420 with CNW — US Leaders Draw Attention to Cannabis Banking Bill Provision

A provision in the SAFE Banking measure has drawn criticism from several leaders and groups, including Democratic Senator Jack Reed, conservative advocacy associations and senior federal officials. The parties argue that the provision may unintentionally restrict the capacity of regulators to take action against those abusing financial services.

Reed first raised his concerns about Section 10 of the SAFE Banking Act this month in a session held by the Senate Banking Committee to discuss the bill. The senator stated that the provision’s wording will make it more challenging for federal authorities to issue a warning regarding any customer relationships that pose major dangers to the bank. Reed further stated that the section will force banks to notify customers when they are being sought after by the federal government for engaging in illegal behavior, which he likened to tipping off a criminal.

The section states that regulators are not permitted to order or request a depository institution to terminate an individual or group account or to in any other way prevent a depository institution from establishing or continuing a banking relationship with a particular customer, including but not restricted to any customer account that belongs to a state-approved cannabis service provider or business. There are a few exceptions, such as when financial regulators issue a formal statement that the institution is participating in risky or unsound behaviors. However, the section is generally viewed as an overly broad policy move that would restrict the ability of authorities to exercise oversight of financial transactions unrelated to the cannabis sector.

Reed brought up the subject once more at a committee hearing last week, questioning Michael Barr, the Federal Reserve’s vice chair for supervision, and Michael Hsu, the acting comptroller of the currency, if they shared his worries about the section. In answer to Reed’s inquiry at the hearing, Hsu stated that it is crucial that supervisors have the authority to recognize hazards and take prompt action in response, including ordering rectification.

Barr stated that it’s critical that Congress address the problem of the possible inconsistency between federal and state law with regard to marijuana banking services. He also acknowledged that the sections of the bill could be problematic, notwithstanding his usual skepticism about cases in which federal authorities are telling banks what to do with their customers.

At a prior cannabis banking bill hearing, Reed also presented a letter from consumer organizations that primarily focused on the same section of the SAFE Banking legislation. The letter to committee leadership was sent earlier this month and stated that the provision is too broad and could have effects that go far beyond marijuana banking.

It’s probable that Sherrod Brown (D-OH), chairman of the Banking Committee, was referring to this problem when he said that his panel would hold a hearing on financial hurdles in the cannabis business. When speaking to reporters at the time, he expressed concern that banking officials were attempting to exploit the legislation to undermine regulations and undercut bank standards, though he did not elaborate how he thought the banks were doing that.

Given the recent concerns and the apparent consensus that the Financial Act was not intended to alter legislation outside of the cannabis industry, the clause might be changed, either on the floor or in committee.

As more advocates push for change in cannabis banking laws, some companies, such as IGC Pharma Inc. (NYSE American: IGC), are pressing on with their work of medicalizing marijuana since FDA-approved cannabis formulations would fall under the purview of a completely different set of laws from those that are seen as holding back the marijuana industry from reaching its full potential.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Nevada Moves to Ease Cannabis Regulations for Police Recruits

More than 20 states now allow their residents to purchase recreational cannabis while dozens of states have launched medical marijuana markets. This has significantly expanded access to cannabis among the populace and allowed millions of Americans to purchase and consume marijuana legally.

But since federal law still considers cannabis a Schedule I controlled substance, certain individuals can face serious consequences for consuming state-legal cannabis. For instance, people employed by the federal government or in safety-sensitive positions can lose their jobs for failing cannabis tests.

In Nevada, authorities are proposing amendments to the state’s employment policy that would make it impossible to disqualify police recruits for being convicted of cannabis offenses that are now legal. The proposed changes were submitted by the Nevada Peace Officer Standards and Training (POST) Commission just a few days after members voted to keep the rulemaking period open for further potential reforms.

At the moment, individuals who are interested in becoming peace officers in Nevada are not eligible for employment if they received a conviction for an offense that involves the illegal sale, possession or use of a controlled substance. As a result, individuals who had prior cannabis-related convictions, such as possession, are unlikely to be employed as Nevada peace officers.

