"No" isn't an option in the Altria deal. According to Bunka, in his latest interview with Ted Ohashi, he states the two options in the Altria deal are as follows:
"1. Altria doesn’t proceed to Phase II. This means they lose the exclusivity to the technology in the U.S. but they are still licensed to use it on a non-exclusive basis in the U.S. and Europe. The royalty is set by contract so if they decide to use it now or in the future, we know what the royalty
will be. We are then free to try to make a deal with someone else with respect to nicotine.
2. Altria proceeds to Phase II. This means we will proceed as laid out in the contract or they may want some revisions. Phase II consists of $4 million of scientific work to optimize the technology.
Regardless which one of the options they go with, Altria still remains licensed and would still have to pay Lexaria royalties on any revenues made with Lexaria's tech.
Chris also states that he is confident that the Phase 1 science was successful. It is Altria's hands at this point as to which option, of the two above, they choose but (by contract) they must choose one of them by the end of April, 2020.
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