TORONTO-Red Light Holland, a publicly traded magic mushroom company, claims it has ended its 14-month-old partnership with Canadian cannabis producer Halo Collective in Oregon in order to focus on a new project that it hopes will attract mushroom enthusiasts from all walks of life to the budding psychedelics market.
Red Light claims it terminated the project in order to concentrate on a new initiative dubbed “Red Light. Set. Go!” in Oregon, which will seek out candidates and offer them cash and advice so they may enter the market. According to Red Light, the first participant is Shunji Smith, a mushroom farmer from Eugene who is Japanese American.
An executive of Red Light Holland, Sarit Hashkes, adds, “We’re looking for people that have been overlooked.” “We need employees from varied backgrounds in our operations if we wish to serve diverse clientele.”
Hashkes claims that she and her colleagues were concerned when an Oregon Health Authority poll from February revealed that relatively few non-White persons were interested in the psilocybin industry. A discussion about the same situation with a state lawmaker, according to her, confirmed their worries.
In November 2020, Red Light Holland and Halo Collective made their collaboration public. In April 2021, they submitted articles of incorporation to the Oregon Secretary of State’s office.
Hashkes claims that the split was cordial. Together, we accomplished some good things.
Calls and emails to Halo Collective requesting comment went unanswered. The Halo Collective’s Medford cannabis facility, where it makes resin, sweets, and “shatter,” a concentrated cannabis extract that resembles amber, could be reached by calling the number listed on the company website. She promised to communicate something to her superiors.
Marshall Minor, Halo’s interim CFO, did not have a working phone number.
Following the passage of Measure 109 in November 2020, which authorized the controlled use of psilocybin, the hallucinogenic component of magic mushrooms, Red Light Holland and Halo were among the first reputable businesses to launch psilocybin operations in Oregon. In February, WW wrote about the gold rush.
Publicly traded companies Red Light Holland and Halo Collective both had their stocks decimated this year.
Red Light’s share price has dropped from 48 cents in February 2021 to 7.5 cents today. According to its website, Red Light offers truffles in the Netherlands that are manufactured with trace amounts of psilocybin for microdosing, or taking little amounts that are said to enhance brain function and wellbeing. This is why the company’s ticker symbol is TRUFF.
Hashkes responded that the company was “like a mycelium network” and was “very diffused” when asked whether it was based in Holland or Canada (it is unclear from the website). A fungus’s mycelium is its root-like structure.
On Red Light’s website, the most recent investor report is from the third quarter of 2021.
Shares of Halo Collective have fallen even more dramatically. They now cost 41 cents as opposed to a staggering $1,194 in April 2019. The CEO of the business was replaced just today. According to the business, Kiran Sidhu was replaced by Katharyn Field. According to Halo, Field will oversee a change in tactics. The corporation will now forgo less lucrative markets and concentrate on California.
But every cloud has a silver lining and Wiz Khalifa has a new brand. In partnership with Red Light Holland, the rapper is set to launch Mistercap Magic Truffles, a naturally occurring psilocybin, and mushroom wellness brand.
According to a press release, Mistercap products will be produced and distributed by Red Light Holland. The Pittsburgh rapper will not only market the brand to his followers and fans but also help spread an aligned view with the company on affordable and equitable access for naturally occurring psilocybin with education, information, and responsible use messages.