The commission is now looking to add language that would create an exception for applicants who received cannabis-related convictions that are “not prosecutable under the law” now that Nevada has updated its cannabis policies. Nevada legalized recreational cannabis in November 2016 while medical marijuana has been legal since 2000.

The proposed changes are meant to bring the state’s employment policies in line with the updated cannabis policies. However, while the changes will loosen restrictions on police recruits with prior cannabis-related convictions that are now considered legal, no recruits will be allowed to use cannabis after being employed.

POST’s administration manual states that there simply is no room for cannabis or other psychoactive drugs in the “policing profession” and encourages law-enforcement agencies in the state to prohibit the use of recreational and medical cannabis both on and off duty. In fact, the manual even prohibits people with state-issued medical marijuana cards from attending POST courses such as the Basic Training Academy.

The issue of cannabis use among employees is becoming increasingly more prevalent in recent years as the wave of cannabis reform has swept across America and left most states with some kind of cannabis market.

In 2019, a Las Vegas police officer lost his job after failing a THC test and sued the police department. The court ruled that the no-tolerance policy on marijuana use among peace officers was “untenable” and also acknowledged that state law protected an employee’s right to lawfully use cannabis while off duty.

As cannabis laws are eased further across more states in the country, the number of people using the substance is likely to grow, which could mean that even businesses such as Advanced Container Technologies Inc. (OTC: ACTX) which don’t directly deal in marijuana benefit from the boom.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Finalizes DehydraTECH(TM)-CBD Batch Manufacturing for IND Filing This Summer and FDA Phase 1b Trial Commencement in October 2023

Lexaria just announced the completion of batch manufacturing of its patented DehydraTECH(TM)-processed CBD and placebo materials for its FDA Phase 1b HYPER-H23-1 human clinical study
This is in line with the company’s IND filing with the FDA, which it looks to complete this summer, with potential authorization within 60 days
FDA authorization will mark the commencement of Phase 1b trial patient dosing, with the study evaluating the safety and tolerability of DehydraTECH-CBD in hypertensive patients
Filling into capsules of the manufactured DehydraTECH-CBD is expected to be completed before the end of this month, after which analytical release and stability testing will be conducted

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, announced an ambitious plan to embark on its Food and Drug Administration (“FDA”)-registered, U.S. Phase 1b Investigational New Drug (“IND”) hypertension study, HYER-H23-1. Earlier in May, the company announced the awarding of the contract for clinical research organization (“CRO”) services to California-based InClin, Inc. Since this announcement, it has completed batch manufacturing of its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) and placebo materials for the study (https://cnw.fm/MR9kR).

Lexaria retained the services of a U.S. contract manufacturing organization to produce these study materials, in line with current Good Manufacturing Practice (“cGMP”) regulations as directed by the FDA. With everything on track, the company looks to file the IND this summer, with potential authorization by the FDA within 60 days in what will mark the commencement of Phase 1b trial patient dosing, possibly in October 2023.

Titled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension,” Hyper-H23-1 will explore the safety and tolerability of its DehydraTECH-CBD in hypertensive patients. It will also monitor the efficacy evaluation in reducing blood pressure together with detailed pharmacokinetic testing, building on the five previous human clinical studies which evidenced significant reductions in resting blood pressure over both acute and multi-week dosing regimens with zero serious adverse events.

The filling into capsules of the manufactured DehydraTECH-CBD is expected to be completed before the end of this month, after which analytical release and stability testing will be conducted to gather essential quality control data essential for the IND filing. So far, DehydraTECH-CBD has shown the potential to have pronounced clinical benefits relative to available anti-hypertensive therapeutics. In addition, none of the other published studies thus far have shown a sustained decrease in resting blood pressure following multiple weeks of oral CBD dosing, demonstrating DehydraTECH-CBD’s superior power to reduce blood pressure over other oral CBD formulations.

