Stock Option Exercises and Debt Settlement for Lexaria Kelowna, BC /

Stock Option Exercises and Debt Settlement for Lexaria

Kelowna, BC / February 17, 2017 / Lexaria Bioscience Corp.

(OTCQB:LXRP) (CSE:LXX) (the Company or Lexaria ) announces it has received

US$57,001.80 from the exercise of stock options previously granted. The

stock options were exercised at prices of US $0.14 and US$0.2273 for a total of

366,000 common shares being issued. All options are being exercised by third

parties who are neither officers nor directors of the Company.

As per a contract entered in July 2016, the Company is

obligated to pay a US$4,000 monthly fee to a director. The Company and the

director have agreed to settle the outstanding amount of US$16,000 for the four

months to February 28, 2017 through the issuance of 29,091 restricted common

No commissions or placement fees have been paid related to the

funds received from this option exercise. Proceeds will be used for general

The securities referred to herein will not be or have not

been registered under the United States Securities Act of 1933, as amended, and

may not be offered or sold in the United States absent registration or an

applicable exemption from registration requirements.

Lexaria Bioscience Corp. is a food biosciences company with a

proprietary technology for improved delivery of bioactive compounds. The

Company s lipophilic enhancement technology has been shown to enhance the

bioavailability of orally ingested cannabinoids, while also improving taste.

This technology promotes healthy ingestion methods, lower overall dosing and

higher effectiveness in active molecule delivery. The Company s technology is

patent-protected for cannabidiol (CBD) and all other non-psychoactive

cannabinoids, and patent-pending for Tetrahydrocannabinol (THC), other

psychoactive cannabinoids, non-steroidal anti-inflammatory drugs (NSAIDs),

nicotine and other molecules. www.lexariabioscience.com

FOR FURTHER INFORMATION PLEASE CONTACT:

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," "intend," "may," "could," "should," "will," and other similar

expressions are forward-looking statements, including but not limited to: that

any additional stock warrants or stock options will be exercised. 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. Access to capital, or lack thereof, is a major risk

and there is no assurance that the Company will be able to raise required

working capital. Factors which could cause actual results to differ materially

from those estimated by the Company include, but are not limited to, government

regulation, managing and maintaining growth, the effect of adverse publicity,

litigation, competition, 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 that Lexaria will successfully complete any other

contemplated or existing technology license agreements. There is no assurance

that any planned corporate activity, business venture, or 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 Energy Foods and ViPovaTM products are not intended to

diagnose, treat, cure or prevent any disease.

The CSE has not reviewed and does not accept responsibility

for the adequacy or accuracy of this release.