Red Light Holland Advances in Psilocybin Research and Development

LOS ANGELES- Red Light Holland Corp., a North American and European producer of functional mushrooms and mushroom home grow kits, is set to provide an update on its Research and Development (R&D) collaboration with CCrest Laboratories Inc. and PharmAla Biotech Holdings Inc. The company has recently initiated the export of 5 kg of natural psilocybin truffles to CCrest Laboratories, marking the company’s largest shipment to date. This shipment is part of an experimental research project aimed at developing a process for the commercial manufacture of natural-source Active Pharmaceutical Ingredient (API) derived from the company’s psilocybin truffles.

In addition, Red Light Holland has closed a non-brokered private placement of secured convertible debenture units, raising aggregate gross proceeds of $750,000. The offering was led by Plaza Capital and consisted of secured convertible debentures and common share purchase warrants. The debentures, maturing on April 8, 2025, do not bear interest and may be converted into common shares at a conversion price of $0.06 per share.

The company has also agreed to issue settlement units to the lead investor as an extension fee for settling a matured debenture and reducing the interest rate on the new debenture to zero. The net proceeds from the offering will be used for the ongoing development of the company’s business model and for general working capital purposes.

The securities issued as part of the settlement units and all warrants issued pursuant to the offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.