1

Lexaria Bioscience Corp. LXRP:US | LXX:CSE

Drug Delivery Platform Innovator

Investor PresentationApril 2020

LexariaBioscience.com

2

Disclaimer

This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. Statements which are not historical facts are forward-looking statements. The Company makesforward-looking public statements concerning its expected future financial position, results of operations, cash flows, financing plans, businessstrategy, products and services, evaluation of medical marijuana projects, alternative health projects or products, and cannabidiol-fortified productsor services for participation and/or financing, competitive positions, growth opportunities, plans and objectives of management for futureoperations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could,""should," "will," and other similar expressions that are forward-looking statements. Such forward-looking statements are estimates reflecting theCompany's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that otherfactors will not affect the accuracy of such forward-looking statements including, without limitation, foreign exchange and other financial markets;changes of the interest rates on borrowings; whether or not the Company will be successful in executing its business plan in whole or in part; hedgingactivities; changes in commodity prices; changes in the marketing or capital project expenditure levels; litigation; legislation; environmental, judicial,regulatory, political and competitive developments in areas in which Lexaria Corp. operates. These and other risks and uncertainties are more fullydescribed in our periodic reports and other disclosure documents filed by Lexaria Corp. from time to time with regulatory authorities available onSEDAR at www.sedar.com and on EDGAR at www.sec.gov, and the reader is encouraged to review these documents. Planned dates stated herein areestimates only, based on best information available. Dates are not assured and are subject to revision without notice. The Company assumes noobligation, except as required by law, to update any forward-looking statement, whether as a result of new information, future events or otherwise.This presentation is not an offer to sell or a solicitation of an offer to buy securities of Lexaria Bioscience Corp. It is a short summary of certaininformation for introductory purposes only and is not to be relied upon for investment purposes.

No statement within has been evaluated by the Food and Drug Administration, and no product or service is intended to diagnose, treat, cure orprevent any disease.

2

33

Focused on commercialization through partnerships and licensing

Lexaria Bioscience – Corporate Highlights

• Disruptive, patented technology platform – fast acting, less expensive & more effective oral drug delivery:

• Antivirals (COVID-19, infectious diseases); Oral Nicotine; NSAIDs (Ibuprofen, Aspirin); Cannabinoids; Fat-Soluble Vitamins (A,D,E,K); PDE5 Inhibitors (Viagra, Cialis); Hormones (Estrogen, Testosterone)

• DehydraTECH™:

• Patented formulation and dehydration processing method changes how the body detects and absorbs drugs orally

• Clinically proven (see: https://www.ncbi.nlm.nih.gov/pubmed/31512143 or https://rdcu.be/bQZZi)

• Faster onset/offset and higher bioavailability in capsules, foods, liquids, mixable powders, etc.

• 16 patents granted (>60 pending) covering method-of-use, composition-of-matter and medical treatment claims

• Programs commenced to prove delivery effectiveness in antiviral therapies for SARS diseases (incl. COVID-19) and other infectious diseases

• Oral nicotine products to disrupt the $990 billion global nicotine market

• Altria Group international license rights for undisclosed royalty; in discussions with other tobacco/pharma companies

4

Chris Bunka Chairman & CEO

• Serial entrepreneur involved in several private and public companies since the late 1980’s

• Extensive experience in the capital markets, corporate governance, M&A and finance

• Named inventor on multiple patent innovations

John Docherty, M.Sc. President

• Specialist in development of drug delivery technologies

• Former President and COO of Helix BioPharma Corp. (TSX: HBP)

• Named inventor on multiple issued and pending patents

• Pharmacologist and toxicologist

Key Executives, Directors and Advisors

Dr. Philip Ainslie Scientific & Medical Advisor• Co-Director for the Centre for Heart, Lung and Vascular Health, Canada

• Research Chair in Cerebrovascular Physiology and Professor, School of Health and Exercise Sciences, Faculty of Health and Social Development at the University of British Columbia

