Lexaria Bioscience Announces CBD-Beverage Formulation License Agreement with Nevada-Based Company KELOWNA, BC / ACCESSWIRE / May 7, 2019 / Lexaria Bioscience Corp. (OTCQX: LXRP) (CSE: LXX) (the ''Company'' or ''Lexaria''), a drug delivery platform innovator, announces that it has entered a definitive 5-year agreement, via its subsidiary Lexaria Hemp Corp, to provide Lexaria's patented DehydraTECHTM technology to a private Nevada-based company for its utilization in certain CBD-based beverages to be produced and sold across the USA.
Financial terms of the agreement are not being disclosed. The DehydraTECH-enabled beverages are protected under Lexaria's many existing US-granted patents and may include any combination of ready-to-drink beverages such as non-alcoholic beers, wines and spirits; cold or hot coffee or teas, sports drinks and more.
Lexaria has developed methods of combining nano-emulsion technology with its proprietary DehydraTECH processes to create beverages with market-leading aesthetic and performance characteristics. Lexaria continues to experience strong demand in North American markets for use of its technology for beverage applications.
Lexaria also announces the granting of 790,000 stock options valid for five years, to directors, an officer and employees of the Company, bearing an exercise price of US$0.99. The options will vest as to 510,00 immediately; 60,000 on November 26, 2019; 50,000 on April 15, 2020; 60,000 on November 26, 2020; 50,000 on April 15, 2021; and, 60,000 on November 26, 2021.
The options are being issued pursuant to Lexaria's Equity Incentive Plan (the ''Plan''), as approved by its board of directors of May 1, 2019 and will be subject to a four month hold period from the date of issue, pursuant to Canadian Securities Exchange policy. The Plan is expected to be registered with the United States Securities and Exchange Commission.