Mr. Todd Shapiro reports

RED LIGHT HOLLAND ANNOUNCES SHARES BUYBACK UNDER NORMAL COURSE ISSUER BID

Red Light Holland Corp.'s board of directors has authorized the repurchase under a normal course issuer bid (NCIB) of up to 19,762,354 common shares in the capital of the company from time to time over the next 12 months, through the facilities of the Canadian Securities Exchange or alternative trading systems, at prevailing market prices in order to allow the company to use its excess cash reserves to strategically return value to shareholders.

"Red Light is focused on enhancing shareholder value without compromising our ambitious growth plans," commented Todd Shapiro, chief executive officer of Red Light. "We believe that our stock is significantly undervalued. This will allow us to continue investing in our future, while, at the same time, also investing in the exceptional value that our own shares represent."

Purchases under the NCIB may commence as of July 4, 2023, and will end on the earlier of: (i) July 4, 2024; or (ii) the date on which the company has purchased the maximum number of common shares to be acquired under the NCIB. The company may terminate the NCIB earlier if it feels it is appropriate to do so.

The NCIB does not obligate the company to purchase any common shares. If management decides it has a better use for its cash reserves, it is under no obligation to continue to purchase common shares, and share purchases may be suspended or terminated at any time at the company's discretion.

The company has appointed Canaccord Genuity Corp. to conduct the NCIB. The purchase and payment of the common shares will be made in accordance with the requirements of the CSE and applicable securities laws. The company will purchase common shares, through the facilities of the CSE or alternative trading systems, at the prevailing market price on the CSE at the time of purchase, subject to limitations imposed by applicable securities laws. The actual number of common shares purchased, the timing of purchases and the share price will depend on market conditions at the time and securities law requirements. All common shares acquired will be returned to treasury and cancelled.

The company's board of directors believes that the market price of the common shares may not, from time to time, reflect the underlying value of the company, specifically its growth opportunities, and that the proposed purchasing of its common shares is in the best interests of the company and represents an appropriate use of corporate funds. It is expected that any purchases made by the company could also enhance value and liquidity for its shareholders.

About Red Light Holland Corp.

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.