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

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.”

-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:

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.

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