
technology particularly excels with multi-spectrum oil inputs for more original
Hill Street CEO Terry Donnelly stated, Having tasted our wines
after Lexaria s infusion process, we found all of the complexity and richness of
our beverages remains intact, and virtually indistinguishable when comparing the
infused products to the originals in blind taste and aroma tests. Once we
experienced the end result, the decision to partner with Lexaria became very
Lexaria s beverage formulation adaptations use patented
technology to act quickly, taste great, and deliver predictable experiences that
dissipate more quickly than many other cannabinoid edible products.
Current legislation does not permit the manufacture and sale of
cannabis infused products in Canada. Legislation to allow the sale of these
products is projected to occur by the summer of 2019. Hill Street is currently
applying for appropriate licenses to permit the production and sale of cannabis
infused beverages in Canada, with the view of having infused products available
for sale once the regulations permit.
About Hill Street Beverage Co.
Founded in 2008, Hill
Street Beverage Co. is the world's most award-winning company exclusively
focused on alcohol-free beer, wines and cocktails. The company offers a wide
range of products including Vin(Zero) wines, Vintense wines, Hill Street Craft
beer, and Designated Draft beer. The company's award-winning products have won
the Retail Council of Canada's Grand Prix, and numerous medals and accolades
including three Gold Medals, two Silvers and one Bronze at the U.S. Open Beer
Championships, and a prestigious Double Gold Medal at the San Francisco
International Wine Challenge. It is expected that Hill Street s award winning
alcohol-free wines and beers will be available in up to 7,000 stores across
Canada by the end of 2018.
Lexaria Bioscience Corp. has developed
and out-licenses its disruptive 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 regular updates, connect with Lexaria on
Twitter (https://twitter.com/lexariacorp)
and on Facebook http://tinyurl.com/y8vzcaam
FOR FURTHER INFORMATION PLEASE CONTACT:
Alex Blanchard, Communications Manager
NetworkNewsWire (NNW)
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Statements
which are not historical facts are forward-looking statements. The Company makes
forward-looking public statements concerning its expected future financial
position, results of operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities, plans and
objectives of management for future operations, including statements that
include words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," project , "intend," "may," "could," "should," "will," and other
similar expressions are forward-looking statements, including but not limited
to: that any additional patent protection will be realized or that patent
achievements will deliver material results. Such forward-looking statements are
estimates reflecting the Company's best judgment based upon current information
and involve a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such forward-looking
statements. Factors which could cause actual results to differ materially from
those estimated by the Company include, but are not limited to, government
regulation and regulatory approvals, managing and maintaining growth, the effect
of adverse publicity, litigation, competition, scientific discovery, the patent
application and approval process and other factors which may be identified from
time to time in the Company's public announcements and filings. There is no
assurance that existing capital is sufficient for the Company's needs or that it
will be able to raise additional capital. There is no assurance the Company will
be capable of developing, marketing, licensing, or selling edible products
containing cannabinoids, nicotine or any other active ingredient. There is no
assurance that any planned corporate activity, scientific research or study,
business venture, letter of intent, technology licensing pursuit, patent
application or allowance, consumer study, or any initiative will be pursued, or
if pursued, will be successful. There is no assurance that any of Lexaria s
postulated uses, benefits, or advantages for the patented and patent-pending
technology will in fact be realized in any manner or in any part. No statement
herein has been evaluated by the Food and Drug Administration (FDA).
Lexaria-associated products are not intended to diagnose, treat, cure or prevent
The CSE has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.