Mr. Kip Underwood reports

BURCON ENTERS INTO PRODUCTION AGREEMENT WITH PARTNER MANUFACTURER TO PRODUCE HEMPSEED PROTEIN

Due to overwhelming customer demand, Burcon NutraScience Corp. has entered into a production agreement with its partner manufacturer to bring the world's first high-purity 95 per cent hemp seed protein isolate to market.

Under the terms of the agreement, Burcon will combine its proprietary equipment with the existing infrastructure and manufacturing capabilities of its contract partner to commercially produce the innovative hemp seed protein isolate. Burcon expects to complete the process validation trials and begin commercial production in early 2024. This strategic collaboration is a capital-light approach expected to rapidly bring Burcon's hemp seed protein to market to meet the increasing demand for this exceptional high-purity protein ingredient.

"We are very pleased with the market reception and with the efforts from both teams at Burcon and HPS Food and Ingredients during the market development phase," said Kip Underwood, Burcon's chief executive officer. "Burcon is excited to take the lead on the next commercial production phase. Our partnership with HPS continues to drive the rapid commercialization plans of our hemp technology. Speed to market remains a top priority for us and we are confident we can deliver to our customers an excellent commercial product."

Burcon and HPS believe the 95 per cent hemp seed protein isolate is poised to set a new benchmark for high-purity premium protein ingredients. Based on market data and internal estimates, there is a multibillion-dollar addressable market for high-purity hemp seed protein with a potential commercial opportunity that exceeds $100-million for Burcon and HPS. The global hemp-based food market is projected to double in the next five years, growing at a rate of over 15 per cent. Burcon and HPS expect that the 95 per cent hemp seed isolate will perform well in various applications, including beverages, sport nutrition, snacks, bars, baked goods and plant-based dairy.

About Burcon NutraScience Corp.

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. The company's proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its specialty plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is striving to become a vertically integrated provider of specialty plant-based protein solutions that deliver on health, nutrition and sustainability. Supporting the growing trend toward a plant-based diet, Burcon is developing premium protein ingredients that the company believes are better for you and better for the planet.

We seek Safe Harbor.