HPS and Burcon Achieve First Commercial Sales of World's First Hemp Protein Isolate

Vancouver, British Columbia--(Newsfile Corp. - April 29, 2024) - Burcon NutraScience Corporation (TSX: BU) ("Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, and HPS Food and Ingredients Inc. ("HPS") are proud to announce a significant milestone in its partnership to commercialize the world's first high purity hemp protein isolate. Burcon and HPS have achieved their first commercial sales of hemp protein, tapping into a rapidly growing multi-billion dollar addressable market.

Through Burcon's capital-light approach, the Company is bringing its best-in-class hemp protein to market, poised to capture recurring revenue from ingredient sales. By establishing commercial capabilities and scaling up production, Burcon has successfully developed a route-to-market that enables speed and influence over the manufacture of its proteins. In response to strong customer interest, which has surpassed initial expectations, Burcon is in the process of ramping up production to meet the growing demand.

"Today's announcement is a pivotal moment for us and the hemp industry as we begin commercial sales of the world's first hemp protein isolate," said Kip Underwood, Burcon's chief executive officer. "This achievement is the first proof point that directly validates Burcon's capital-efficient business model, proprietary technologies and unit economics. As we begin generating revenue, we are keenly focused on clearing the next milestones in our journey to becoming a profitable, market-leading plant protein company."

Burcon's high purity hemp protein offers versatile applications across a range of food and beverage categories. Initial target markets for our 95% hemp protein isolate include ready-to-mix, powdered beverages, ready-to-drink beverages, and dairy alternatives. With its exceptional taste, texture and color, it can seamlessly integrate into a wide range of formulations. Consumer product launches featuring Burcon's hemp protein are anticipated for the latter part of 2024.

"We are thrilled to begin commercial sales of this amazing hemp protein isolate," said Marc van Burck, HPS's chief executive officer. "Our customers have been impressed and are actively formulating into consumer products. This accomplishment underscores our commitment to delivering innovative, sustainable, and nutritious plant-based solutions to our customers."

For inquiries regarding product samples and information, prospective customers are encouraged to directly reach out to HPS Sales Team here.

About HPS Food and Ingredients Inc.

HPS Food & Ingredients is a global leader in value-added processing of plant proteins, seeds & grains, oils, flours, fibers and starches, for premium food markets and food companies around the globe. We produce nutritious, North American grown non-GMO, gluten-free ingredient products at our dedicated production facilities in Manitoba, Canada. We provide quality ingredient solutions for the global food marketplace. For more information, visit hpsfood.ca.

About Burcon NutraScience Corporation

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our 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 novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is committed to delivering next-generation, best-in-class protein solutions, positioning itself as a key player in the rapidly expanding plant-based market. Supporting the growing trend towards a plant-based diet, Burcon offers sustainable protein ingredients that we believe are better for you and better for the planet. For more information, visit www.burcon.ca.

Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-Looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-Looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2023 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.

Industry and Investor Contact
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
Tel [phone], Toll-free [phone]
[e-mail] www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel [phone]
[e-mail]

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