8-K - LEXX - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 3, 2021

LEXARIA BIOSCIENCE CORP.

| (Exact name of registrant as specified in its charter) |

Nevada	000-52138	20-2000871

| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

100 – 740 McCurdy Road, Kelowna, BC Canada	V1X 2P7

| (Address of principal executive offices) | (Zip Code) |

Registrant’s telephone number, including area code (250) 765-6424

______________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on<br> <br>which registered

| Common Stock, par value $0.001 per share Warrants to Purchase Common Stock | LEXX LEXXW | The Nasdaq Capital Market The Nasdaq Capital Market |

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

On June 3, 2021, Lexaria Bioscience Corp. (“Lexaria”) announced that the processing of the drugs remdesivir and ebastine with its DehydraTECH technology proved effective in inhibiting the COVID-19 SARS-CoV-2 virus using an in vitro screening assay in infected cells from the primate cell line, VERO-E6.

On June 7, 2021, Lexaria provided a progress update on its HYPER-H21-1 study confirming that its 24 human volunteers with documented pre-hypertension or mild hypertension had completed their treatment and dosing with DehydraTECH 2.0 enhanced cannabidiol formulations with blood sample analysis to commence in the following week.

On June 8, 2021, Lexaria announced the issuance of 87,935 stock awards to certain of its directors, officers, employees and consultants having an exercise price of US$7.08 and being exercisable for a period of five years.

On June 9, 2021 Lexaria provided a summary of the status of six of its current research study programs utilizing its DehydraTECH technology with a variety of active pharmaceutical ingredients, including remdesivir, ebastine, cannabidiol, ibuprofen, naproxen and nicotine.

Item 9.01	Financial Statements and Exhibits

| 99.1 | Press Release dated June 3, 2021 |

| 99.2 | Press Release dated June 7, 2021 |

| 99.3 | Press Release dated June 8, 2021 |

| 99.4 | Press Release dated June 9, 2021 |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LEXARIA BIOSCIENCE CORP.
/s/ Chris Bunka

| Chris Bunka |

| CEO, Principal Executive Officer | | Date: June 9, 2021 |

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lxrp_ex991.htm EXHIBIT 99.1

Lexaria’s DehydraTECH^TM^-Enabled Remdesivir and Ebastine Effectively Inhibit the COVID-19 SARS-CoV-2 Virus

Kelowna, British Columbia, June 3, 2021 – Lexaria Bioscience Corp. (Nasdaq: LEXX) (Nasdaq: LEXXW) (CSE: LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, announces that remdesivir and ebastine processed with DehydraTECH were effective at inhibiting the COVID-19 SARS-CoV-2 virus using an in vitro screening assay in infected cells in Lexaria study VIRAL-C21-3.

“The main purpose of the study was to confirm that Lexaria’s DehydraTECH formulation and processing methodology did not negate the known antiviral efficacy of these compounds before proceeding to larger, planned in vivo efficacy testing, said Chris Bunka, CEO of Lexaria Bioscience Corp. “These preliminary findings evidenced SARS-CoV-2 inhibitory performance commensurate with our expectations warranting ongoing and further investigation in animal testing.”

This study used one of the most widely applied and informative predictive measures of drug efficacy to measure the half-maximal inhibitory concentration (“IC50”) of the drugs when formulated with DehydraTECH. This was an important step towards advancing to animal and ultimately human efficacy testing for the purpose of using DehydraTECH-processed drugs to treat COVID-19.

This study was performed using a primate cell line, VERO-E6, and conducted by a leading independent, US biosafety level 3 testing laboratory that delivers critical services to government and commercial customers. That third party laboratory was responsible for study administration, quality control, and generation of results. Lexaria President John Docherty, Head of R&D, has verified the information within this press release.

Lexaria’s antiviral study program may also have benefits beyond COVID-19, including a wide range of other viral disease indications where improved oral delivery performance is needed. The combined market for antiviral drugs is projected to be over USD $44 billion by 2026.^1^

Remdesivir and ebastine have each shown promise in the fight against COVID-19. Remdesivir is a well-known nucleotide reverse transcriptase inhibitor, available under the trade name Veklury® from Gilead Sciences Inc., that interferes with the SARS-CoV-2 viral replication life cycle and has received emergency use authorization in many regions of the world for treatment of COVID-19^2^. Ebastine is an antihistamine drug that has potent effects in inhibiting the SARS-CoV-2 main protease (Mpro, also called the 3CL protease) blocking viral entry into human cells^3^, together with effects to reduce COVID-19 inflammatory reactions^4^. Mpro inhibitors are gaining attention in the fight against COVID-19, as announced by Pfizer with their novel compound PF-07304814^5^.

