Phivida Holdings Inc (CSE:VIDA) is pleased to provide a corporate update for the third quarter of fiscal 2018 and a successful transition under the new senior leadership team and is now on track for entering major mainstream commercialization. Key updates include a strong balance sheet and capital structure, positive regulatory shifts in the USA and Canada, a newly evolved board and senior executive team, and a new strategic portfolio of products and brands, comprehensive consumer research, new product development, new brand development visual identity and packaging design and an elevated national route-to-market strategy across the USA.
- Capital Structure – strong balance sheet with over $15 million CAD cash and no debt or loans
- New Regulations – Farm Bill in US Senate, legalization of recreational cannabis and edibles in Canada
- Board and Executive – Strengthening of corporate governance with new appointments to its Board of Directors and senior executive management team, as well as new dedicated full-time operational roles
- Consumer Research – Extensive consumer market research study on the category, brand, products, target markets, consumer sentiment leading to new brand, packaging and product development initiatives
- Product Development – Based on the results of a consumer insight research, the new senior executive opted to develop six new flavours of CBD enhanced waters and six newly formulated flavours of CBD enhanced iced teas, under a new brand developed with the Sid Lee agency – to be launched in Q3 2018
- Brand Development – Sid Lee was retained as the lead agency of record to develop a new modern beverage brand and market positioning aligned with insights gained from the consumer market research
- Packaging Development – Mr. Brian Schmitt was retained for a creative visionary for the development of a new visual identity and packaging system consistent with the brand platform developed with Sid Lee
- WeedMD-Phivida – Management confirms that the proposed joint venture project (Cannabis Beverages Inc.) between WeedMD (TSX.WMD) and Phivida Holdings Inc. (CSE.VIDA) is still on track and in development. Management reports the cancellation of the Hiku Brands-WeedMD merger has had no material impact to date on the completion of a pending final definitive agreement for the CanBev project.
- Route-to-Market – Due to positive USA legislative developments, the new executive elevated its route-to-market strategy, replacing regional state dispensary distribution with a larger national level mainstream distribution. The new national distribution strategy will focus on major mainstream distributors and brokerage into Natural Specialty & Grocery retail channels, e-commerce and B2B direct to clinics
The current cash and equivalents is approximately $15.7M million CAD with no debt or loans. Total shares issued and outstanding is 60,177,701 and the total shares on a fully diluted basis is 71,908,914. The company is well capitalized to transition to major mainstream distribution with a solid structure poised for long term growth.
On June 28th the U.S. Senate passed the Agriculture Improvement Act of 2018 (i.e. the “Farm Bill), lifting the USA Industrial Hemp laws to an agricultural commodity status and effectively removed hemp from the controlled substance list. In Canada, the Senate approval of Bill C-45 legalized the production, distribution and use of recreation cannabis – with edibles to be added in 2019. The bill has received Royal Assent and Cannabis will be legal as of October 17, 2018. The Cannabis act creates a legal framework for controlling the production, distribution, sale and possession of cannabis across Canada including cannabinoid infused beverages.
Board and Executive
Mr. Jim Bailey assumed the role of President in addition to his appointment role as Chief Executive Officer (CEO) in March 2018. As the newly appointed President, Mr. Bailey now oversees all operational aspects of the business and back office administration. Mr. George Kovalyov, C.A has stepped down from the Board to for proper corporate governance and financial reporting requirements. Mr. Kovalyov has been appointed to a full-time role of Vice President of Finance and Administration, supported by Chief Financial Officer Mr. Carmelo Marrelli.
Mr. Peter Simeon LLB, an active Phivida Board member, was recently appointed as the Chairman of the Board of Directors. Mr. Simeon has extensive experience in corporate governance and board management and is a partner of Gowlings WLG Law. The company also appointed Mr. Vito Piazza to the Board of Directors. Mr. Piazza is a founding partner of the Toronto office of Sid Lee, a Montreal-based creative advertising agency operating globally representing internationally-recognized brands such as; North Face, Grey Goose and Red Bull.
