Mr. Todd Shapiro reports

RED LIGHT HOLLAND REPORTS FIRST QUARTER 2024 RESULTS

Red Light Holland Corp. has completed the process of filing its unaudited quarterly financial statements and management discussion and analysis for the three months ended June 30, 2023, and 2022.

• Cash balance of $17.5-million as at June 30, 2023;
• Revenue of $1.2-million (versus 2022: $800,000, an increase of 53.1 per cent);
• Gross profit of $500,000 (versus 2022: $300,000, an increase of 80.9 per cent);
• Property and equipment value of $4.8-million;
• 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," said Todd Shapiro, Red Light Holland chief executive officer and director. "We also acknowledge some commencement dates have been pushed back due us perfecting our planning and outlooks. However, we are proud of our team's focus and hard work, as Red Light is clearly a well-rounded and cautious company as it relates to careful spending and patient growth. As always, we are very transparent and available to any and all of our loyal shareholders, including questions surrounding our brands and launches, the 65,000-square-foot farm build in Peterborough, Ont., 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, where we truly expect to have updates in the very, and I mean the very, near future!"

With regard 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 $29.2-million, including $17.5-million of cash and cash equivalents. 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 unaudited financial statements and management's discussion and analysis for the three months ended June 30, 2023, are now available on SEDAR+.

About Red Light Holland Corp.

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.