Mr. Todd Shapiro reports

RED LIGHT HOLLAND PSILOCYBIN MICRODOSING CAPSULES AIMED TO BE DISTRIBUTED IN EMERGING MARKETS PASS FOUR MONTH STABILITY TESTING BY C-CREST LABORATORIES IN MONTREAL, CANADA

Red Light Holland Corp. has provided updates regarding its manufacturing plans to create medical-grade homogenized natural psilocybin microdosing capsules.

Further to the announcement on Aug. 22, 2023, C-Crest Laboratories Inc., a Montreal-based cGMP (current good manufacturing practice) pharmaceutical laboratory that holds a controlled drugs and substances dealer licence, has finished four-month stability testing on Red Light Holland's natural psilocybin microdosing capsules, which received a Health Canada approved psilocybin import permit. The stability tests were completed after four months of storage and are aimed at determining the microdosing capsule's shelf life. These latest stability tests (which were done at four months, one month longer than previously announced) confirmed the capsules maintain the required amount of psychoactive compounds -- psilocybin and psilocin.

As disclosed earlier, the natural psilocybin microdosing capsules are intended to be distributed in Australia and New Zealand by Nubu Pharmaceuticals, a leading medical cannabis company based in New Zealand with distribution ties to Australia. The capsules have recently received a complete certificate of analysis confirming they are free of any pesticides, biocontaminants or heavy metals. With the coming official reports from C-Crest, Nubu Pharmaceuticals can begin to apply for an import licence.

"Red Light is very proud of these results. As far as we know, we are the first to develop and pass these rigorous tests as we continue with our plan to produce and sell lab-tested-and-approved homogenized microdosing capsules from natural psilocybin truffles to future markets," said Todd Shapiro, Red Light Holland chief executive officer and director. "Recently, the Senate subcommittee for veterans affairs in Canada, released a report recommending an expansion of psychedelic therapy for veterans. They specifically said, 'The fact that there is no source of safe product is also a barrier for those calling for accessibility to be expanded immediately.' Our hope is that our tested and verified psilocybin capsules can be part of the solution needed for safe products in Canada. We are also excited to continue working with Nubu Pharmaceuticals, with the goal of distributing our products to Australia and New Zealand. We are looking forward to C-Crest's upcoming official reports so Nubu Pharmaceuticals can begin to apply for an import license.

"This weekend, we honoured our veterans on Remembrance Day and may we never forget the sacrifices of our fallen, past and present soldiers, for our freedoms. As a company, we are aligned with the Canadian Senate's subcommittee on veterans affairs, who are urging federal, provincial and territorial governments to launch and fund a large-scale research program on psychedelic-assisted therapy due to the prevalence of suicide and posttraumatic stress disorder (PTSD) in Canadian veterans. We would be happy to immediately donate our lab-tested safe supply of naturally occurring psilocybin for research to help our veterans," added Mr. Shapiro.

"We are seeing robust results for a stable shelf life for the microdosing capsules as they passed the four-month stability testing. This is an important stage in developing high-quality natural psilocybin microdosing capsules. Red Light Holland continues to make great strides with their natural products and we are enjoying our continued synergies with the goal of helping those in need," said Alex Grenier, chief executive officer of Shaman Pharma and president of C-Crest Laboratories.

Australia recently, on Feb. 3, 2023, announced a downlisting of psilocybin in its list of controlled substances to allow psychiatrists to prescribe psilocybin to patients suffering from treatment-resistant depression. The change in scheduling was announced to take effect on July 1, 2023.

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.