Lexaria Bioscience Corp. (OTCQX: LXRP) (CSE: LXX) a drug delivery platform innovator, announces it has entered a definitive technology licensing agreement (the “Agreement”) with GP Holdings LLC. (“GP”) whereby Lexaria is providing its patented DehydraTECHTM technology to empower next-generation performance in high absorption, fast-acting cannabis-infused beverages to be developed and sold in California.
GP is establishing its operation as the leading THC beverage contract manufacturer in the state of California and expects the commencement of operations from its new state-of-the-art bottling facility within the next two quarters. Lexaria and GP have been collaborating for months to develop the highest performing cannabis beverages available anywhere, with nearly zero unwanted cannabis odor or flavor, and complete clarity and transparency of even sparkling beverages. More info about GP can be found at www.growpacker.com
GP has acquired 5-year semi-exclusive rights to use Lexaria’s DehydraTECHTM technology for beverage applications within California for an undisclosed sum and a royalty on revenue generated on products sold utilizing DehyrdaTECHTM. In addition, GP also intends to develop topical skin products using the technology and has also acquired matching rights for this application.
The California cannabis-beverage market is expected to be one of the largest edible product segments, and this agreement continues Lexaria’s progress of building an international ecosystem empowering licensed producers of all sizes with the ability to create best-of-class sector leaders. Under the terms of the semi-exclusive Agreement, Lexaria can offer other licensee partners the option of utilizing GP’s formulation and manufacturing expertise to produce cannabis-infused, DehydraTECH™-powered beverages and topicals throughout the state of California.
“The use of DehydraTECHTM triggers a race to the top in the California THC beverage and topicals market through this 5-year license agreement,” said Chief Executive Officer Chris Bunka. “This is another long-term strategic relationship that will give consumers the faster acting and highly potent products they deserve, and class-leading flavor profiles for the beverage segment in particular.”
About Lexaria
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 DehydraTECHTM 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.
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