Photo: Contributed
Kelowna’s Lexaria Bioscience Corp. has been busy this week entering agreements with companies that will use its technology in their products.
Lexaria announced five-year arrangements with both Nic’s Beverages and with Universal Hemp LLC.
This agreement with Nic’s is the fourth beverage licence awarded by Lexaria; three of which are for immediate use in the U.S. and one in Canada pending new legislation taking effect in October.
Universal Hemp will use Lexaria’s DehydraTECH technology for its hemp-derived bulk ingredients that are supplied to the nutraceutical and consumer packaged goods industries. Competitive financial details including royalty rates remain confidential and undisclosed, although the companies have agreed to disclose minimum payments over the life of the agreement of US$3.75 million.
“We are very excited about signing this licensing agreement with Lexaria Bioscience to bring to market Lexaria’s highly effective delivery system, which makes cannabidiol or hemp-derived CBD readily available in the human body,” Universal Hemp CEO and founder Chad Kahunahana said in a press release.
Nic’s Beverages will initially begin production of ready-to-drink, cold-brew coffees enhanced with CBD from multi-spectrum hemp oil.
“We are currently in discussions with major wholesale houses and are looking to be in the market by the first of October,” Nic’s Beverages CEO John Goodpasture said. “DehydraTECH technology is perfect in allowing us to deliver CBD from hemp oil with zero impact on our cold brewed coffee’s outstanding aroma or flavour.”
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