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8-K - FORM 8-K - Lexaria Bioscience Corp. | form8k.htm |
Exhibit 99.1
Lexaria Enters Memorandum of Understanding Establishing a Joint Venture with NeutriSci International Inc.
Kelowna, BC / November 22, 2016 / Lexaria Bioscience Corp. (OTCQB:LXRP) (CSE:LXX) (the Company or Lexaria) and NeutrisSci International Inc. (Neutrisci) (TSX-V:NU, Frankfurt-1N9) are pleased to announce the signing of a Memorandum of Understanding forming a 50/50 Joint Venture (the JV) to develop, produce and sell a line of healthy edible cannabinoid products using Lexarias patented technology and Neutriscis proprietary pterostilbene tablet formula and international distribution network.
NeutriSci specializes in innovative nutraceutical products and this JV expects to combine Lexarias patented technology for improved taste and absorption with NeutriScis proprietary sublingual zero-sugar tablet form factor to create new cannabinoid edible products. NeutriSci also has significant product distribution networks that already include national and regional retailers.
Lexarias taste and absorption technology acting on cannabidiol (CBD)-rich full spectrum hemp oil blended into NeutriScis pterostilbene tablet formula could be warmly received by health conscious consumers, and is already federally legal in the United States. Additional product offerings will also be tested under the JV, which will include other cannabinoids including tetrahydrocannabinol (THC).
The JV parties expect to commercialize any newly created cannabinoid edible products through distribution programs with existing strategic partners.
This JV is a demonstration of the rapid innovation occurring in the cannabis industry, commented Chris Bunka, Lexaria CEO. We are excited to explore the potential to use our technology to develop healthy cannabinoid products which could be a natural fit within NeutriScis distribution network.
We were immediately intrigued when we were approached with the idea of using our tablet and form factor to create a new line of zero-sugar and dose controlled cannabinoid edible products, commented Glen Rehman, NeutriSci president. By combining Lexarias technology to mask strong tastes and increase bioavailability, this JV has the potential to create a whole new line of healthy cannabinoid edible products, which we expect will have high appeal to todays health conscious medicinal consumers and recreational users.
State referendum voting outcomes from the November 8 elections have created a state-legal cannabis market widely expected to reach $20 billion within the next four years, one of the fastest growing industries in the world.
About Lexaria
Lexaria Bioscience Corp. is a food
biosciences company with a proprietary technology for improved delivery of
bioactive compounds. The Companys lipophilic enhancement technology has been shown to enhance the bioavailability of orally
ingested cannabinoids, while also masking taste. This technology promotes
healthy ingestion methods, lower overall dosing and higher effectiveness in
active molecule delivery. The Companys 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
About NeutriSci
NeutriSci specializes in the
innovation, production and formulation of nutraceutical products. Established in
2009, NeutriSci has focused on the development of several breakthrough
nutraceutical products with an initial focus on areas such as heart and
cholesterol health, sleep deprivation therapies, immune defense as well as men's
prostate and sexual health. NeutriSci continues to build strong relationships
and distribution channels for its BluScience and NeuEnergy products with
retailers throughout the United States. NeutriSci is focusing efforts in
strengthening sustainable sales models with Convenience, Chain Drug, and Mass
Market and Supermarket retailers.
www.neutrisci.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Lexaria Bioscience
Corp.
Chris Bunka
Chairman & CEO
(250) 765-6424
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: any revenue or license fee payments that may be realized
from license agreements, the introduction of any product lines that are derived
from license agreements, that license arrangements may be entered into with
other companies or partners, that the Companys technology enables higher rates
of absorption of certain molecules such as vitamins and cannabinoids while
simultaneously masking and at times even eliminating inherent strong flavors
and/or odors typical of those molecules, or that the technology will function in
a similar manner if tested with THC, nicotine, or any of the other molecules
named in our patent applications. 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 any license agreement, hemp oil sector, or
alternative health businesses will provide any benefit to Lexaria, or that the
Company will experience any growth through participation in these sectors or as
a result of the granted patent. 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, nor that Lexarias
technology will deliver any improvement in taste or bioavailability with any
reliability nor across any product category. 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 hemp oil or
cannabinoid-based product will promote, assist, or maintain any beneficial human
health conditions whatsoever, nor that any patent application in the USA or any
other nation or under any treaty will result in the award of an actual patent;
nor that an award of any actual patent will protect against challenges from
unknown third parties. There is no assurance that any new definitive agreement
will be reached to license the Companys technology to any third party in return
for compensation. There is no assurance that any of Lexarias 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.