Earlier in May Phivida appointed Mr. Douglas Campbell as its new Chief Commercial Officer (CCO) to drive new sales revenue growth. Mr. Campbell is the former Director of Sales of Red Bull North America and managed the successful growth of several multinational beverage brands including; Diaego’s Smirnoff, Johnny Walker, Guinness, Baileys brands; Mikes Hard Lemonade (Mark Anthony Group), Brown Forman’s Jack Daniels and Southern Comfort and Stoli Vodka. This appointment is critical in establishing national distribution visa vis a new multichannel mainstream route-to-market strategy, focused on larger national level distributors, replacing the limitations of smaller regional distributors in the state legal cannabis sector, as previously announced.
Under the new CCO, a new Field Sales and Inside Sales Management team has been employed and is now full-time and fully trained on products, services and key target markets. These sales managers will report to the CCO and Director of Clinical Sales operating from a new USA field sales and operations office located in San Diego, California. This office is now open for the management of B2B sales and marketing to alternative health clinics.
The company also recently appointed Mr. Greg McCauley to the Advisory Board. Mr. McCauley brings over 30 years of experience as a sales and marketing executive in the USA beverage industry with brands such as Red Bull and Cytosport (Muscle Milk), serving as Executive Vice President of Sales and Marketing.
As founder, Mr. John Belfontaine continues to serve on the Board and assumed the role of Vice President, Corporate Development, dedicated to managing capital market media, investor relations and market communications. This new appointment provides a full-time executive role to capital market media for more consistent shareholder communications and market updates while the new C-suite executive assumes responsibility for new product and brand development, mainstream national distribution and new sales revenue.
Under Chief Marketing Officer (CMO) Mr. Michael Cornwell, Phivida commissioned an extensive consumer insight and market research project. The research project was developed to generate insights on both the US functional beverage category and functional beverage consumer. The primary research project involved both qualitative and quantitative polls and studies that focused on gaining valuable insights into consumers perceptions around the growing functional beverage categories, and the opportunity for hemp derived CBD functional beverages.
Phivida enlisted Seattle-based researcher, The Insight Inn, to perform the consumer research studies. The Phivida executive team has gained insights around target markets, consumer audiences, product development and brand and product communication that will factor into branding, marketing and retail sales promotion strategies. The research initiative is consistent with the Fortune 500 caliber market analysis and was generating invaluable consumer insights for new product development and branding.
Consumers were questioned on top usage occasions, preferred brand names, preferred competitive branding, knowledge and perceptions of CBD and functional beverages, preferred purchase methods, etc. Results from the consumer research report included an 80% approval rating score for the CBD infused Ice Teas and 77% score for CBD infused Enhanced Water. Based on feedback Phivida’s research partner, results above 70% approval are considered exceptional, reinforcing new brand marketing and product development strategy.
Based on the insights in the consumer insight study, the new C-Suite executive has opted to develop new lifestyle branded beverages such as flavoured water and evolve the iced teas formulas. These new product lines are targeted to the health and wellness segment and ingredient conscious, “back label” consumers. Congruent with research findings, the new Phivida executive contracted product formulation services for the development of a new proprietary line of six flavours of CBD infused waters and six flavours of CBD infused iced teas. The previously announced manufacturing of CBD infused vitamin juices and shots for distribution in California were postponed while the production team facilitated the development of these new product lines – to be launched in Q3 2018.
Brand and Packaging
Earlier in the fiscal third quarter, Phivida retained Sid Lee as its creative agency of record. Sid Lee has operational offices in Paris, Toronto, Montreal, Los Angeles and New York and is led globally by its President and newly appointed Phivida board member Mr. Vito Piazza. Phivida has also engaged the services of Mr. Brian Schmitt as the creative lead for new product packaging design and brand visual identity. Mr. Schmitt has extensive experience with globally recognized consumer brands, having worked for Nike and Apple in his career to date.
