Red Light Holland Engages Dr. Taras Nahirny, as Medical Advisor, to Help with Distribution of Company's Homogenized Psilocybin Microdosing Capsules and Help Advocate for Easier, but Regulated Access in Canada

Toronto, Ontario--(Newsfile Corp. - November 2, 2023) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), an Ontario-based corporation engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, is extremely pleased to announce that it has engaged Dr. Taras Nahirny as an Advisor to the Company.

In his role as an Medical Advisor, Dr. Taras Nahirny will work closely with the Chief Executive Officer of the Company, Todd Shapiro, and Chief Technology and Innovation Officer, Sarah Hashkes to among other things, provide consulting services in the areas of:

(i) Red Light's medical grade psilocybin microdosing capsules which are nearing completion of research and development, including stability testing. Dr. Nahirny will assist in potential import to New Zealand and Australia including connecting to and educating medical providers and assisting in medical guidelines. (The Company plans to have updates in the near future regarding their stability testing with partners CCrest Labs.)

(ii) Explore the potential of utilizing Red Light's psilocybin microdosing capsules with patients in Canada under the current regulations and help advocate for easier, but regulated access.

(iii) Assist Red Light's therapist Jeff Hamburg and CTIO Sarah Hashkes with consensual data collections around the potential therapeutic benefits of Psilocybin and world wide advocacy towards legalization of Psilocybin with a focus on accessible microdosing regulations.

(iv) Help with promoting potential collaborations with medical companies and pilot studies that might be interested in licensing, Red Light's (via Radix Motion's) approved patent for the use of 3d movement data in psychedelic therapy.

"I am extremely pleased to appoint Dr. Taras Nahirny as a Medical Advisor for Red Light Holland. He is an incredible Doctor, but as well, he is simply an incredible person," said Todd Shapiro, the CEO, Chairman, and Co-Founder of Red Light Holland. "We will keep working towards a future where adults can have responsible access to natural psilocybin, even without a medical condition as there is an urgent need for many patients to get access to potential new psychedelic therapies that might help them - Dr. Nahirny has aligned views and he will be focused on helping us with that. He is progressive, educated and believes that one day psilocybin - both naturally occurring and synthetics - can help the masses with a current mental health crisis. We are pleased to have a medical professional with such an open mind who can help validate, communicate and advocate for Red Light's protocols, data backed strategies and hopefully distribution of our homogenized capsules, as they complete their rigorous tests, while emerging markets are opening up."

"When psilocybin is used with appropriate therapeutic guidance and indication, it has the potential ability to help people struggling with issues in the areas of mental health as well as the ability to augment the quality of life of the general public," added Dr. Taras Nahirny.

Dr. Taras Nahirny (Hon.B.Sc., MD, CCFP) is currently a Family Physician with more than 13 years of professional medical experience currently engaged as a Medical Consultant at MedCan. Dr. Nahirny was previously a managing partner at Trafalgar Professional Centre with a practice of 2500 patients where he managed complex physical and mental health disorders providing comprehensive, and holistic medical care. He was also an active Executive Member of the South Oakville Family Health Organization.

Dr. Nahirny has always been fascinated by the workings of the human mind. He is interested in Psychedelic Assisted Psychotherapy and the use of psychedelics (both macro and micro dosing) in a medical setting, as well as, a healthy population model. He has completed comprehensive training with Therapsil and is an advocate on the wide range of benefits psilocybin can offer. He has also studied Clinical Hypnotherapy and Neuro-Linguistic Programming (NLP) to better understand and help his patients. Dr. Nahirny's previous medical training includes rotations in Neurology at Sunnybrook Hospital and the Montreal Neurological Institute.

Grants of Stock Options:

The Company also announces that it has granted options to purchase an aggregate of 2,050,000 common shares of the Company (the "Stock Options") to certain consultants of the Company. The Stock Options are exercisable at a price of $0.055 per share until October 30, 2028. Subject to rounding, 683,333 Stock Options will vest on April 30, 2023, 683,333 Stock Options will vest on October 30, 2024, and 683,333 Stock Options will vest on April 30, 2025.

All Stock Options were granted in accordance with the Company's Stock Option plan approved at the Company's annual, general and special meeting held on May 8, 2019.

The common shares underlying the Stock Options set out above are subject to a statutory four month and one day hold period expiring on March 1, 2024, and such further restrictions as may apply under foreign securities laws.

About Red Light Holland

Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website: www.RedLight.co

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's performance, business objectives and milestones and the anticipated timing thereof, and costs in connection with, the execution or achievement of such objectives and milestones, including its plans to work with Dr. Taras Nahirny and the stated goals of this advisory relationship; the Company and the Company's partners' abilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; Complete stability tests. the ability of the Government of Canada, Australia and/or New Zealand to down list psilocybin under its controlled substances list and under the stated timelines; the Company's ability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and the Company's ability to provide updates with respect to its continued work with its partners on the microdosing capsules.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to carryout its plans to work with Dr. Taras Nahirny and achieve the stated goals of this advisory relationship; the execution or achievement of such objectives and milestones; the Company and the Company's partners' abilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; Complete stability tests. the ability of the Government of Australia or New Zealand or Canada to down list psilocybin under its controlled substances list and under the stated timelines; the Company's ability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and the Company's ability to provide updates with respect to its continued work with its partners on the microdosing capsules.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to carry out its plans to work with Dr. Taras Nahirny and achieve the stated goals of this advisory relationship; the Company's inability to maintain or exceed its current performance, and carry out its business objectives and milestones and under the anticipated timing and costs in connection with, the execution or achievement of such objectives and milestones; the Company and the Company's partners' inabilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; the inability for the Company to export it homogenized microdosing capsules, the potential for NUBU Pharmaceuticals to accept the COA and Stability testing (when completed) by CCrest labs, the inability of the Government of Australia or Government of New Zealand or the Government of Canada to down list psilocybin under its controlled substances list and under the stated timelines; the Company's inability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and the Company's inability to provide updates with respect to its continued work with its partners on the microdosing capsules. Their are no guarantees that Government's across the world will allow easier access to the Company's psilocybin homogenized capsules

Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186089