Lexaria Bioscience and Hill Street Beverage Company announce definitive agreement for cannabis-infused beverages
KELOWNA, B.C. and TORONTO—Drug delivery platform innovator Lexaria Bioscience Corp. and Hill Street Beverage Company Inc., have announced an agreement to license Lexaria’s DehydraTECH for a term of five years to produce a line of cannabis-infused alcohol-free beverages for Canadian distribution, following regulatory approval.
The definitive agreement is the conclusion of the process begun following the announcement of the non-binding letter of intent in April 2018. Terms were not disclosed.
Lexaria’s beverage formulation adaptations use patented technology to act quickly, but without adding any taste or odour, thereby delivering predictable experiences that dissipate more quickly than many other cannabinoid edible products. Lexaria has already lab-tested Hill Street’s alcohol-free red and white wines to formulate cannabinoid-fortified wines, and such tests show virtually zero cannabis taste or odor.
Hill Street chief executive officer Terry Donnelly states, “Our goal is to provide traditional beer and wine drinkers with great tasting products that use cannabis to mimic the onset and duration of effect that has historically come from alcohol, but without alcohol’s toxicity and added calories. While the early versions of our wines infused with Lexaria’s process have shown great promise, we are extremely excited about the progress Lexaria continues to make with their infusion technologies. Lexaria has already demonstrated its importance to our model as a key strategic partner in our business, and this agreement secures our future together. As Hill Street’s progress into producing the world’s finest alcohol-free and cannabis-infused beverages continues, Lexaria has demonstrated that they will continue to innovate and improve on their process. This will help to ensure Hill Street is always at the forefront of producing world-class wine, beer and other adult format beverages.”
Lexaria chief executive officer Chris Bunka adds: “Hill Street’s award-winning and great-tasting wines and beers need an odourless and tasteless infusion process like our powerful DehydraTECH platform to ensure they will remain that way after the inclusion of cannabis. Our proven ability to render full spectrum cannabis and hemp oil into a water-soluble ingredient with no impact on the taste and smell of complex beverages like wine enables Hill Street to produce adult format beverages that will give consumers the recreational experience of cannabis, while enjoying tastes and experiences consistent with consuming traditional wine, beer and other adult format beverages.”
About Hill Street Beverage Company Inc.
Founded in 2008, Hill Street Beverage Company focuses on alcohol-free beer, wines, and adult format beverages. Products include: Vin(Zero) wines, Vintense wines, Hill Street Craft Brewed Lager, and Designated Draft beer. Hill Street’s award-winning products have won the Retail Council of Canada‘s Grand Prix, and numerous medals and accolades including three Gold, two Silver, and two Bronze Medals at the U.S. Open Beer Championships, and a prestigious Double Gold Medal at the San Francisco International Wine Challenge. As a result of the Royal Assent of Canada’s Bill C-45, legislation to allow the sale of cannabis-infused beverages is to occur by October 17, 2019. Hill Street is currently applying for appropriate licenses to permit the production and sale of cannabis infused beverages in Canada, with the view of having infused products available for sale once the regulations permit. Company information available at www.hillstreetbeverages.com.