Lexaria Bioscience Corp. (CSE: LXX) (OTCQB: LXRP) Announces Acquisition of 100% Ownership Interest in Poviva Tea, LLC

Lexaria Bioscience Corp. (CSE: LXX) (OTCQB: LXRP) Announces Acquisition of 100% Ownership Interest in Poviva Tea, LLC
Lexaria Bioscience Corp. (CSE: LXX) (OTCQB: LXRP) Announces Acquisition of 100% Ownership Interest in Poviva Tea, LLC
by is licensed under

Lexaria Bioscience Corp. (CSE: LXX) (OTCQB: LXRP), a biosciences company that has developed delivery technologies to improve absorption of bioactive compounds, this morning announced that it has acquired 100 percent ownership interest in its majority owned subsidiary, Poviva Tea, LLC. Lexaria previously owned 51 percent interest in Poviva Tea. “This acquisition strengthens Lexaria’s intellectual property positioning and we reaffirm our commitment to the ViPova Tea product lines,” Chris Bunka, chief executive officer of Lexaria, stated in the news release. “Lexaria thanks the founders of Poviva Tea, LLC for their assistance and vision in this transaction.” Per the update, compensation related to this acquisition was $70,000 in the form of a waiver on certain debts and a five percent, 20-year royalty on net profits related to ViPova Tea™, coffee and hot chocolate sales. No Lexaria stock or options were issued.

Read the full article

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
Read More
Tags
Cannabis News, Investing News
Thumbnail Photo Credit: by is licensed under