Under the direction of Chief Marketing Officer, Mr. Michael Cornwell, the Sid Lee agency was employed to use qualitative research to create a new brand positioning for a new range of CBD infused beverages which, in turn, will inform the development of creative content and collateral. Brian Schmitt implemented this brand strategy to guide new packaging design and visual identity to a new brand personality, positioning and aesthetic.
With a world-class advertising agency and designer in place, Phivida anticipates the launching of a new premium creative platform from which to position Phivida as a leader in the mainstream distribution of CBD functional beverages across the USA. Market research strongly supports a belief that newly evolved branded and targeted products will appeal to growing market segments of active, health-conscious consumers and athletes.
Post the launch of the new brands and products, Phivida plans to undertake targeted marketing initiatives to build awareness, interest and trial with the target audience. This will include assertive sampling campaigns, public relations initiatives, events and experiential marketing and partnerships with social influencers, celebrities, athletes, musicians, and other renown opinion leaders to help educate, inform and build trust around new CBD infused products. The company also intends to build an exciting brand launch marketing campaign around the previously signed top World Surf League athlete Malia Manuel.
With the passing of the Bill C-45 and the legalization of cannabis in Canada set for October 17th of 2018, the company’s joint venture with WeedMD Inc., announced on March 8th, 2018 is now progressing. Consolidation in the industry continues to occur with Canopy Growth’s announced acquisition of Hiku Brands (a transaction worth nearly $300 million). This follows Hiku’s Brand’s announcement in April to merge with WeedMD. The proposed merger between Hiku Brands and WeedMD has since been cancelled. The Phivida senior executive reports that the WeedMD-Hiku merger cancellation has had no material impact on expediting completion of a pending definitive agreement with WeedMD to consummate the Cannabis Beverages Inc. (“CanBev”) joint venture.
Upon the completion of a definitive agreement, management of Phivida and WeedMD will begin to design and engineer one of the first federally legal cannabis-infused beverage production facilities in the world. CanBev Inc. has no plans to sell any cannabis-infused products in the U.S. or any other market unless legally permissible.
Management from both WeedMD and Phivida are collaborating on design and engineering strategies and site evaluations on the 610,000 sq. ft. state-of-the art facility in Strathroy for the development of the CanBev joint venture project. As an emerging certified food grade production plant, the Strathroy facility is an ideal location and comes is equipped with extensive production infrastructure, including 50,000 sq. ft. of food production and packaging area, cold storage, loading docks, and adequate space to expand for future growth.
Numerous sources of secondary market industry research indicated that CBD-infused products are making significant gains in the Natural Products and Specialty channels. Phivida is poised to penetrate this market as quickly and efficiently as possible with new and updated products and brands. The opportunity in these channels is significant. The industry research reports that within the Natural Foods and Specialty sector:
- The CBD market is estimated to explode from $360M to $2.1B in 2020 (Hemp Industry Association)
- Hemp-based CBD, such as Phivida’s, is expected make up 25% of total CBD sales $450M by 2020, a 700% growth (Hemp Industry Association)
- Cannabidiol (CBD) and Cannabinoids as functional ingredients in body-care and supplement categories is already showing +300% growth year-over-year (Forbes)
In response to this, the new C-suite executive has evolved route-to-market strategies for its beverage brands, whereby small regional distributors are to be replaced with national distributors. Under the new CCO, the company has shifted to larger distributor, and more modern formulation and co-packing partners for scalability to meet the forecasted growth, while global distribution partnerships and logistics continue to be developed.
Notes from the CEO
“We could not be more excited about the near term as we approach the commercialization of a newly evolved platform of CBD-infused beverages and hemp derived oil products,” says Phivida President and CEO, Jim Bailey. “We have made great strides in the past quarter by developing the board and executive, assigning new dedicated operational roles, commissioning consumer research, new product and brand development and preparing for a major shift into mainstream national distribution across the USA. Phivida continues to focus on growth markets and lifestyle and aspirational trends, while evolving and modernizing our strategic product mix and brand portfolio to ensure that Phivida’s offerings resonate with current and future consumers in key retail and clinical markets.”
