Burcon Partners with HPS Food and Ingredients to Launch World's First Soluble Hempseed Protein Isolate

Vancouver, British Columbia--(Newsfile Corp. - July 5, 2023) - Burcon NutraScience Corporation (TSX: BU) ("Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that it has partnered with HPS Food and Ingredients Inc. ("HPS"), a global leader in hempseed-based food ingredients, to explore the commercialization of Burcon's first-of-its-kind high purity, soluble hempseed protein isolate. This collaboration aims to capitalize on the thriving hempseed protein market trend and deliver exceptional plant-based protein solutions to customers worldwide.

"We are thrilled to partner with HPS to commercialize our hempseed protein isolate," said Kip Underwood, Burcon's chief executive officer. "This collaboration marks an important milestone in our commitment to monetize our intellectual property, connect directly with customers, and exert more influence over the production of our innovative plant-based protein solutions. By joining forces with HPS, a premier leader in hempseed and plant-based ingredient solutions, we have an excellent partner with the resources to quickly get to market and meet the growing demand for sustainable, hempseed-based protein ingredients."

Through this partnership, Burcon and HPS aim to leverage their combined expertise to accelerate market adoption of Burcon's hempseed protein isolate (the "Product"). The parties intend to begin market development, conduct due diligence and commercial validation trials of the Product. Following successful market development and validation trials, Burcon and HPS intend to negotiate a definitive agreement on a strategic partnership for the commercialization of the Product. By harnessing the power of innovation and collaboration, Burcon and HPS are poised to make a significant impact on the hempseed food industry and contribute to a more sustainable and healthier future.

"We are excited to partner with Burcon to launch the world's first soluble hempseed protein isolate," said Marc van Burck, HPS's chief executive officer. "This partnership is an excellent marriage of our mutual expertise. Burcon's unique technology and know-how in hempseed protein extraction produces a high purity, soluble protein isolate that doesn't exist on the market today. Combined with HPS' access to growers and customers, by commercializing this technology we are confident we can offer our customers products with unique functionality and continue to serve their needs. The demand for higher purity hempseed protein has been steadily increasing and we are excited to fulfill our customers' needs by offering them a premium, carbon negative, sustainable and versatile plant-based protein solution."

Hempseed protein is allergen-free, non-GMO and is an excellent source of clean-label, plant-based protein. Our hempseed protein isolate was developed through extensive research and innovation, and stands out in the market by being greater than 90% protein purity, neutral in taste, water-soluble, off-white in color, and North American grown and processed, offering manufacturers the opportunity to create nutritious, environmentally friendly, sustainable, and delicious products that align with consumers' evolving preferences.

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 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 towards a plant-based diet, Burcon is developing premium protein ingredients that we believe are better for you and better for the planet. For more information, visit 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, including Burcon's intentions to launch and commercialize its hemp protein isolate and plans to negotiate a definitive agreement for a strategic alliance to commercialize its hemp protein isolate. 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.sedar.com. 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
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM

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