Item 7.01 Regulation FD Disclosure
Lexaria Bioscience Corp. ("Lexaria") has entered into the following license
agreements for the license of its patented DehydraTECH™ Technology in connection
with oral pouches and oral mulch products: (i) the first license agreement (the
"Hemp Agreement") has been entered into with Boldt Runners Corporation ("BRC")
via its subsidiary, Lexaria Hemp Corp.; and (ii) the second license agreement
(the "THC Agreement") has been entered into with Trinidad Consulting LLC ("TCL")
via its subsidiary Lexaria CanPharm ULC. BRC and TCL are collectively referred
to herein as "Cannadips".
The Hemp Agreement provides that: (i) Cannadips shall have the exclusive right
in the USA to use Lexaria's patented DehydraTECH™ Technology with nicotine and
tobacco free, cannabinoid pouches and oral mulch products which contain less
than 0.29% tetrahydrocannabinol ("THC") for a period of ten (10) years (the "CBD
Pouches"); (ii) the Hemp Agreement may be renewed for an additional five (5)
year term upon mutual agreement of any adjustments to usage fees and/or minimum
performance fees; (iii) Cannadips shall be subject to certain minimum
performance fees starting March 1, 2020; and (iv) Cannadips shall maintain the
right to have an option to sell CBD Pouches in the territories of Canada, Mexico
or the European Union provided that a fee is paid.
Pursuant to the Hemp Agreement Lexaria will initially assist with the
manufacture of the CBD Pouches and, accordingly, will receive both license usage
fees and manufacturing fees from Cannadips.
The THC Agreement provides that: (i) Cannadips shall have the exclusive right in
the USA to use Lexaria's patented DehydraTECH™ Technology with nicotine and
tobacco free, cannabinoid pouches and oral mulch products which contain more
than 0.30% THC for a period of ten (10) years (the "THC Pouches"); (ii) the THC
Agreement may be renewed for an additional five (5) year term upon mutual
agreement of any adjustments to usage fees and/or minimum performance fees;
(iii) Cannadips shall be subject to certain minimum performance fees starting
March 1, 2022; and (iv) Cannadips shall maintain the right to have an option to
sell THC Pouches in the territories of Canada, Mexico or the European Union
provided that a fee is paid.
In accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not
be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that section.
The information in this Current Report on Form 8-K shall not be incorporated by
reference into any filing or other document pursuant to the Securities Act of
1933, as amended, except as shall be expressly set forth by specific reference
in such filing or document.
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