Mr. Todd Shapiro reports

RED LIGHT HOLLAND REPORTS 2023 AUDITED YEAR END RESULTS

Red Light Holland Corp. has completed the process of filing its audited annual financial statements and management discussion and analysis for the financial years ended March 31, 2023, and 2022.

Highlights:

• Cash balance of $18.5 million as at March 31, 2023
• Revenue of $3.95 million (vs 2022: $2.3 million, an increase of 69.8%)
• Gross profit of $1.7 million (vs 2022: $0.6 million, an increase of 176.3%)
• Property and equipment value of $4.8 million
• Total assets of $30.1 million

"During our fiscal 2023 we realized significant growth in both the Netherlands and Canada through all of our operations while being cautious with our spending, as driving towards the path to profitability remains our core focus. We've increased production, distribution and points of sale of both magic truffles and exotic mushrooms across many countries and we continue to be aggressive with our core focus on legal naturally occurring psilocybin adult access and with our 'everything mushroom' approach to growing our brands, growing our fully vertically integrated business clearly aimed at growing our revenues in both legal and emerging markets, " said Todd Shapiro, Red Light Holland CEO and Director.

Shapiro added: "We are very excited for the next few months and we will continue to update our loyal shareholders as we are supremely confident with our growth strategy and overall plans; including following up with information on all of our brands and launches, the 65,000 square feet farm build in Peterborough, Ontario, any potential M&A activity and our psilocybin microdosing capsules developed and tested by partner CCrest Laboratories aimed for distribution with NUBU Pharmaceuticals in Australasia."

With regards to the strength of the current financial position, David Ascott, Red Light Holland Chief Financial Officer, 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. The total assets as at March 31, 2023 is $30.1 million which includes Red Light's continued balance sheet strength including $18.5 million of cash and cash equivalents. During the year, we added tangible capital assets in the amount of $1.9 million consisting of 100 acres of farmland in Ontario. We have also been putting our 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."

The Audited Financial Statements and Management's Discussion and Analysis for the year ended March 31, 2023 are now available on SEDAR.

About Red Light Holland

The Company 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.