Jamieson Bondarenko, CFA, CMT Capital Markets Advisor• Capital Markets Advisor to MustGrow Biologics

• Chairman of BriaCell Therapeutics

• Previous Equity Capital Markets roles with Eight Capital, Dundee Securities, HSBC

Brian Quigley Director• Co-Founder of cannabis consulting firm, Green Sky Strategy

• 16 years at Altria Group; with seven of those years spent as president and CEO for U.S. Smokeless Tobacco and Nu-Mark

Gregg Smith Strategic Advisor• Founder and Private Investor, Evolution VC Partners

• Early JUUL Labs, Pax Labs, Beyond Meat investor

• Member of Sand Hill Angels – active Silicon Valley angel investment group

• Previous Investment Banking roles with Cowen and Company, BOA Merrill Lynch

55

Patented DehydraTECH™ Drug Delivery

Combine “API” with Fatty Acid Oil

Speeds up onset Increases bioavailability Improves drug potency

API

Apply to food / carrier particles

Perform dehydration synthesis procedure

Fatty Acid(e.g., LCFA)

Sorbitol, Gum Arabic, etc.

Render as powder or liquid for use in desired final form factor4

321

API = Active Pharmaceutical IngredientLCFA = Long Chain Fatty Acid (e.g., oleic acid rich sunflower oil)

66

Fatty acids are believed to block and shunt bound APIs away from bitter

taste receptors*

Small intestine quickly absorbs LCFAs into lymphatics

(bypassing first pass liver effect) and MCFAs via the

liver***

Lipids enable gastric protection and rapid

passage**

Why Does DehydraTECH Work?

✓ Close collaboration with largest R&D organization in Canada, the National Research Council, since January 2017

✓ Thoroughly evaluated through:

✓ Nuclear Magnetic Resonance (NMR);

✓ Fouier Transform Infrared Spectroscopy (FTIR);

✓ Liquid Chromatography-High Resolution Mass Spectroscopy (LC-HRMS);

✓ Dynamic Light Scattering (DLS); and Zeta Potential analysis.

✓ NMR molecular characterization has determined DehyrdraTECH does not create a new molecular entity (NME) for easier path to market

✓ DehydraTECH shown to reduce particle size through a patented, novel method

*Coupland & Hayes (2014). Pharm Res. Nov 31(11); 2921-2939 **Soehngen et al., (1998). Arthritis & Rheumatism. Vol 31, No. 3.***Iqbal & Hussain (2009). Am J Physiol Endocrinol Metab. Jun;296(6);E1184-94.

API = Active Pharmaceutical IngredientLCFA = Long Chain Fatty AcidMCFA – Medium Chain Fatty Acid

77

Reduces Drug Administration Costs

Increases bioavailability

Improves speed of onset

Masks unwanted taste

Eliminates the need for sugar-filled edibles.

Much more effective at

delivering drug into bloodstream.

Effects are felt within 10-20 min (vs. 60-120

min).

Higher ratio of drug delivery lowers overall

drug costs.

DehydraTECH – Patented Technology Benefits

Patented drug delivery technology improves oral administration of Active Pharmaceutical Ingredients (APIs)

Increases brain absorption

Animal testing confirms up to

19x improvement

88

Lexaria Pharmaceutical Corp. (100% owned)

Research or Product Development Underway:

Higher Bioavailability = Lower dosage Lower Toxicity = Less burden on liver and kidneys

• Antiviral therapies for SARS diseases (incl. COVID-19)

• Nicotine

• Cannabinoids

• NSAIDs (Ibuprofen, Aspirin)

• PDE5 inhibitors (ex. Viagra, Cialis)

• Antiviral therapies for infectious diseases

• Hormones

• Fat-soluble vitamins (A,D,E,K)

Research or Product Development Pending:

99

CORONAVIRUS Disease COVID-19

Many oral antivirals are poorly absorbed fat soluble drugs which compromises potency and are exceptionally expensive – limiting dosing capability