Finalized DehydraTECH-CBD batch manufacturing marks a significant step towards IND filing and subsequent FDA approval for Lexaria. It also marks a notable achievement for the company, especially given the multiple human clinical studies conducted since 2018 and the over 130 healthy and hypertensive persons that have taken part in the studies so far. Its management is optimistic about the HYPER-H23-1 clinical study and is confident that results from the company’s previous efforts will be replicated, if not exceeded.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

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420 with CNW — Google Unveils AI to Expedite Drug-Development Processes

Artificial intelligence (AI) now has the potential to significantly speed up the laborious, time-consuming, and currently low-success rate process of finding and approving new pharmaceuticals. Google Cloud introduced two new AI-powered tools — Multiomics and Target and Lead Identification Suites — on May 15, 2023, in an effort to aid pharmaceutical and biotech companies in accelerating the discovery of novel treatments and advancing medicine.

According to a study published in the March 2021 issue of the “British Journal of Pharmacology,” the process of producing a new treatment currently takes between 12 and 15 years from the first idea to the release of the finished product, and can cost more than $1 billion. Moreover, finding a biological target that will make a medication workable can take up to a year.

Conventional methods, such as nuclear magnetic resonance and X-ray crystallography, have a high failure rate and are mostly used to determine the 3D structures of proteins, the biological target required for the initial stage of drug research. These methods could be replaced with AI tools.

Google Cloud announced the launch of the tools during the Bio-IT World Conference held in Boston. The conference, which featured speakers from Harvard Med School, Janssen Pharmaceuticals, and Pfizer Inc., among others, showcased technology and analytical techniques that advance science, address key issues and pave the way for the future of precision medicine.

The Multiomics Suite will support researchers in ingesting, storing, analyzing and sharing enormous amounts of genetic data. This suite supports researchers as they begin to analyze genetic data. DNA can be sequenced far more quickly than it can be decoded and analyzed. However, genomic information in areas such as genetic variants linked to disease is now possible, thanks to technology.

The Target and Lead Identification Suite is made to aid biotech and pharmaceutical businesses in predicting and comprehending protein structure, which also happens to be a crucial component of drug development. Using the Analytics Hub for Google Cloud to securely communicate data, it enables scientists to manage and share protein molecular data.

Then, using AlphaFold2, a machine-learning algorithm created by a subsidiary of Google, researchers analyze data to forecast the structure of a protein. AlphaFold2 is powered by Google’s Vertex AI, a platform that makes it easier for academics to deploy and develop machine learning models. AlphaFold2 can accurately estimate a protein’s 3D structure in a matter of minutes.

The development of new treatments often involves Investigational New Drug Applications (INDs) submitted to the Food and Drug Administration. In biotech, this process can intersect with the cannabis sector, and Google’s new technology may completely change the way certain businesses operate in that space.

It would be interesting to hear what cannabis-based drug developers such as IGC Pharma Inc. (NYSE American: IGC) think of this new drug-development technology released by Google.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — The DEA Wants Delta-8 Banned, CBD Severely Restricted

While delta-9 tetrahydrocannabinol (THC) and cannabidiol (CBD) are the most publicly known cannabinoids, cannabis produces more than 100 different cannabinoids. Delta-9 THC is the main psychoactive agent in cannabis, and it is illegal at the federal level and in states that do not allow recreational or medical cannabis sales.

In recent years, players in the cannabis industry have turned to another psychoactive cannabinoid called delta-8 THC. The result has been an influx of delta-8 THC products even though the FDA has not evaluated or approved such products as safe for public consumption. The labeling on these products often contains misleading claims, the FDA says, and the products are often marketed for medical or therapeutic uses that aren’t approved by the appropriate authorities.

Delta-8 THC products have become incredibly popular in states without recreational cannabis markets because they allow users to experience psychoactive effects without buying black-market cannabis. Cannabidiol (CBD) has also enjoyed significant growth in recent years based on claims of its medical potential, achieving a net worth of $5 billion only a few years after the 2018 Farm Bill legalized the cultivation and sale of industrial hemp and its derivatives.

