RETRANSMISSION: Red Light Holland Receives Building Permit for AEM Farms 80,000 Square Foot Mushroom Farm, Adding Substantial Future Production Capacity

Toronto, Ontario--(Newsfile Corp. - January 16, 2024) - 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 their portfolio company, AEM Farms in Peterborough ("AEM Peterborough"), has received its building permit from the Township of Cavan-Monaghan permitting it to build an 80,000 square foot state of the art vertical exotic mushroom farm and composting facility. With this permit, Red Light Holland predicts the facility will be able to produce more than 15,000 tons of mushroom compost annually, leading to more than 7,500,000 pounds of fresh mushrooms per year. The Farm build is expected to commence immediately, with the goal of it being completed by the Fall of 2024.

Developed in collaboration with Mike Medeiros (President of Mushrooms Canada and Director of the Canadian Federation of Agriculture) and Fernando Medeiros from Carleton Mushroom Farms, plus Tonia Furlano, Nick Furlano and Steven Rotiroti (Directors of the Canadian Mushroom Growers Association) of Holburne Mushroom Farm and F&R Mushroom Farm, operating under Red Light's flagship farming brand, AEM Farms, the facility will support the Company's global and local operations with high quality, large-scale exotic mushroom production capabilities that will serve the needs of high-in-demand fresh, organic and Canadian made exotic mushroom growth in Canada and the United States.

"Peterborough is a wonderfully supportive agriculture community and we are excited to work closely with the township of Cavan-Monaghan as construction of our facility immediately commences. We are clearly excited to receive the Building Permit for AEM's expanded 80,000 square foot facility and we believe our projected future enterprise value of the farm alone will be a benefit for Red Light Holland and its investors. We will leverage our existing operational expertise to ensure we support the needs of our customers across both Canada and the United States," said Todd Shapiro, CEO and Director of Red Light Holland.

A note from our CEO:

"We remain absolutely committed at Red Light (and I say this loudly!) to continue growing the psychedelic side of our business. We are using our continuous source of data collection through customer psilocybin usage from our Netherland's farm grown products (iMicrodose and Maka) which are then sold by our distribution company (SR Wholesale) to advocate for wider spread legalization. We are proud of our self-regulatory mandates as we impact change. As well, we are advancing R&D of our micordosing homogenized capsules with CCrest Labs in Canada, with the aim of receiving a 5th psilocybin Health Canada import license with the ultimate goal of providing access for those in need. In the Netherlands, our magic truffle Farm had a record year in sales and we remain focused on increasing both magic truffle production and sales including our efforts of increased sales in our Mush Room and More retail shops in OSS and Utrecht. I wouldn't be surprised, when comparing Red Light to any other publicly traded company in the world, that we probably have grown and sold more psilocybin than any of them - as we educate and support our clients, with our responsible use policy, telecounseling availability and community events," added Shapiro.

"Mushrooms continue to be hot. Our holistic approach, infrastructure, distribution channels, consumer packaged goods, retail experience and overall farming knowledge positions us to be leaders in these growing categories for both legal consumption and health and wellness. At the end of the day whether you're a shiitake, an oyster, a lion's mane mushroom or a psilocybin based mushroom - the science is proving there are benefits for both mind and body health. We are proud to merge the mycelium network together to end stigmas and focus on help and positive change in the future through psilocybin microdosing capsules but with clear immediate goals of increased sales, increased revenue growth and increased shareholder value due to our current business strategy, hard work and unified vision," concluded Shapiro.

Current and Future Updates:

In the near future, Red Light Holland looks forward to sharing details and updates regarding:

• Red Light's partnership with CCrest Labs and NUBU Pharmaceuticals in Australia and New Zealand as the company continues to aim to import more psilocybin from the Netherlands with the goal of producing Homogenized naturally-occurring psilocybin microdosing capsules for emerging markets
  
  
• Red Light's psychedelic division; including increasing production and output in the Company's Magic Truffle Farm in Horst, the Netherlands
  
  
• Red Light's distribution company, currently selling magic truffles to over 200 smart shops across the Netherlands
  
  
• Red Light's Mushroom Home Grow Kit division including increased orders last quarter for both of their owned brands - Happy Caps in North America (over 150 retailers) and Mini-Champ in Europe. Updates for Mistercap LLC to come as well
  
  
• The launch of Red Light's Mushroom Brokerage sales division, lead by Senior VP of Sales, focused on fresh mushroom sales across North America with the goal of immediately increasing revenues
  
  
• AEM New Brunswick Farm producing shiitake mushrooms which are distributed to 47 Farm Boy stores across Ontario and are also available in over 100 retail stores in Eastern Canada, including Loblaws owned retailers in Ottawa; Costco locations in both Ottawa and Gatineau; and Whole Foods Markets in Ottawa and the consideration of potential retrofits and investment to converting AEM New Brunswick to a cGMP-grade CDS Licensed mushroom cultivation facility (working with hired consultants Cannabis Licensing Experts)
  
  
• AEM Peterborough Farm construction progress updates

From the beginning, Red Light has and will continue to make significant investments to scale its business in Canada and globally, including building corporate capabilities, developing production infrastructure, consider both M&A activity in both the exotic and psychedelic mushroom sectors and investing in the marketing and development of new value-added consumer products for both the recreational exotic mushroom and potential future psilocybin mushroom markets.