Phivida Holdings Inc.
Phivida infuses CBD derived from Hemp into functional foods, beverages and clinical health products. Phivida uses encapsulated cannabinoid oils and extracts into water soluble form, enhancing bioavailability, and timed released within the body. Phivida’s CBD is infused into beverages, foods and supplements containing a proprietary blend of phytonutraceuticals studied to target a range of health conditions, from chronic pain, treatment of stress and anxiety to reducing inflammation in the body. The World Anti-Doping Association’s recently lifted a ban of CBD from hemp oil and the World Health Organization’s recent statement supports clinical benefits of CBD for athletes and active families. Celebrating; Health and Wellness, In Harmony™, Phivida’s vision is to lead the market as the benchmark quality standard in premium CBD infused foods, beverages and clinical products, with a dedication to research, education and investing back into the communities which we so proudly serve. Phivida [“fiii-vee-daa”] is a publicly traded company listed on the Canadian Securities Exchange under the ticker symbol “VIDA” and on the OTC Markets as “PHVAF”.
Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola
The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).
“With the vast number of dispensaries in California , we put a lot of effort into identifying the right ones that align with Houseplant’s values,” said Seth Rogen , Co-Founder of Houseplant. “The Apothecarium shares the same commitment to creating a strong consumer experience that we pride ourselves on and we are thrilled to bring our three initial strains to their stores in the Bay Area.”
Houseplant is launching with three flower strains, all of which will be available at The Apothecarium, including: Diablo Wind (sativa), Pancake Ice (sativa) and Pink Moon (indica). Like their founder’s groundbreaking film “Pineapple Express”, Houseplant strains are named after weather phenomena. Each strain will be sold in a custom tin.
“We are so proud to be one of the very first dispensaries in California to offer Houseplant to our customers,” said Ryan Hudson , CEO and co-founder of The Apothecarium. “Seth, Evan and everyone at Houseplant love and respect cannabis as much as we do. We simply cannot wait to share their beautiful and delicious flowers with our guests.”
“We’ve been working with the Houseplant team for more than a year and are grateful to have a partner that shares so many of our values, including an emphasis on cannabis education, quality, reform of cannabis laws and beautifully designed, recyclable packaging.”
“Seth has been hands-on during the process, spending time with our store managers to make sure they know the products and how much care has gone into vetting and selecting the best strains. We think our guests are going to love Houseplant.”
About The Apothecarium
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. Our dispensaries are known for providing educational events that are open to the public at no cost — and for welcoming seniors, first-time dispensary visitors, and people with serious medical conditions. The Apothecarium’s flagship San Francisco dispensary was named the best-designed dispensary in the country by Architectural Digest . Patients and customers may order at our dispensaries or online for pickup or delivery at apothecarium.com [apothecarium.com] .
The Apothecarium is committed to giving back to the communities we serve. We have donated more than $400,000 in cash to community groups and nonprofits — plus more than $300,000 worth of in-kind donations.
All Apothecarium dispensaries continue to implement safety measures to protect guests and team members. Protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.
CA Licenses: C10-0000523-LIC; C10-0000522-LIC; C10-0000515-LIC, C10-0000738-LIC, C10-0000706-LIC
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Love Hemp Group PLC (AQSE:LIFE)(OTCQB:WRHLF), one of the UK’s leading CBD and hemp product suppliers, announces that Charles Lamb will be stepping down as a Non-Executive Independent Director of the Company, with effect from April 16, 2021, to focus on his other business interests
Charles has been an integral part of the Board’s efforts to grow the Company since its inception and has played a key role in the Company’s shift in strategy to focus on growing the Love Hemp brand globally.
Love Hemp will continue to develop the team over the coming months, focussing on maximising the significant business opportunities available to the Company as well as preparing it for its upcoming move to the London Stock Exchange’s Main List as announced on 8 April 2021.
