Hempco Food and Fibre Inc. to Utilize Lexaria’s Patented Technology
November 29th, 2016
News, Top News
Lexaria Bioscience Corp. (LXRP) (CSE:LXX) (“the Company” or “Lexaria”) is pleased to announce the entry of a letter of intent (the “LOI”) for the licensing of its proprietary absorption and palatability enhancing technology to Hempco Food and Fiber Inc. (HEMP.V) (“Hempco®”).
Under the auspices of the LOI, Hempco® and Lexaria begin lab tests and formulations this week to evaluate proprietary methods of applying Lexaria’s newly-patented technology for Hempco’s needs and demands. Hempco’s® already-excellent award winning food products may be enhanced with Lexaria’s patented technology.
“The combination of Hempco’s existing product innovations and proprietary manufacturing methods combined with Lexaria’s patented food flavour-masking and nutrient delivery enhancement technology is hoped to create manufacturing and technology synergies powerful enough to create a quality gap that other hemp food providers and the world’s leading brands in the sector will find difficult to match,” said Hempco CEO, Charles Holmes. “In our efforts to make the finest and most innovative and healthy hemp seed foods possible, the Lexaria technology is a perfect fit for us, and an excellent addition to our award winning PLANETHEMP brand retail line of products.”
Hempco® and the Holmes family is a pioneer in hemp protein powders and an innovator in manufacturing and global distribution of hemp based foods with wide applications. Hempco® recently launched its PlanetHemp brand of hemp seed nut, hemp seed oil, and hemp seed protein powder snacks in Canada and the UK to approximately 800 stores in North America as well as Europe and Asia.
Hempco® is vertically integrated from field to consumer products, and has rapidly growing international sales and distribution which also offers additional opportunity for synergies with Lexaria’s existing hemp-oil based products.
“I could not be happier than to engage in this LOI with Hempco,” said Chris Bunka, CEO of Lexaria Bioscience Corp. “We immediately begin product formulation testing and evaluation, and will work with all types of hemp food products such as proteins, seeds, oils and derivatives thereof, as we determine the most advantageous methods of embedding superior technology into Hempco’s product mix.”
Financial terms of the LOI are not disclosed at this time and are still under negotiation, but have already been narrowed down to agreed-upon ranges. The LOI is expected to advance into a definitive agreement within 90 days but there is no assurance of this. Further details regarding the completion of the definitive agreement and formulation development and testing will be announced as information becomes available. Readers are cautioned that if a definitive agreement is completed with Hempco®, much of Lexaria’s financial compensation is dependent upon the marketplace success of the Hempco® products enhanced with Lexaria’s technology.
Lexaria Bioscience Corp. is a food sciences company focused on the delivery of active compounds that can behave as superfoods through its proprietary infusion technologies. Lexaria’s technology enables higher bioavailability rates for CBD; THC; NSAIDs; Nicotine and other molecules than is possible without lipophilic enhancement technology. This can allow for lower overall dosing requirements and/or higher effectiveness in active molecule delivery. Lexaria hopes to reduce other common but less healthy ingestion methods such as smoking as it embraces the benefits of public health. www.lexariabioscience.com
Hempco® and the Holmes family is a trusted and respected pioneer, innovator and provider of premier hemp seed foods for more than 15 years. Hempco® is recognized as a “company that cares” and guarantees that its customers, all over North America, Europe and Asia, are provided the finest hemp seed foods possible. The Hempco® mandate has grown to “whole crop utilization” and is investigating hemp fiber and hemp CBD nutraceuticals to create a “tri-crop” opportunity for farmers. Hempco® has grown its business significantly and is generating value and profits for shareholders.
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