The U.S. Drug Enforcement Administration is now looking to rein in this runaway market by amending federal drug laws to completely remove delta-8 THC products from the market and significantly restrict the country’s young CBD industry. Both CBD and delta-8 THC slipped through regulators’ hands because they are technically legal under the farm bill, which legalized industrial hemp and its derivatives.

Most of the CBD on the market is extracted from industrial hemp, which is essentially cannabis with minimal levels of delta-9 THC, while delta-8 THC is derived from CBD through chemical processes.

Several states have already moved to regulate or outright ban the sale of cannabinoids such as delta-8 because we have scant information on their potential benefits and risks. Currently, 14 states outlaw the sale of the substance. The DEA wants to go a step further and propose legislative changes that would make synthetically manufactured cannabinoids such as delta-8 THC controlled substances.

This type of legislation would immediately make every delta-8 product illegal while significantly “transforming the market for CBD products,” says Shane Pennington, an attorney at marijuana-focused law firm Vincente LLP.

If the DEA actually follows through on making these legislative changes, it would likely take years before the process is complete and the changes are announced. The agency will open a comment period to give stakeholders and business owners a chance to comment on the changes.

As the DEA moves to only allow natural cannabinoids to be commercialized in the states where marijuana is legal, more opportunities may become available for cannabis companies and related companies such as Advanced Container Technologies Inc. (OTC: ACTX) may do more brisk business as a result. This is because only legally permitted products adhering to the established regulations will be allowed on the market, thereby giving cannabis growers a better chance of succeeding.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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420 with CNW — Analysis Finds Significant Number of US Employees Failing Cannabis Drug Tests

A study by testing company and medical lab Quest Diagnostics has revealed that Americans are failing marijuana tests in unprecedented numbers. The firm’s annual analysis found that the number of U.S. employees who tested positive for marijuana was the highest Quest Diagnostics had seen since it started collecting data on workplace drug testing in 1988.

After analyzing more than 6 million urine tests for traces of marijuana in 2022, the firm found that 4.3% were positive for cannabis compared to 3.9% in 2021. Quest Diagnostics tested urine samples from general employees. This group excludes safety-sensitive and federally mandated employees, such as truck drivers and pilots who go through regular drug testing.

Now that dozens of states have medical and recreational cannabis markets, millions of Americans have access to legal, regulated cannabis. However, since federal law still considers cannabis an illegal drug, cannabis users often find themselves facing legal repercussions for using cannabis in accordance with their state laws.

Quest’s data shows that despite the risks involved, American workers are consuming cannabis in greater numbers. The firm also revealed that 7.3% of general employees tested positive for cannabis following accidents on the job while 6.7% tested positive in 2021.

On the other hand, only 0.98% of employees in federally mandated safety-sensitive jobs tested positive for cannabis in 2022 up from 0.86% of employees in 2021.

Keith Ward, Quest Diagnostics general manager and vice president for employer solutions, suggested that the increase in cannabis use among employees may be due to evolving societal attitudes toward cannabis that are “impacting workplace behaviors.” In addition, Suhas Harwani, the company’s senior director of science for employee solutions, states that medical and recreational cannabis markets generally have higher rates of positive marijuana tests compared to the national average.

Unsurprisingly, states without legal marijuana markets had lower cannabis positivity rates. The report showed that 5.7% of general employees in states with legal recreational markets tested positive for cannabis in 2022 while the national average for marijuana positivity that year was 4.3%. Conversely, general employees in states with only medical cannabis markets had a positivity rate of 3.9%.

Several states across the country have adopted liberal policies toward cannabis over the past couple of decades, with more than 30 states now allowing their residents to use medical marijuana for specific conditions. In fact, the cannabis industry is now one of the fastest-growing sectors in the country, generating billions of dollars in revenue and hiring hundreds of thousands of employees.

Lawmakers are now working to pass cannabis banking regulations and legalize cannabis at the federal level.