Both remdesivir and ebastine are characterized by poor aqueous solubility and compromised intestinal absorption and bioavailability when administered orally. Lexaria hopes that its patented DehydraTECH delivery technology will pave the way for better performing oral dosage forms of these and other antiviral drugs, as it has already demonstrated for a range of lipophilic drug molecules including other antiviral agents such as darunavir and efavirenz as previously announced. Lexaria is currently investigating the pharmacokinetic performance of remdesivir and ebastine in its ongoing animal study VIRAL-A20-2, as well as other antiviral drugs of interest against SARS-CoV-2 in its additional ongoing animal study VIRAL-A20-3. The Company will release results from these studies as well as plans for future in vivo efficacy modelling as they become available. The Company is interested in pursuing strategic collaboration opportunities with established pharmaceutical industry partners who may be interested in incorporating DehydraTECH technology with antiviral drugs including and/or similar to those that are currently being investigated.

1

The Company is not making any express or implied claims that it has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

^1^https://www.globenewswire.com/news-release/2020/02/20/1987756/0/en/Antiviral-Drugs-Market-Worth-USD-44-2-billion-by-2026-at-3-2-CAGR-Rising-Prevalence-of-HIV-to-Fuel-Growth-Fortune-Business-Insights.html

^2^ https://www.nih.gov/news-events/nih-research-matters/final-report-confirms-remdesivir-benefits-covid-19

^3^https://www.researchgate.net/publication/341660698_Targeting_the_SARS-CoV-4

^4^https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7472874/

^5^https://cen.acs.org/pharmaceuticals/drug-discovery/Pfizers-novel-COVID-19-antiviral/98/web/2020/09

About Lexaria Bioscience Corp.

Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1–2 hours to minutes, and mask unwanted tastes. DehydraTECH is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products, and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 19 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the Company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants, or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company's public announcements and periodic filings with the U.S. Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure, or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise, except as otherwise required by law.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

INVESTOR CONTACT:

ir@lexariabioscience.com

Phone: 866-221-3341

2

lxrp_ex992.htm

EXHIBIT 99.2

Lexaria Issues Progress Report on First Human Clinical Study of 2021, HYPER-H21-1

·	Dosing is complete in first of three human clinical studies hoped to validate Lexaria’s patented technology for hypertension relief

| · | Study tested an advanced “DehydraTECH ™ 2.0” CBD formulation |

| · | Second human clinical study, HYPER-H21-2, to commence immediately |

Kelowna, British Columbia, June 7, 2021 – Lexaria Bioscience Corp. (Nasdaq: LEXX) (Nasdaq: LEXXW) (CSE: LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, is pleased to report that treatment and dosing in its human clinical study (HYPER-H21-1) have been completed ahead of schedule.

HYPER-H21-1 focused on testing DehydraTECH-enabled cannabidiol (“CBD”) for potential use as a hypertension treatment alternative. Twenty-four human volunteers aged 45 to 65 were dosed within this study, all of whom tolerated treatment well with no serious adverse events or side effects observed or reported.

“Completing this work in the midst of the COVID-19 pandemic was challenging and we acknowledge and commend the dedication and work ethic of our Europe-based research partners and all parties involved,” said Chris Bunka, CEO of Lexaria. “Blood samples from the study volunteers will be shipped this week to our U.S. and Canadian analytical testing laboratory partners, and we expect to complete all sample and data analyses and reporting ahead of schedule, by July or August instead of the end of Q3 as previously indicated.”

Study HYPER-H21-1 followed a randomized, double-blinded, controlled design in human volunteers with documented pre-hypertension or mild hypertension. A single 300 mg dose of an advanced “DehydraTECH 2.0” CBD formulation was evaluated relative to a concentration-matched control without Lexaria’s DehydraTECH enhancements. The study was conducted by independent, third-party service providers bearing responsibility for all study recruitment, procedures and analytical testing.

