Lexaria Bioscience Corp (CSE:LXX) (OTCMKTS:LXRP), the cannabis company, announced Tuesday that it has successfully renewed the management contracts for both its CEO Chris Bunka and its President John Docherty.
The new contracts last for three years and will allow the Kelowna, British Columbia-based company to make sure its senior team stays in place at a time when its business is growing considerably.
In other news, Lexaria also said it has reached agreements to cancel 1.14 million stock options with exercise prices ranging from US$0.10 to US$2.06.
The backbone of Lexaria’s business is a technology called Dehydratech. Essentially, it allows cannabidiol (CBD) and other oils to be dehydrated into an odorless, tasteless powder and mixed with xanthan gum, corn flour and other base ingredients which can then be added to foods, drinks and creams.
Lexaria has multiple patents pending in over 40 countries and already has patents in the US and in Australia for Dehydratech.
Lexaria shares slipped C$0.09 to hit C$1.43 on Tuesday.
-- This story is updated to reflect latest share price movement --
Contact Ellen Kelleher at [email protected]