Status• Currently no available preventative vaccine

• Antiviral therapies are being investigated to potentially fight infection

• Oral antiviral therapies needed for mass distribution

• Many oral antiviral drugs are fat soluble and poorly absorbed, compromising potency and are exceptionally expensive, limiting access if hundreds of millions of doses are required

Lexaria’s DehydraTECH – Antiviral Research• DehydraTECH is clinically proven to significantly increase bioavailability for fat soluble drugs

• IRB application submitted to study three oral antiviral medications (~20 additional antiviral drug candidates identified)

• Pilot human study pending at a leading Canadian university

• Objective is to increase potency for greater therapeutic response, tolerability and to lower cost of drugs

• Research expected to lead to expanded safety and efficacy testing in coronavirus and other infectious disease animal models

1010

Infectious Disease Drug Classes – COVID-19 & Other

Viral Diseases

Vaccines

Antiviral Drugs

Antiretroviral Drugs• Protease Inhibitors• Fusion Inhibitors• Nucleoside, Non- Nucleoside &

Nucleotide Reverse Transcriptase Inhibitors

General Antiviral (Non-Retro)• Nucleoside and Nucleotide Analogs• Pyrimidines• Antisense Drugs• Interferon-Alpha and Combinations• Topical Immune Modulators• Ion Channel Function Inhibitors of M2

Proteins and Neuraminidase Inhibitors

Treatment

• COVID-19• HIV• HSV• Influenza

• EBV• HEP• CMV

Target Diseases:

1111

1.1 billion smokers globally

7 million deaths/year globally

1 billion deaths expected this century

1,300deaths/day in U.S.

Sources: FDA (www.fda.gov) World Health Organization (www.who.int); Foundation for a Smoke-Free World, Inc. (www.smokefreeworld.org); Partnership for Drug-Free Kids (www.drugfree.org)

NICOTINE – $990 Billion Global Mega-Market

Smoking is the world’s leading cause of preventable death

• Although nicotine is not a completely benign substance, it is the burning of tobacco and other substances inhaled through smoking that cause cancer, heart disease and bronchitis.

• Combustion of tobacco creates >7,000 chemicals (including tar, ammonia, carbon monoxide & arsenic); >70 of which are known cancer-causing carcinogens.

• FDA has a comprehensive regulatory plan to:

1. Reduce nicotine in cigarettes to non-addictive levels;2. Encourage new product classes that deliver nicotine without the

toxic by-products of burning tobacco.

“Cigarettes are the only legal consumer product that, when used as intended, will kill half of all long-term users.“ – FDA

1212

Lexaria Nicotine LLC: Oral Nicotine Delivery

• Press released January 2019: License and funding to create ingestible/oral nicotine products

• International licence rights

• Undisclosed royalty on oral nicotine product sales utilizing DehydraTECH

Oral Nicotine (Non-Smoking Alternative)

• 70% of U.S. smokers wish to quit; 50% attempt & fail each year; 6% succeed – FDA is encouraging new product classes to improve successful quit attempts

• ~10% of global tobacco market (and increasing) is from non-combustible products (~$99B)

• A fast acting, high absorption and palatable orally-ingestible nicotine product is an eloquent solution and would satiate not only the physical nicotine craving, but also the behavioral, emotional and social aspects associated with addiction

+

Altria Group License

Majority Interest Minority Interest

Sources: FDA (www.fda.gov) World Health Organization (www.who.int); Foundation for a Smoke-Free World, Inc. (www.smokefreeworld.org); Partnership for Drug-Free Kids (www.drugfree.org)

Lexaria Nicotine LLC is in discussions with other leading global tobacco and pharmaceutical companies to use DehydraTECH for oral nicotine delivery internationally

1313

CANNABINOIDS: Early Adopters

• Lexaria is licensing oral cannabinoid delivery that is up to 811% more effective than ingesting generic cannabinoids