Evaluation of time series blood pressure and heart rate analyses were the primary objectives of this study. Important secondary objectives included speed and rate of absorption of the CBD and its main metabolites (pharmacokinetics or “PK” assessments), as well as evaluation of inflammatory markers associated with cardiovascular disease and gold-standard biomarkers of nitric oxide. This latter measure is intended to provide mechanistic insight into the anticipated reduction in blood pressure via vasodilation.

The inflammatory assessments (including both anti- and pro-inflammatory biomarkers) may also be applicable to Lexaria’s research initiatives in the antiviral therapeutics sector whereby effective anti-inflammatory therapies are also useful in treating diseases like COVID-19 or other common pro-inflammatory conditions.

In addition, Lexaria is pleased to announce that its second human clinical study of 2021, HYPER-H21-2, will begin immediately. The study’s 16 human volunteers will be pre- or mildly hypertensive and will received three separate doses of 150 mg each of DehydraTECH 2.0-enabled CBD versus placebo (total dose of 450mg). HYPER-H21-2 includes 24-hour continuous ambulatory (portable) monitoring of blood pressure and heart rate, together with evaluations of central arterial stiffness, physical activity and sleep quality (e.g., total sleep time, total wake time, and sleep efficiency). All treatment and dosing visits in this study should be completed in or around July. The Company expects to complete all sample and data analyses quite rapidly with reporting in late September or thereabouts, though preliminary outcomes may be reported earlier if available.

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About Lexaria Bioscience Corp.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

INVESTOR CONTACT:

ir@lexariabioscience.com

Phone: 250-765-6424, ext 202

2

lxrp_ex993.htm EXHIBIT 99.3

Lexaria Announces Issuance of Options

Kelowna, British Columbia– June 8, 2021 – Lexaria Bioscience Corp. (Nasdaq: LEXX) (Nasdaq: LEXXW) (CSE: LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms announces the issuance of 87,935 stock options.

Stock Option Issuance

Lexaria announces that on June 8, 2021 it has issued an aggregate 87,935 stock options to a total of nine directors, officers, employees and consultants bearing an exercise price of US$7.08 for a period of five years ending June 8, 2026 (collectively the “Options”). The Options were issued pursuant to the Company’s registered Incentive Equity Plan and will bear a restrictive hold period, ending on October 9, 2021, as required pursuant to the policies of the Canadian Securities Exchange.

About Lexaria Bioscience Corp.

Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1 - 2 hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company's public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

INVESTOR CONTACT:

ir@lexariabioscience.com

Phone: 866-221-3341

lxrp_ex994.htm EXHIBIT 99.4

Lexaria Provides Progress Report on Six R&D Programs

·	All studies are using DehydraTECH™ 2.0 formulations for multiple market applications, including antivirals, hypertension, NSAIDs and oral nicotine

| · | These studies are part of Lexaria’s 2021 applied R&D program intended to enable opportunities for strategic partnerships |

Kelowna, British Columbia, June 9, 2021 – Lexaria Bioscience Corp. (Nasdaq: LEXX) (Nasdaq: LEXXW) (CSE: LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, provides this progress report on several studies within its 2021 applied research and development (R&D) program. Other studies actively underway and planned will be reported on separately.

VIRAL-A20-2 – A tolerability and pharmacokinetic or “PK” study in animals using antiviral drugs remdesivir and ebastine.

Animal dosing and all in-life procedures and sample analyses have been completed. Data analyses is underway with a view to reporting soon. There were 4 groups of 10 animals dosed to determine if DehydraTECH-enhanced remdesivir and ebastine were well tolerated and enabled improved overall quantity of drug delivery (“Area Under the Curve”, or “AUC”) relative to non-enhanced controls as Lexaria has successfully evidenced for other antiviral drugs. Lexaria hopes to build on recently announced positive findings from its VIRAL-C21-3 study that evidenced effective inhibition of the COVID-19 SARS-CoV-2 virus using these DehydraTECH-enhanced compounds in an in vitro screening assay.

VIRAL-A20-3 - An additional tolerability and PK study in animals evaluating AUC for 3 other antiviral drugs.