Given that more than 30 states across the country permit the medical use of marijuana, it isn’t surprising that entities such as IGC Pharma Inc. (NYSE American: IGC) are taking this medical use a step further by developing formulations that can be approved by the FDA for use within the healthcare system.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — As Security Concerns Escalate, B.C. Alters Law on Cannabis Shop Window Coverings

Last Friday night, all across Vancouver, British Columbia, cannabis retail shops were taking the coverings off of their windows. This was after the government altered the law in response to a spike in cannabis store robberies in the province. The move is meant to protect both customers and sellers.

Until recently, the opaque film window coverings were a condition of cannabis retail shop provincial licensing, ensuring that none of the goods were visible from the outside; the approach was an attempt to keep minors away from cannabis products. While some stores have roomy interiors or stylish furnishings that deftly cover the material, those can be pricey solutions; hence, the majority of stores choose to use frosted windows.

The window covering option has creates risks for personnel and customers who are inside because visibility and situational awareness are greatly reduced; the installation of surveillance cameras by many stores hasn’t helped. This caused marijuana sellers to convey their safety worries to the government.

“I know that legalizing marijuana is a big issue, but our safety and the safety of our customers shouldn’t be in jeopardy,” stated Up in Smoke’s Matthew Greenwood.

Security footage from Kingsway Cannabis showed an attempted armed robbery in March. The 20-second video, which depicts a man breaking into the store just after 8 p.m., was shared on Twitter by the proprietor of Kingsway Cannabis. Although nobody was hurt and the would-be thief fled empty-handed, the video brought to light a safety issue because the opaque windows cut off personnel from passersby who might have called for aid.

In the same month, the staff of Nanaimo’s Mood Marijuana was horrified twice in a row when a man stole valuable merchandise on consecutive evenings. The business took its window covers down after the second incident.

The Marijuana Council of Canada has been begging for a revision of the visibility rule on the grounds that the storefronts appear uninviting to customers as well as secluded and vulnerable to theft, creating dangerous working conditions for staff. The group is glad that the safety issues raised by its members, as well as the negative perception the window screens gave to business owners, were taken into account. The council maintained that cannabis goods are no different from those offered in alcohol shops.

Although merchants are still unsure about a few aspects of the altered law, which still forbids window displays of cannabis items, the majority are optimistic that specifics can be worked out with inspectors.

With security concerns rising in most jurisdictions where marijuana sales are legal, many companies such as Advanced Container Technologies Inc. (OTC: ACTX) will be following how the authorities respond to contain the threats these businesses face. This is because what happens to marijuana companies can have a domino-effect on other industries that are interlinked with the marijuana space.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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CannabisNewsBreaks – Bright Green Corporation (NASDAQ: BGXX) Announces Pricing of $3.5M Private Placement

Bright Green (NASDAQ: BGXX) is one of the few companies selected by the U.S. government to grow, manufacture and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. The company recently announced that it has entered into a securities purchase agreement with a single institutional investor to purchase 3,684,210 shares of common stock and warrants to purchase up to 3,684,210 shares of common stock, at a purchase price of $0.95 per share and accompanying warrant. Bright Green expects approximately $3.5 million in gross proceeds from the private placement. EF Hutton, division of Benchmark Investments LLC, is acting as the exclusive placement agent for the offering.

To view the full press release, visit https://cnw.fm/KQLQV

About Bright Green Corporation

Bright Green is one of the very few companies authorized by the U.S. government to grow, manufacture and sell, legally under federal and state laws, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. Bright Green’s registration by the U.S. Drug Enforcement Administration gives it the opportunity to advance its vision of improving quality of life through the opportunities presented by cannabis-derived therapies. To learn more, visit www.BrightGreen.us.

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The Green Label Expo: Las Vegas 2023 Edition

The Green Label Expo 2023 edition will be held at the World Market Center in Las Vegas on the 13th & 14th of September, welcoming thousands of CBD experts, alternative product professionals, counterculture experts, and business owners to discover a vast array of global suppliers in trending sectors such as beauty, health & wellness, pet products, foods, business services, and more. As the need for embracing alternative products surges, the vibrant city of Las Vegas is set to welcome the largest trade show for CBD and alternative product professionals. This two-day event will feature an extensive showcase of innovative products/services, industry leaders, and live entertainment bringing the industry closer together while catering to the growing demand for alternative options.

