Supplier of Magic Truffles to the Legal, Recreational Adult Use Market in the Netherlands
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Message: Red Light Holland to Purchase 100 Acres of Farmland in Ontario, Canada as Its Mushroom Farms Division Expands in North America
- Purchase of 100 acres farmland for $1.85 Million, in Ontario, Canada to close in June 2022
- Through experienced partners, Red Light's Farm Division plan on growing mushroom production with projected additional 65,000 sq feet of Mushroom production facilities
- Mike Medeiros (AEM Partner, Carleton Mushroom Farm co-owner and President of Mushrooms Canada) excited for "massive opportunity" with Red Light as Canadian mushroom production continues to increase as more domestic and export market opportunities open up
Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) ("Red Light" or the "Company"), an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles, is pleased to announce that Red Light has signed a purchase and sales agreement to acquire 100 acres of farmland located at 620 Stewart Line, in the township of Cavan-Monaghan in Peterborough, Ontario (the "Farm") for $1.85 Million (the "Acquisition").
The purchase of the farmland by the Company will have the ability to dramatically increase the Company's production, packaging and distribution of a wide variety of fresh mushrooms. The Company intends to work with Acadian Exotic Mushrooms Ltd. ("AEM Farms"), an operational gourmet mushroom production facility in New Brunswick, Ontario, which is majority owned by Red Light (as previously disclosed on September 7, 2021), and co-owned by leading Canadian mushroom farming groups/individuals Holburne Mushroom Farm and Mike and Fernando Medeiros, who co-own Carleton Mushroom Farms, to develop the Farm into approximately 65,000 sq feet of two Mushroom production facilities (to be called "AEM Ontario"). The Acquisition will enable the Company to expand its farm division ("Red Light Farms"), which already includes Happy Caps Gourmet Mushroom Farm in Halifax, Nova Scotia, AEM Farms in New Brunswick, Ontario and Red Light's truffle farm in Horst, The Netherlands. The Company expects planning of AEM Ontario to commence immediately with construction expected to start in the Summer of 2022 as planning and productive conversations with the township of Cavan-Monaghan have already begun.
"We at Red Light are so excited that our AEM partnership with industry leaders in the mushroom sector will continue to grow on a much bigger scale," said Todd Shapiro, CEO and Director of Red Light. "Mushrooms and truffles are our core focus and I've really fallen in love and see tremendous opportunity in the exotic mushroom industry. By purchasing 100 acres of farmland, we are continuing with our incredible plan of setting up a strategic foundation focused on increasing revenues and profit, which plans on being the 'mushroom train' for psychedelic R&D, legal, regulations, advocacy, education, and product development as we advance in the psychedelic sector cautiously and carefully. As we continue to expand the Red Light Farms division, we anticipate adding additional revenue generation facilities, which could be converted to support Canadian psychedelic operations, if and when regulations permit - all with the focus on enhancing shareholder value. We look forward to updating the market when AEM Ontario commences operations and in the meantime we are pleased to add a strong asset on the books - farmland," added Mr. Shapiro.
"Todd has a clear cut and confident vision of revenue generation in a proven mushroom industry that fuels the expansion of the close cousin, psilocybin," said Bruce Linton, Chair of Red Light's advisory board. "As Todd continues to innovate, lead and push the limits, like no other company in the recreational psychedelic sector, he also grows partnerships with industry leaders to help ensure near term and future success. It's a great strategy. I'm truly excited and proud to be a part of this clever, creative and fun team who are focused on continued growth," added Mr. Linton.
"We have been so pleased with our partnership with Red Light to date. It was a no-brainer for us, together, to focus on much larger growth for the future. The purchase of 100 acres of farmland will provide us with a massive opportunity, which we feel can be very successful," said Mike Medeiros, co-owner of Carleton Mushroom Farms and President of Mushrooms Canada. "Our expertise and knowledge of the mushroom industry coupled with Red Light's psychedelic, psilocybin, branding and marketing knowledge, is a great fit and we look forward to growing strategically together," added Mr. Medeiros.
The Acquisition, which is an arm's length transaction, is subject to customary conditions of closing, is expected to close in June 2022. The consideration for the Farm being acquired will be $1.85 Million paid in cash on closing.
GRANT OF RSUS
Further to the Company's press release dated June 8, 2021, the Company has issued an aggregate of 366,232 restricted share units ("RSUs") to three (3) consultants of Radix Motion Inc. out of the reserved aggregate of 3,924,042 RSUs. The RSUs were issued on April 10, 2022 (the "RSU Issuance Date"), on a monthly vesting schedule such that 25% of the RSUs vest every month. The RSUs expire three (3) years from the RSU Issuance Date
About Mike and Fernando Medeiros and Holburne Mushroom Farm
Carleton Mushroom Farms was founded in 1984 by Mike and Fernando's parents and remains a family run business. Mike and Fernando took over day to day operations in 2005. In recent years growing capacity has tripled, and yields have steadily increased to 12 million pounds per year. Carleton Mushroom Farms implements cutting edge technologies from around the world as part of their growing practices. Website: https://www.carletonmushroom.com/.
Holburne Mushroom Farm is a local family owned and operated business that specializes in growing fresh, organic Shiitake and Oyster Mushrooms since 2005. Production of Organic Shiitake and Oyster Mushrooms has steadily increased to current yield of 1.3 million pounds per year. Proudly, the largest fresh, Organic Shiitake Mushroom growers in Canada.
About Red Light Holland
The Company is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands.
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