BUSINESS & STATE GOVERNMENT
Lexaria Bioscience Awarded Australian Patent For Cannabinoid Infused Edibles
KELOWNA, BC–(Marketwired – July 18, 2017) – Lexaria Bioscience Corp. (LXRP)(CSE:LXX) (the “Company” or “Lexaria”) is pleased to announce that the Australian Patent Office has granted patent #2015274698 which protects Lexaria’s method of improving absorption, speed of onset, and taste of cannabinoid active agents in edible products. The term of the patent is 20 years from June 10, 2015.
The issuance of this patent guards Lexaria’s intellectual property for the edible delivery of all non-psychoactive cannabinoids, including those that are incidental but contributory to cannabis oils used in psychoactive cannabinoid edibles. A wide variety of foods and beverage formats are covered, including but not limited to: tea, coffee, cocoa powder, fresh foods and meats, dairy products, pastas, breads, seeds, nuts, spices, herbs, candies, flavourings and more.
One of Lexaria’s core strategies is to develop and solidify key IP applicable to different economic sectors within specific market jurisdictions domestically and abroad, as a pre-requisite to developing revenue-producing business operations linked thereto.
“We are very pleased to have received this patent which effectively covers all cannabis oil extract formulated edibles utilizing our technology in Australia,” states Lexaria CEO Chris Bunka. “This patent award allows us to confidently enter the recently legalized Australian cannabis marketplace where we will seek additional licensing and product distribution partnering opportunities.”
Online Portals Guide Australian Doctors Through Medical Cannabis Maze
Doctors in Australia aren’t big prescribers of medical cannabis—not yet, at least. One of the main reasons is a complex prescription process, which requires jumping through regulatory hoops and coordinating with appropriately licensed pharmacies. Although the Australian Senate recently rejected tighter medical cannabis controls proposed by the federal government, the path to a prescription can still be a slog.
In an effort to streamline the process online portals are stepping in, offering doctors education on available products available and scientific evidence around treatment. Many even help streamline the process to secure the necessary regulatory approvals.
Such services have enjoyed early success in other markets. California-based HelloMD, for example, recently raised $1 million to expand its telemedicine business to medical cannabis.