Hill Street Beverage Company Inc (CVE:BEER) (OTCMKTS:HSEEF) told investors Monday it would leverage its recently acquired rights from Lexaria Bioscience Corp (CSE:LXX) (OTCMKST:LXRP) to expand its commercial potential.
In December, 2020, Lexaria closed the sale to Hill Street of its non-pharmaceutical THC-related assets and the latter says it will use the cannabis patents and intellectual property (IP) to pioneer “a new business space where craft quality meets bioscience”.
READ: Hill Street Beverage Company gets set to launch its first cannabis-infused beverage in Ontario
New products will be brought to market under Hill Street’s wholly owned subsidiary Hill Avenue Cannabis Company, which in turn comprises two units - Hill Avenue Cannabis Brands and Hill Avenue Cannabis Technologies.
Hill Avenue Cannabis Brands will specialize in business-to-consumer (B2C) edibles products for a growing global market, while Hill Avenue Cannabis Technologies will provide DehydraTECHTM enabled business-to-business (B2B) solutions for both extractors and consumer packaged goods (CPG) manufacturers.
For Hill Street, this means entry into new categories, industries and geographies, the company highlighted.
“These two new units will offer a wide range of expertise covering everything from oil conversion services to help extractors extend shelf life by turning oil into shelf stable powder, to the production and sale of DehydraTECHTM powder to CPG manufacturers for infusion into their products,” said Craig Binkley, co-interim CEO of Hill Street Beverages.
“We anticipate that our Lucknow R&D Labs in Mississauga, Ontario, will play a future role in cannabinoid product R&D, giving us multiple ways to add significant value in the cannabis sector.”
This new strategy expands Hill Street’s commercial potential by adding higher margin intellectual property (IP) to current CPG expertise and scaled B2B to its already strong B2C business and extending sales beyond Canada, it added.
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Story by ProactiveInvestors
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