The Green Label Expo will feature thought-provoking seminars and interactive networking sessions throughout the show floor. An impressive lineup of keynote speakers will share the industry trends, latest innovations, and best practices to excel in the fast-growing emerging industries including CBD, psychedelics, and cannabis. This dynamic event aims to inspire participants to embrace alternative products and provide education on how to make a positive impact on society.

By bringing together businesses and individuals, the expo will empower attendees to make informed decisions, gain industry insights and expert consultations from leaders in areas such as payment solutions, financial services, logistics, marketing, compliance and more. The only event in Las Vegas designed specifically for CBD professionals and alternative product suppliers and buyers, this is the business event not to be missed.

The #1 Destination for Alternative Product Suppliers and Buyers

Supported by industry experts, the educational program provides opportunities to learn valuable insights into topics such as sourcing products, growing revenue, regulatory & compliance guidance, and more. This premier event will enable participants to meet industry leaders, learn advanced skills, and implement them in their upcoming projects.

Focused on connecting the industry, The Green Label Expo offers a perfect platform to forge new connections, consult with industry experts and learn best practices. It will also serve as a marketplace for potential buyers to gain a competitive edge. Reserve your free ticket today and bring a friend to discover the latest in the emerging world of alternative products.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Shareholders Approve Board Appointments Amid Push for Diversity; Vote to Endorse 6 Agenda Items in 2023 Annual Shareholder Meeting

Lexaria held its virtual 2023 Annual Shareholders meeting on May 9, 2023
On the agenda were the election of six director nominees, the ratification of the appointment of the company’s independent registered public accounting firm, and the approval of a one-time repricing of specific issued stock options, among others
All items presented received approval, with the highest approval percentage standing at 97.6% and the lowest at 63.1%
The meeting presented an opportunity for Lexaria to evaluate areas of expertise that would provide additional benefits to the company and its shareholders while also adding diversity to its board

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, on May 9 held its 2023 Annual Shareholder Meeting, in which 3,372,024 shares, constituting 56.3% of the company’s issued share capital, were represented.

Carrying on with the theme of the previous year’s Annual Meeting, the virtual 2023 Annual Shareholder Meeting adhered to COVID-19 protocols, with provisions for shareholders to vote via proxy. Among the meeting’s agenda items included the election of Chris Bunka, John Docherty, Nicholas Baxter, Ted McKechnie, Albert Reese Jr., and Dr. Catherine Turkel as directors. Shareholders also voted on the appointment of Malone Bailey LLP as auditors, the approval of the stock option pricing, and the approval of the amendment to the maxim number of shares issuable according to the incentive Equity Plan (https://cnw.fm/T5kov).

All items put to the vote were selected in favor of, with the highest approval percentage standing at 97.6% for the election of Dr. Catherine Turkel as director and the lowest standing at 63.1% for the approval of the addition of an evergreen formula to the Incentive Equity Plan. Percentages were calculated based on abstained votes being counted as a vote against the resolution.

Lexaria and its management expressed their support of recent initiatives the SEC and the Nasdaq Group took to encourage diversity within the board of directors of reporting companies. With the company reviewing its board composition annually, this meeting presented an opportunity to not only evaluate areas of expertise that would provide additional benefits to the company and its shareholders but also add to the diversity of its board. Lexaria hopes that with these appointments, it will further pursue its goal of leveraging technology in pharmaceutical applications. More so, it looks to make its patented DehydraTECH(TM) technology and offerings even more accessible to the masses (https://cnw.fm/LbIuk).

For more details, please visit Lexaria’s proxy statement filed with the Securities Exchange Commission via Edgar and with the BC Securities Commission and Ontario Securities Commission via SEDAR on March 22, 2023.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

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