Andrew Male, Chairman of Love Hemp Group, commented: “Charles has made a significant contribution to the Company over a period of successful growth and refocussing. On behalf of the Board, I would like to thank him for all his efforts and support and wish him the best with future endeavours.
“As we move towards a listing on the Main Market, we will be looking to strengthen our Board with those who are able to provide experience and guidance to support our future growth.”
For further information please contact:
AQSE Corporate Adviser
H&P Advisory Limited
+44 (0) 20 7907 8500
About Love Hemp Group
The Company, previously World High Life Plc, was incorporated on 30 January 2019 as an Investment Vehicle. Originally intended to identify opportunities in the CBD and Medicinal Cannabis space, it quickly acquired Love Hemp Ltd., the UK’s most recognisable CBD brand. The listed company recently changed its name to Love Hemp Group PLC as part of its evolving strategy to purely focus on supporting the “best in class” CBD brand as it embarks on a wider expansion of its core business and offering.
Love Hemp produces and supplies more than 40 product lines, comprising of oils, sprays and tinctures and a variety of edible and water-based CBD products. Love Hemp has established relationships with over 2,000 stores in the UK, including leading retailers such as Sainsbury’s, Boots, Ocado and Holland & Barrett.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact email@example.com or visit www.rns.com.
SOURCE: Love Hemp Group PLC
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Love Hemp Group PLC
Expects to file its 2020 Annual Financial Statements on or before May 31, 2021
Matica Enterprises Inc. (CSE: MMJ) (FSE: 39N) (OTCQB: MMJFF) (“Matica” or the “Company”) today announced that, as a result of the COVID-19 Pandemic measures, it will not be in a position to file its audited annual financial statements, the related management’s discussion and analysis and related CEO and CFO certificates (the “Annual Filings”) before the required deadline of April 30, 2021 (the “Specified Requirements”).
The Company is working closely with its auditor and expects to file the Annual Filings on or before May 31, 2021. The Company does not anticipate any delay in filing its interim financial statements, management’s discussion and analysis, and the related officer certifications for the financial period ended March 31, 2021.
Matica has applied to the OSC, as principal regulator for the Company, for the imposition of a management cease trade order under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) over the duration of the default. If a management cease trade order is issued, it will generally not affect the ability of persons who have not been directors, officers or insiders of Matica to trade in their securities.
The Company is providing this press release in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Matica is a multi-faceted, innovative company in the Quebec cannabis space. Its subsidiary, RoyalMax Biotechnology Canada Inc. is a Dorval, Quebec based Health Canada Licence Holder. RoyalMax has been granted a standard cultivation licence, standard processing and medical sales licences by Health Canada.
On behalf of the Board of Directors
Matica Enterprises INC.
Boris Ziger, CEO & Chairman
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release contains statements about the Company’s information that may be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica that are forward-looking in nature and as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.
This news release is not for distribution or dissemination in the United States of America
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80602
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So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.
Read on to learn more about when Australia may legalise recreational cannabis.
Public support for legalisation growing
Australians are no strangers to cannabis — a recently updated report from the Australian Institute of Health and Welfare shows that marijuana is the most extensively used illicit substance in the country.
With that in mind, it’s perhaps unsurprising that views on cannabis are changing in the country. In 2019, Australia’s National Drug Strategy Household Survey found that 41 percent of Australians are in favour of legalising cannabis — that’s close to double the support seen when the survey was done in 2007.
Aside from that, legalisation has been recommended by a number of government inquiries, including a 2019 Queensland Productivity Commission report on imprisonment and recidivism.
Several states have decriminalised personal use of cannabis on private property, including the ACT, the Northern Territory (NT) and South Australia. Most other states have a discretionary almost de facto decriminalisation in place through police diversion programs.
Those arrested for small amounts of under 50 grams of cannabis can be diverted to drug counselling or education, or issued a fine rather than a criminal conviction.
