Evolution VC is a New York venture investment firm, which boasts stakes in more than 90 companies, including JUUL Labs, Pax Labs, Beyond Meat, Sweetgreen and Relativity Space.
Before setting up his investment company in 2007, Smith spent 20 years on Wall Street as an investment banker. Smith was previously a managing director and the head of Cowen and company’s private equity group as well as a principal with Bank of America Merrill Lynch’s Equity Private Placements group. He’s also a member of Sand Hill Angels – an active angel investment group made up of Silicon Valley investors and executives.
"I am passionate about creating a smokeless future and recognize that the consumption methods of nicotine and cannabis will change. Lexaria's technology, DehydraTECHTM, will completely disrupt and improve the consumption and delivery of oral nicotine, CBD and cannabis," said Smith.
The Kelowna, British Columbia-based company has its own technology, DehydraTECH that has been shown in studies to enhance the absorption and performance of compounds, including nicotine in ingestible products. It has also enjoyed success in the CBD and hemp industry, and the company is working to develop a reduced-risk oral nicotine product as an alternative to smoking or vaping.
Lexaria has licensed DehydraTECH to a number of cannabis companies for use in cannabinoid beverages, edibles and oral products; and to a tobacco producer for the development of smokeless nicotine products. Lexaria operates an in-house research lab and holds an intellectual property portfolio with 16 patents granted and over 60 patents pending.
Lexaria shares shed 7.3% to close at US$0.54 on Monday.