Red Light's total assets as at September 30, 2023: $28.2 million including $16.4 million of cash and cash equivalents and the company has been putting its excess cash to good use through government issued GICs, taking advantage of the current market interest rates to increase our return on investment related to these funds.

Research regarding health benefits of mushrooms:

https://docs.google.com/document/d/14G4lazUQIg3CtgUscJKK72_S5FQ8VAKKcql2386K9D4/edit?usp=sharing

About Carleton Mushroom Farms

Carleton Mushroom Farms, located in Osgoode, Ontario, was founded in 1984 by Mike and Fernando Medeiros' parents and remains a family run business. Mike and Fernando took over day to day operations in 2005. In recent years growing capacity has tripled, and yields have steadily increased to 12 million pounds per year. Carleton Mushroom Farms implements cutting edge technologies from around the world as part of their growing practices. Website: www.carletonmushroom.com.

About Holburne Mushroom Farm

Holburne Mushroom Farm, located in Greenwood, Ontario, is a local family owned and operated business that specializes in growing fresh, organic Shiitake and Oyster Mushrooms since 2005. Production of Organic Shiitake and Oyster Mushrooms has steadily increased to current yield of 1.3 million pounds per year. Proudly, the largest fresh, Organic Shiitake Mushroom growers in Canada. Website: www.holburnemushroom.ca.

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:

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

Cautionary Statement Regarding Forward-Looking Information

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 of, and costs in connection with, the execution or achievement of such objectives and milestones; the Company's future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company's business and future activities following the date hereof; advancing the Company's microdosing homogenized capsules with CCrest Labs; advocate for wider spread legalization and/or immediate access for those in need; focused on increasing both magic truffle production and sales; educate and support the Company's clients with responsible use policy, telecounseling availability, and community events; the Company's plans to positions itself to be leaders in growing categories for legal consumption and health and wellness; the Company's plans to merge the mycelium network together to end stigmas related there to; the Company's on being a part of the positive change in the future through psilocybin macrodosing capsules; the Company's goals of increased sales, increased revenue growth; and the Company will share details and updates of the foregoing as stated.

Forward-Looking information in this press release are based on certain assumptions and expected future events, namely: current and future members of management's ability to abide by the Company's business objectives and strategies from time to time established by the Company; the Company's ability to achieve the performance, meet their business objectives and milestones in their anticipated time and within the anticipated cost; the Company's ability to carry out its performance, business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones; the Company's ability to carry out its future growth prospects and intentions to pursue one or more viable business opportunities; the Company's ability to carry out its development of the Company's business and future activities following the date hereof; the Company's ability to continue advancing the Company's microdosing homogenized capsules with CCrest Labs; the Company's ability to continue its commitment to advocate for wider spread legalization and/or immediate access for those in need; the Company's ability to remain focused on increasing both magic truffle production and sales; educate and support the Company's clients with responsible use policy, telecounseling availability, and community events; the Company's ability to realize upon its plans to position itself to be leaders in growing categories for legal consumption and health and wellness; the Company's ability to realize its plans to merge the mycelium network together to end stigmas related thereto; the Company's ability to be a part of the positive change in the future through psilocybin macrodosing capsules; the Company's ability to execute upon its plans of goals of increased sales, increased revenue growth; and the Company's ability to share details and updates of the foregoing as stated.

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: current and future members of management's inability to abide by the Company's business objectives and strategies from time to time established by the Company; the Company's inability to achieve the performance, meet their business objectives and milestones in their anticipated time and within the anticipated cost; the Company's inability to carry out its performance, business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones; the Company's inability to carry out its future growth prospects and intentions to pursue one or more viable business opportunities; the Company's inability to carry out its development of the Company's business and future activities following the date hereof; the Company's inability to continue advancing the Company's microdosing homogenized capsules with CCrest Labs; the Company's inability to continue its commitment to advocate for wider spread legalization and/or immediate access for those in need; the Company's inability to remain focused on increasing both magic truffle production and sales; educate and support the Company's clients with responsible use policy, telecounseling availability, and community events; the Company's inability to realize upon its plans to position itself to be leaders in growing categories for legal consumption and health and wellness; the Company will realize its plans to merge the mycelium network together to end stigmas related thereto; the Company's inability to be a part of the positive change in the future through psilocybin macrodosing capsules; the Company's inability to execute upon its plans of goals of increased sales, increased revenue growth; and the Company's inability to share details and updates of the foregoing as stated.

Readers are cautioned that the foregoing list is not exhaustive. 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.

This press release may contain future oriented financial information ("FOFI") within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled "Cautionary Note Regarding Forward-Looking Statements" and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.

Importantly, the FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing for the Company's products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business, (iii) the Peterborough Farm's expected revenues of approximately $80,000 per week upon being operational, (iv) the estimated revenue run rate of $15.0 to $18.0 million of domestic and international annual sales per annum when the Peterborough Farm becomes operational and the resulting strong profit margins and cash flow from operations; the cost of the building being in the multiple of millions. The FOFI or financial outlook contained in this press release do not purport to present the Company's financial condition in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Cautionary Note Regarding Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results.

Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194238