Economic opportunities lie in legalisation
Although Australia’s economy ended 2020 on a high note after facing COVID-19-related setbacks, some experts believe cannabis legalisation could assist even further with economic growth.
The climate of the NT and its accessibility to Asia makes the likelihood of legalised marijuana a possible gold mine for the NT, according to economist Rolf Gerritsen.
“The Government, if it licensed the system and appointed official sales points, could actually set up a nice little industry with the possibility of future exports,” Gerritsen told ABC News.
In 2020, Australia’s economy plunged into its first recession in three decades due to fallout from the coronavirus, which came mere months after devastating bushfires that ravaged over 12 million hectares.
A Twitter campaign from the Australian Greens political party is pushing for legalisation to help pull the nation out of recession, declaring cannabis a “multi-billion dollar industry.”
Federal cannabis legalisation unlikely
Although exciting, it seems unlikely that the Australian government will legalise marijuana at this stage.
Outside the Twitter campaign mentioned above, legalisation of cannabis has been a big part of the platform for the Greens, which are seeking the establishment of a controlled market for the sale of cannabis and would allow members of the public to grow up to six plants.
But the Greens are currently the only political party pushing for legalisation of recreational cannabis.
Both the Liberal National Party and Australian Labor Party have only shown support for medicinal cannabis at a federal level. In fact, Australian Attorney-General Christian Porter has been vocally opposed to the legalisation in Canberra, declaring the laws “terrible” and saying state- and territory-level laws conflict with federal laws on possession.
Many were looking towards the outcome of a New Zealand referendum on legalisation that failed as 50.7 percent voted “no” to the 48.4 percent “yes” votes.
What could legalisation do to the market?
A report from cannabis researcher Prohibition Partners hypothesizes great potential for Australia to significantly increase value through cannabis exports, while a focus on buying local could see more domestic cannabis revenue than ever before.
Success could encourage more regions to look closely at their own reform measures, particularly after watching the ACT’s adoption of restricted cannabis legalisation, the study argues.
“Both Victoria and Tasmania are also making moves towards more lenient cannabis laws and could be following in the ACT’s footsteps,” said the report’s authors.
“The Victorian government invested in R&D of the local industry, and is said to have ambitions to be the ‘cannabis bowl of Australia’ with a target of 500 local jobs.
The report predicts the Australian cannabis market will break a total market value of US$1.5 billion by the year 2025, which would make it the largest legal cannabis market in Oceania. Eagle-eyed investors will be watching the market closely.
Don’t forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
Kelowna, British Columbia TheNewswire – April 15, 2021 Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (CSE:LXX) (CNSX:LXX.CN) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, announces the appointment of a new Chief Financial Officer and the issuance of share purchase warrants to third party consultants.
Lexaria is pleased to announce that effective April 15, 2021, Gregory Downey will be assuming the role of Chief Financial Officer of the Company. During the past two years, Mr. Downey has been engaged by the Company as its Controller and has intimate knowledge regarding the Company’s business and finances. Mr. Downey brings a wealth of experience to Lexaria, having served as the Chief Financial Officer of several public companies during the past ten years. Mr. Downey holds a Certified Management Accountant designation and is a member of the Chartered Professional Accountants of British Columbia.
In the position as Chief Financial Officer, Mr. Downey will be compensated with a base annual salary of CDN$144,000, with an annual increase of 10%, an option grant for the issuance of up to 12,000 common shares, and other customary incentives.
The Company is grateful to outgoing CFO, Mr. Allan Spissinger, for his many contributions and wishes him continued success in his future endeavours.
The Company also announces that effective on April 16, 2021, it will be issuing share purchase warrants (the “ Warrants ”) for the issuance of up to an aggregate 300,000 common shares to three unrelated third party consultants. The Warrants will be exercisable for a period of three years ending on April 16, 2024 at an exercise price of US$9.00 per share. The shares issuable upon exercise of the Warrants will be restricted securities pursuant to US securities laws.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1 – 2 hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com .
This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. 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 the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company’s public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s 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-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
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