Mr. Todd Shapiro reports

RED LIGHT HOLLAND UPDATES ACQUISITION AND DEVELOPMENT OF 100 ACRES OF FARMLAND IN ONTARIO, CANADA EXPANDING ITS MUSHROOM FARMS DIVISION IN NORTH AMERICA

Red Light Holland Corp. has provided an update further to its press release dated June 20, 2022, whereby the company had acquired 100 acres of farmland located in the township of Cavan-Monaghan in Peterborough, Ont., for $1.85-million paid in cash. With great enthusiasm, the Company proudly presents an initial draft 3D rendering of the future Peterborough Farm.Figure 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/2017/152298_082860c33466cbcb_001full.jpg

The Company continues to work with Acadian Exotic Mushrooms Ltd. ("AEM Farms"), an operating gourmet mushroom production facility in New Brunswick, Ontario, which is majority owned by Red Light, and co-owned by the leading Canadian mushroom farming groups and individuals: Holburne Mushroom Farm and Mike and Fernando Medeiros of Carleton Mushroom Farms, to develop two mushroom production facilities with the aggregate footprint of 65,000 sq. ft. (the "Mushroom Facilities") to be located on the Peterborough Farm. This development will enable the Company to dramatically expand its farm division ("Red Light Farms"), by adding the Peterborough Farm to its existing portfolio of farms: Happy Caps Gourmet Mushroom Farm in Halifax, Nova Scotia, AEM Farms in New Brunswick, Ontario, and MiniChamp BV Home Grow Kit Farm and Red Light's Truffle Farm - both located in Horst, The Netherlands.

The Company has had further productive conversations with the Township and is currently working with an expert mushroom farm design firm in The Netherlands and experienced Canadian engineers to finish the site plans. With the design phase nearing completion, the Company intends to submit the finalized engineered stamped plans within the next 8 weeks to the Township in order to begin the approval process as the Company seeks to obtain permits for the construction of the Mushroom Facilities.

"Red Light Holland remains very confident because of how prudent we have been at running our psychedelic business, preserving cash at a time when most of our peers are straining to attract new capital. Red Light Holland on the other hand, still has a significant cash position as we are clearly focused on increasing revenues while having a strategic and aligned plan to grow, in order to weather difficult markets and harder economic times." said Todd Shapiro, CEO and Director of Red Light Holland. "These were the same words I used in our June 20, 2022, press release and I reiterate them today again because our vision remains unchanged. We have a clear direction and don't mind being patient as we aim on growing now and in the future. We look forward to updating the market once plans are submitted, approvals are obtained, and of course when the Peterborough Farm commences operations where we expect to have significant revenue generation with the ultimate goal of always doing our best to create shareholder value. Personally I've always had a vision board with optimistic individual goals with many of my pictures coming to fruition in real life. My new Screensaver is the 3D rendering shown above. I love my new Red Light Holland vision board and look forward to the future!" added Mr. Shapiro.

Once completed, the Peterborough Farm is expected to immediately generate revenues of approximately $80,000 per week. As it ramps up to its full production capacity, the Company expects a revenue run rate of approximately $16.0 to $17.0 million per annum with strong profit margins and cash flows from operations.

The Mushroom Facilities should take approximately 18 months to construct following the submission of the final plans to the Township. The cost to build the Mushroom Facilities is estimated to be around $8.0 million.

The above referenced sales and construction information represents our previous MD&A disclosures on the topics. The sales figures were developed using both production and market demand information provided by our in-house mushroom experts.

"The purchase of 100 acres of farmland and these current engineered plans will provide AEM Farms with another great opportunity, which we feel will be very successful," said Mike Medeiros, co-owner of Carleton Mushroom Farms and President of Mushrooms Canada. "As planning continues and the permit process begins, we look forward to starting to build an advanced world class mushroom farm - so innovative and unique in fact, that only a few like it exist in the world," added Mr. Medeiros.

About Mike and Fernando Medeiros, Carleton Mushroom Farms

Carleton Mushroom Farms, located in Osgoode, Ontario, was founded in 1984 by Mike and Fernando's 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: https://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.

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.

We seek Safe Harbor.