• 8 commercial licensing agreements with growing brands, such as Cannadips in California (www.cannadips.com), Hill Street Beverages in Canada (www.hillstreetbeverages.com) and 1906 in Colorado (www.1906newhighs.com)

• Revenue generating commercial deals; growing through 2020

• Lexaria’s demonstration products include: ChrgD+ dissolvable powders, TurboCBDTM capsules

• The Food and Drug Administration has begun to engage Congress (announced March 2020) on rulemaking for CBD dietary supplement commercialization in the US

• DehydraTECH transforms the way cannabinoids enter the bloodstream through the gastrointestinal tract

• Fast acting; Flavor masking; Increased bioavailability

• New product innovation and research has driven 60+ patent applications and 16 patent awards

• 90mg DehydraTECH dose vs. Competitor 100mg dose• Competitor delivers virtually zero CBD at 30 minutes

0

10

20

30

40

50

60

0 30 60 90 120 150 180 210 240 300 360 420 480Pla

sma c

on

cen

trati

on

(ng/m

L)

Time (min)

D 90mg PTL101 - 100mg

Case Study: TurboCBD™ Capsules

Faster onset and offset; higher peak

concentration

Licensing Strategy Science-Based Development

1414

LXRP:OTCQX LXX:CSE

Shares Outstanding 80.6 million

Fully Diluted 91.5 million

Share Price US$0.30

Insider Ownership 18 million (22%)

Market Cap US$27 million

Last Financing (Oct 2019) US$820,000 (@ US$0.45/unit)

Corporate and Financial Information

www.LexariaBioscience.comProduct Licensing & Investor Inquiries: info@LexariaBioscience.com

1515

Investment Catalysts/Highlights

• Investigation underway for COVID-19 applications – many developments expected throughout 2020;

• Opportunity to significantly accelerate and expand upon COVID-19 research program;

• Disruptive drug delivery technology with multiple opportunities for success in antivirals, nicotine, cannabinoids, hormones, other;

• Established revenue generating commercial partnerships for other APIs of interest; additional DehydraTECH transactions expected through 2020;

• Major US exchange uplist program underway.

1616

Scientific Appendix

17

• Blood sampling T=0, 15, 30, 45, 60, 120, 240 and 480 min

• 48% improvement in peak Cmax nicotine delivery to the bloodstream relative to controls

• 1,160% faster delivery of equivalent peak Cmaxquantities of nicotine to the bloodstream than achieved with controls (within 15 min vs. 2.9 hours)

• 560% higher brain levels of nicotine where nicotine effects are focused, compared to controls

DehydraTECH Science – Oral Nicotine Delivery

April 2018; n=12 (in-vivo) August 2018; n=40 (in-vivo)

• Blood sampling T=0, 2, 4, 6, 8, 12, 15, 30, 45 and 60 min

• 90% more nicotine delivered at 10 minute mark

• 70% more nicotine delivered overall within first 15 mins of study

• 94% more nicotine delivered over the 60 min study period

• 295% higher brain levels of nicotine where nicotine effects are focused, compared to controls

18

Example Nicotine Blood Absorption Data

DehydraTECHFormulation

(ng/mL)

Control Formulation

(ng/mL)

% Improvement p Value

2 minutes 56.68 105.57 -46.32 0.260114297

4 minutes 124.55 74.63 66.88 0.171769198

6 minutes 124.04 92.12 34.64 0.241171951

8 minutes 230.02 119.22 92.94 0.102332181

10 minutes 254.64 133.89 90.19 0.043918813

12 minutes 278.99 147.94 88.58 0.029947174

15 minutes 307.68 150.09 105.00 0.006564706

30 minutes 303.13 148.68 103.88 0.002363596

45 minutes 300.43 155.54 93.15 0.003034948

60 minutes 394.23 220.16 79.07 0.025735488

Peak Nicotine Blood Level 0-60 min (ng/mL) 394.23 220.16 79.07 0.025735488

Total Nicotine Absorption (i.e., AUC) 0-60 min (hr∙ng/mL) 266.48 136.75 94.87 0.008632357

