Lexaria Corp (OTCMKTS:LXRP) provided updates associated with the Burlington MMPR license application. The company has made considerable gains in formulating and executing certain technologies associated to the patent pending process designed to enhance bioavailability of specific molecules, including THC and CBD.
Lexaria has now covered its patent pendings, NSAIDs, applications for lipophilic delivery of Nicotine, and certain vitamins. The potential markets for bioavailable edible items formats for these energetic ingredients are large and need disciplined corporate focus.
The decisions
Lexaria management announced that they have decided to sell its stake in the Health Canada MMPR application based in Burlington, ON. The application process will continue under new ownership. A potential acquisition price of CDN$1,500,000 for complete ownership has been negotiated, almost 50% of that due to company with virtually all future payments depending on future advancement with the license application and operation.
Due to the sale of the joint venture project before the acknowledgment of a MMPR license, 500,000 earlier released escrowed and restricted LXRP common shares will be returned to company’s treasury and cancelled. It will be done as per the finalized joint venture deal. It will reduce outstanding shares by 500,000.
The management comments
Chris Bunka, the CEO of Lexaria Corp (OTCMKTS:LXRP), said that the company thanks the Enertopia management team for their perseverance and dedication in developing this project which could be one of most impressive medical marijuana cultivation facilities in Canada. By not straight away competing with Canada’s licensed MMPR growers, company is also commencing the door to immediately available advanced technology licensing possibilities.
Lexaria Corp (OTCMKTS:LXRP) is now focusing its management time and capital on its pursuit of intellectual property, expanding portfolio of applications and technology licensing opportunities.
At a price of $0.200 the stock of Lexaria Corp (OTCMKTS:LXRP) has a market cap of $6.94 million. The average volume of the stock is 234,473 shares.