Animal dosing and all in-life procedures have been completed, and sample analyses is ongoing. There were 6 groups of 10 animals dosed in this study examining tolerability and quantity of drug delivery for 3 other antiviral drugs of interest with potential utility against the COVID-19 SARS-CoV-2 virus. This study is expected to generate reportable results during July or August.

VIRAL-MC21-1 – A molecular characterization (“MC”) study being performed by Canada’s National Research Council.

In this study, Nuclear Magnetic Resonance (“NMR”) and Liquid Chromatography-High Resolution Mass Spectrometry (“LC-HRMS”) are being applied to 5 DehydraTECH-enhanced antiviral drug formulations currently being investigated by the Company in studies VIRAL-A20-2 and VIRAL-A20-3. Molecular characterization is an important step in determining whether Lexaria’s DehydraTECH technology alters the underlying drugs to a degree significant enough to result in formation of a covalently bonded new molecular entity (“NME”). NMEs are generally subjected to more involved regulatory examination and approval processes than non-NMEs. Lexaria has previously reported findings evidencing that NME formation did not occur following DehydraTECH formulation with other substances of interest such as nicotine and cannabidiol (“CBD”). Results from this work are expected to be reported ahead of schedule, by the first half of July.

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HYPER-A21-1 and HYPER-A21-2 – Follow on blood pressure testing in animals pursuant to previously reported successful PK study findings.

Most results from these animal studies were released on May 6 and May 20, 2021 respectively demonstrating statistically significant gains in CBD absorption relative to controls using Lexaria’s latest DehydraTECH 2.0 formulation innovations. The testing laboratory that performed this work has been engaged to perform certain follow-up work that includes monitoring of real-time animal blood pressure in response to select formulations from these PK evaluations. This work is hoped to complement Lexaria’s previous human clinical study findings that have evidenced reduction in blood pressure following DehydraTECH-CBD administration. Animal dosing and in-life procedures have not yet commenced for this additional follow up work, but will be reported when developments warrant.

NSAID-A21-1 – A tolerability and PK study in animals evaluating ibuprofen and naproxen.

Test articles were manufactured in April as planned, contracts were executed in early May with the animal testing laboratory performing this work, and initial animal dosing commenced the week of May 17 ahead of schedule. This work is currently underway with pilot tolerability evaluations in rodents in an effort to determine dosing that evidences superior gastrointestinal tolerability comparing Lexaria’s DehydraTECH test articles to concentration-matched controls. Pending a successful outcome of the pilot tolerability investigation, formal pharmacokinetic testing will follow. Reporting from this study work shall be provided when developments warrant.

Oral Nicotine: NIC-C21-1 (now NIC-A21-1) – A tolerability and PK study in animals evaluating oral nicotine.

This study has been renamed NIC-A21-1 following migration from an in vitro cell based study instead to an in vivo study in live anesthetized animals. This will allow Lexaria to perform a superior evaluation of the systemic absorption of nicotine upon oral pouch product dosing in the animals. Human oral pouch dosing of nicotine is a rapidly growing trend in several locations around the world and Lexaria believes this redesigned study will more appropriately measure outcomes. The contract has been signed with the animal testing laboratory that will be performing this work and all study test articles have been manufactured and are in the process of being shipped to the laboratory for dosing purposes. Animal dosing in this study is scheduled to commence in July ahead of the originally stated September/October dosing commencement schedule for NIC-C21-1. Reporting from this study will be provided when developments warrant.

Summary

Lexaria relies on applied R&D programs to generate confirmatory results and data evidencing improved drug delivery characteristics that enable pursuit of commercial opportunities and/or corporate relationships. As such, Lexaria considers advancing these applied R&D studies to be a vital early step towards its goal of establishing commercial relationships with potential industry partners to utilize DehydraTECH within their existing product lines or in the development of new product lines.

All studies referenced within this press release are fully funded from existing Company resources and performed by independent third-party testing laboratories.

The Company is not making any express or implied claims that it has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time with any of its work with antiviral drugs reported herein.

About Lexaria Bioscience Corp.

Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1 - 2 hours to minutes, and mask unwanted tastes; and is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com.

2

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics, and other factors which may be identified from time to time in the Company's public announcements and periodic filings with the US Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

INVESTOR CONTACT:

ir@lexariabioscience.com

Phone: 250-765-6424, ext 202

3