Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), a company 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, have mutually agreed, with Mera Life Sciences ("Mera"), to terminate the relationship previously announced by the Company in its press release dated August 31, 2021.

Under the acquisition agreement dated July 29, 2021 (the "Acquisition Agreement"), Red Light Holland acquired 100% of the issued and outstanding shares of Mera for $2,450,000. The Acquisition Agreement contemplated that the consideration would be satisfied through a series of share issuances, for the aggregate issuance of 7,000,000 common shares in the capital of the Company (each a "Red Light Share") at the deemed price of $0.35 per Red Light Share. As of the date hereof, the Company has only issued and released 700,000 Red Light Shares to the vendor of Mera (the "Vendor"). The remaining 6,300,000 Red Light Shares have not been released to the Vendors due to several milestones not being fulfilled and that the final implementation of St. Vincent and the Grenadines ("SVG") regulatory framework for the psychedelics industry has yet to be established, however, the 6,300,000 Red Light Shares have now been released to the escrow agent to satisfy obligations of the Company.

"While we were excited and determined to have the opportunity to work in SVG, unfortunately their modern medicinal industry was moving slowly while we are moving quickly back home in terms of R&D. Red Light Holland is currently working with CCrest Laboratories Inc. with the goal of creating microdosing capsules from our Netherlands' grown Truffles. Our current batch is in CCrest's lab after it was imported under a fourth Health Canada approved Psilocybin Import Permit. We have also hired CLE - licensing experts - to help with the process of hopefully applying for a Controlled Drugs and Substances (CDS) Dealer's License at our facility in New Brunswick. As well, we have signed a distribution agreement with NUBU Pharmaceuticals with the goal of distributing our natural psilocybin microdosing capsules to Australia and New Zealand when their development is complete and all regulatory approvals are met," said Todd Shapiro, CEO and Director of Red Light Holland.

"We are grateful to the Government of St. Vincent and the Grenadines and we are proud of their genuine efforts to move the psychedelic industry forward. We also greatly respect that the SVG Government's recent focus was on both Covid-19 safety and Volcano relief efforts. We always wish the best for the wonderful people of SVG. I will still sit on the board of directors of Mera Life Sciences and will closely pay attention to the potential future advancement and revisit and update shareholders if there is an opportunity for the Company in the future," added Shapiro.

The Company will update its shareholders on the termination of the Acquisition Agreement during today's Q&A session after the Company's Annual General and Special Shareholders meeting at 11am (EST).

About Red Light Holland:

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.

For additional information:

Todd Shapiro
Chief Executive Officer and Director
Tel: 647-643-TRIP (8747)
Email: [email protected]
Website: www.redlight.co