Kelowna’s Lexaria Bioscience is doing whatever it can to get listed on U.S. national securities exchanges.
Lexaria on Thursday sold its THC-related assets to Toronto-based Hill Street Beverage Company for $3.85 million. The sale means Hill Street will have exclusive, royalty-free and perpetual global rights, including relicensing rights, of Lexaria’s DehydraTECH technology for use in non-pharmaceutical products containing more than 0.3% THC.
U.S. national securities exchanges usually shy away from companies that are involved in the THC industry.
Lexaria will retain full ownership of the DehydraTECH technology, which it will continue to use in its pharmaceutical research and development. DehydraTECH essentially gets drugs into the blood stream quicker and through smaller doses.
“DehydraTECH has demonstrated its utility across multiple categories including cannabis, hemp and nicotine,” Lexaria chairman and CEO Chris Bunka said in a press release. “Hill Street’s team is executing a new and aggressive strategy in the cannabis sector through extremely challenging times, designed for new realities and enhanced consumer expectations.
“Their team has already built some of the best-selling and most respected brands in the alcohol-free beverage sector. Lexaria will become a strategic shareholder of Hill Street as a result of this transaction, and we look forward to working together in the future.”
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