NOTE: No AEs reported.p Value < 0.05 signifies statistical significance

19

Nicotine Brain Tissue PK Data Highlighted

17LEXAP1 - Study of 12 lab rats with Brain Testing at 24 hours

April 2018

Test Control Formulation (10 mg/Kg)

Lexaria Formulation (10 mg/Kg)

% Improvement

Maximum Brain Concentration (Cmax; ng/g)

427 ± 66.5 1,260 ± 200295%

Time to Cmax 4 hours 1 hour 400%

Total Quantity in Brain Tissue (AUC; hrng/g)

5,881 ± 538 12,999 ± 1252221%

Test Control Formulation (10 mg/Kg)

Lexaria Formulation (10 mg/Kg)

% Improvement

Maximum Brain Concentration (Cmax; ng/g)

51.8 ± 30.4 290 ± 197 560%

18LEXAP1 - Study of 40 lab rats with Brain Testing at 1, 4, 8 and

24 hoursAugust 2018

20

Nicotine NMR Analyses (T=0)

• No chemical shift apparent ruling out covalent bonded NME

Nicotine Polacrilex infused mannitol (0 day)

Fatty acid oil

Polacrilex standard

Fatty acid oil signals

21

PK/PD Performance Gains – TurboCBD™

0

10

20

30

40

50

60

70

80

0 30 60 90 120 150 180 210 240 270 300 330 360

Ven

ou

s p

lasm

a c

on

cen

trati

on

(n

g/m

L)

Time (min)

Turbo 90mg

90mg

placebo**

**

Plasma cannabidiol (CBD) concentration in venous blood over 6 hours following consumption of generic 90mg (dashed black open circles) CBD doses compared

to DehydraTECHTM 90mg (solid grey solid circles) CBD doses. Standard error included for clarity. **p<0.01 TurboCBDTM 90mg > all others; Ψp<0.05 only

TurboCBD 90mg > placebo. Note both generic and DehydraTECHTM are otherwise significantly greater when compared to placebo.

.

ΨΨ

317% more CBD delivered≤ 30 min.

• Double-blind, 90 mg CBD dose• 317% more CBD delivered

≤ 30 min (95% CI, p=0.051).• Higher CBD delivery throughout entire

study• Lower blood pressure shown vs. placebo

(95% CI, p=0.027)• Higher cerebral perfusion shown vs.

placebo and positive control (95% CI, p=0.002 and 0.017)

2018 European human clinical study (n=12)

Published in Advances in Therapy 2019 Nov; 36(11):3196-3210

22

2018 TurboCBD™ Clinical Study

23

DehydraTECH Enhancement Underway

19LEXAP1 (05/19) Design:

- DehydraTECH CBD (with & without an intestinal aborption“enhancement” ingredient incorporation) vs. MCT-based CBD positive control

- Enhancement Ingredient is on FDA GRAS List- 25 mg/Kg (oral gavage)- Standard DehydraTECH formulation: CBD + sunflower oil +

infusion substrate- Enhanced DehydraTECH formulation: CBD + sunflower oil +

infusion substrate + “enhancement” ingredient- MCT formulation: CBD + MCT oil + infusion substrate - 30 male Sprague Dawley (SD) rats (3 groups of 10)- Jugular vein cannulation for blood collection- Blood sampling T=0, 2, 4, 6, 8, 10, 12, 15, 30, 45 and 60 min

0

50

100

150

200

250

0 0.033 0.067 0.1 0.13 0.2 0.25 0.5 0.75 1

CBD Absorption (ng/mL) in SD Rats @ 25 mg/Kg (n=10/group)

MCT DehydraTECH DehydraTECH-Enhanced

ng/

mL

hours

2424

Thank you