Red Light Holland Corp. (CSE: TRIP) (OTCQB: TRUFF) reported a solid boost in sales in its first-quarter financial statements ending June 30.
The Ontario-based psilocybin truffles company recorded revenue of $1.2 million for the period, an increase of 53.1% compared to $800,000 in 2022, and gross profit of $500,000, up 80.9% from $300,000 in 2022.
The company also reported a cash balance of $17.5 million, property and equipment value of $4.8 million, and total assets of $29.2 million.
“We continue to remain very confident in our growth strategy as an ‘everything mushroom company’ as our Q1 2024 financial statements demonstrate, while remaining focused on emerging markets regarding psilocybin as our finger is most definitely on the psychedelic pulse,” CEO and director Todd Shapiro said in a statement.
He also noted that the 65,000-square-foot farm build in Peterborough, Ontario, potential M&A activity, and psilocybin microdosing capsules developed by partner CCrest Laboratories for distribution with NUBU Pharmaceuticals in Australasia are expected in the “very near future.”
CFO David Ascott added, “Our financial position and liquidity remains strong, and the company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future.”
Ascott noted that the company has been putting excess cash to good use through government-issued GICs, leveraging current market interest rates to increase return on investment related to these funds.psilocybin psychedelic microdosing mushroom fund cse capital red light holland