Red Light Holland Successfully Completes Canada’s Largest Legal Sale and Import of Psilocybe Truffles into Canada

TORONTO- Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles, is pleased to announce that it has completed another export of the Company’s freshly harvested high-grade psilocybe truffles in bulk quantity, from the Netherlands to Canada, under a Health Canada psilocybin import permit awarded to CCrest Laboratories Inc. in partnership with Shaman Pharma Corp. CCrest Laboratories received 1.5 kg of Red Light Holland’s psilocybe truffles.

This second shipment and sale from Red Light Holland to CCrest Laboratories, including three psilocybin genetics (Galindoi – Mexicana – Tampanensis), has increased logistics efficiency while again maintaining temperature-controlled refrigerated conditions from door-to-door across the Atlantic. The next phase of work in this international collaboration is to evaluate the suitability of Red Light Holland’s natural psilocybin as a source of active pharmaceutical ingredients (“API”) for scientific and potentially medical purposes.

“I’m absolutely thrilled to have completed a second, even larger import and sale from the Netherlands to Canada. This is just another milestone for Red Light Holland and our loyal shareholders. We continue our path to work within the careful means of the regulatory process with reliable partners in hopes of pushing for safe, responsible access to the company’s naturally occurring psilocybin by testing, learning and educating the public and hopefully Governments right here in Canada and across the world,” said Todd Shapiro, CEO and Director of Red Light Holland.

“We have built a truly phenomenal partnership between Red Light Holland and CCrest Labs, and really value having a true ally and partner with the necessary licenses and permits to bring our products into Canada to test them in a pharma setting. This, alongside our recently announced acquisition of Mera Life Sciences, proves out Red Light Holland’s mandate of pursuing research and development, technology and applied science while spending capital cautiously and responsibly, within the Scarlette Lillie Science and Innovation division.”

CCrest Laboratories, a cGMP pharmaceutical laboratory in Montreal specializing in highly regulated narcotics, including psychedelics, holds a Health Canada Controlled Drugs and Substances License, and received federally issued import permits for the restricted drug Psilocybin. Red Light Holland completed an initial import with CCrest in March 2021, which has yielded positive results in the first phase of the scientific research.

Shaman Pharma, working in conjunction with CCrest Laboratories, is developing cGMP compliant scientific methods and protocols of Quality Control, Analysis and Extraction, aimed at industrial-scale commercialization of medical purpose psychedelic substances in this emerging pharmaceutical sector. Together with Red Light Holland, the companies are setting the pace at which regulatory requirements are exceeded, opening a new realm of possibilities for disruptive healthcare innovation.

“Considering that, ever since the 60’s prohibition, academia has enjoyed an unmitigated monopoly on psychedelic research, we are extremely proud of our work with Red Light Holland making us the first and only private sector companies known to have achieved repeat international production and shipment of psilocybin truffles,” commented Alex Grenier, CEO of Shaman Pharma and President of CCrest Laboratories. “There is only one time to be the world’s first at anything, and we have done it again. Our goal is to keep breaking through these boundaries, to bring the psychedelic renaissance, to advance well-being and mind expansion.”

Once made available, Red Light Holland will be excited to share the scientific results with its customers, shareholders, and the expanding psychedelic industry, as the company continues to establish itself as a leader in the recreational sector and push for legal and safe access to psilocybin while Scarlette Lillie Science and Innovation pursues psychedelic research and development, technology and applied science.

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Red Light Holland. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to: statements with respect to the evaluation and testing of the Company’s naturally occurring psilocybe truffles by CCrest Laboratories for scientific and medical purposes; the potential of the Company’s products being used for scientific and medical purposes; statements with respect to the Company’s expansion into the mental wellness pharmaceutical sector; the future sharing of the test results with the Company’s customers and shareholders; and the Company’s ability to establish itself as the leader in the recreational psychedelics sector.

Forward-looking information is based on a number of key expectations and assumptions made by Red Light Holland, including without limitation: the COVID-19 pandemic impact on the Canadian economy and Red Light Holland’s business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Red Light Holland’s business; there will be a demand for Red Light Holland’s products in the future; no unanticipated expenses or costs arise; the Company will be able to continue to develop products that are allowed to be imported and sold under Health Canada’s import permit; and the partnership with Shaman Pharma Corp. will help Red Light Holland to achieve its business goals. Although the forward-looking information contained in this news release is based upon what the Company believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the inability of the Company to continue as a going concern; the inability of the Company to obtain all necessary governmental and/or other regulatory approvals, licenses, and permits necessary to operate and expand the Company’s facilities; the effect of regulatory and/or political change and its effect on the legislation and regulations surrounding the psychedelics industry; p negative perception of the medical-use and adult-use psilocybin industry; the inability of CCrest to complete the planned testing of the Company’s products; the potential unviability of psylocibin for medical and/or scientific purposes; the inability of the Company to continue its growth; the Company’s limited operating history; reliance on management; the Company’s requirements for additional financing; and competition for mental health and wellness investments.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.