Lexaria Bioscience Acquires Poviva Tea
In November 2017, the Canadian company Lexaria Biosciences acquired the final 49% of their subsidiary Poviva Tea, based in Arizona, for their intellectual property. Poviva was acquired for $70,000, relieved of certain debts, and will receive 5% royalties of the net profit of any of ViPova Tea‚Ñ¢ tea, coffee, and hot chocolate sales for 20 years. Lexaria is an innovator in drug delivery platforms, and they are seeking to use Poviva Tea products for the delivery of cannabinoids in food and drinks. Lexaria’s patented DehydraTECH‚Ñ¢ which is centered around improving the delivery of Active Pharmaceutical Ingredients (APIs) is likely to be integrated in Poviva’s food and beverage products in the future.
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