LXRP - Lexaria Bio sells THC-related assets to Hill Street for C$3.85M

Lexaria Bioscience (LXRP) has entered a definitive asset purchase agreement, through its wholly owned subsidiary Lexaria Canpharm, to sell certain non-core, non-pharmaceutical THC-related business assets for gross proceeds of C$3.85M (~$2.85M) to LXRP's long-standing Canadian licensee Hill Street Beverage Company.Under the terms of the Agreement, Hill Street will pay $350K in cash on closing; an additional $2M payable over time in the form of a promissory note bearing 10% interest per annum; and $1.5M in common shares of Hill Street equity. Hill Street will acquire exclusive, royalty-free and perpetual global rights including relicensing rights of Lexaria's DehydraTECHTMtechnology for use in non-pharmaceutical products containing more than 0.3% THC. Lexaria retains full ownership of its DehydraTECH technology. Hill Street and Lexaria have also agreed to replace previous agreements with a global non-exclusive license providing Hill Street with the right to produce non-pharmaceutical cannabidiol products using the DehydraTECH technology for a period of ten

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Lexaria Bio sells THC-related assets to Hill Street for C$3.85M