An anonymous director reports

LEXARIA APPOINTS NEW CHIEF FINANCIAL OFFICER AND ISSUES CONSULTANT WARRANTS

Effective April 15, 2021, Gregory Downey will assume the role of chief financial officer of Lexaria Bioscience Corp. During the past two years, Mr. Downey has been engaged by the company as its controller and has intimate knowledge regarding the company's business and finances. Mr. Downey brings a wealth of experience to Lexaria, having served as the chief financial officer of several public companies during the past 10 years. Mr. Downey holds a certified management accountant designation and is a member of the Chartered Professional Accountants of British Columbia.

As chief financial officer, Mr. Downey will be compensated with a base annual salary of $144,000, with: an annual increase of 10 per cent; an option grant for the issuance of up to 12,000 common shares; and other customary incentives.

The company is grateful to outgoing chief financial officer Allan Spissinger for his many contributions and wishes him continued success in his future endeavours.

The company also announces that, effective April 16, 2021, it will be issuing share purchase warrants for the issuance of up to an aggregate of 300,000 common shares to three unrelated third party consultants. The warrants will be exercisable for a period of three years, ending on April 16, 2024, at an exercise price of $9 (U.S.) per share. The shares issuable upon exercise of the warrants will be restricted securities, pursuant to United States securities laws.

About Lexaria Bioscience Corp.

Lexaria Bioscience's proprietary drug delivery technology, DehydraTECH, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The company's technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bioabsorption by up to five to 10 times, reduce time of onset from one to two hours to minutes and mask unwanted tastes, and is planned to be further evaluated for orally administered bioactive molecules, including: anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs) and nicotine. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products, and for use in industries that produce cannabinoid beverages, edibles and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 18 patents granted and approximately 60 patents pending worldwide.

We seek Safe Harbor.