Red Light Holland Commences Magic Truffles Growth Operation in the Netherlands, Months Ahead of Schedule
Toronto, Ontario--(Newsfile Corp. - August 5, 2020) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) ("Red Light Holland" or the "Company"), an Ontario-based corporation positioning itself to engage in the production, growth and sale of a its brand of magic truffles to the legal, recreational market within the Netherlands (initially, in the form of its previously announced Microdosing Packs), is pleased to announce that it has expedited the build out of its approximately 3,000 square feet, custom built, indoor growing, production and distribution facility of the Company, in Horst, the Netherlands (the "Facility") and has commenced growing its first crop of magic truffles.
"After careful research and planning, including working with our staff, consultants and contractors in the Netherlands and sourcing our truffles' genetics, substrates and the proper equipment, Red Light Holland is ecstatic to announce that we have started to grow our first batch of magic truffles, much quicker than originally anticipated. This is another important milestone for the Company and we are quite proud to be moving along so quickly and efficiently," said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland.
Red Light Holland is currently growing three different strains of magic truffles, including Psilocybe Mexicana, Psilocybe Galindoi, and Psilocybe Tampanensis, and expects to have an initial batch of approximately 100,000 grams of magic truffles available in late October, 2020. Once ready, the magic truffles will be harvested over an approximate six week period, in order to be ready for internal testing and ultimately packaging and distribution within the Netherlands.
"This is an exciting day for the Company! I feel like cutting a ribbon to celebrate with our hard working team of consultants and growers behind the scenes who have helped get us to this point so rapidly. We have remained aggressive, despite COVID-19 slowdowns and Red Light Holland's growth operation has officially begun," added Hans Derix, President of Red Light Holland (who resides in Horst).
About Red Light Holland Corp.
The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale of its brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws. The Company's brand of magic truffles are expected to be sold in the Netherlands through existing Smart Shops as well as its e-commerce platform, and are expected to be initially made available in the form of its previously announced Microdosing Packs.
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Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are 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. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to execute on its business plan, and will receive one or multiple licenses, permits, and authorizations from time to time necessary to execute on its business plan, (ii) the Company's financial condition and development plans do not change as a result of unforeseen events, (iii) there will continue to be a demand, and market opportunity, for the Company's product offerings, (iv) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, (v) the Company will be successful in completing the build-out of the Facility and distributing its product offerings on the terms and within the timelines anticipated by the Company, (vi) current and future economic conditions will neither affect the business and operations of the Company nor the Company's ability to capitalize on anticipated business opportunities, and (vii) the magic truffles currently being grown by the Company will be ready for harvest and distribution within the timelines anticipated by the Company, and in particular, will pass the testing criteria established by the Company), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company's future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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