• AEM New Brunswick Shiitake Mushrooms, via distribution partners, are available in 47 Farm Boy stores across Ontario
• With the addition of the Farm Boy locations, AEM New Brunswick produced Shiitake Mushrooms are now available in over 100 retail stores in Eastern Canada, including Loblaws owned retailers in Ottawa; Costco locations in both Ottawa and Gatineau; and Whole Foods Markets in Ottawa

Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), 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, is extremely pleased to announce that their portfolio company, AEM Farms in New Brunswick ("AEM Farms"), has expanded their distribution of their Shiitake Mushroom to over 100 retail locations across Canada, including 47 Farm Boy markets across Ontario and all Loblaws and Your Independent Grocer (YIG) supermarkets in Ottawa, as well as all Costco locations in Ottawa and Gatineau and Whole Foods markets in Ottawa.

"We are very pleased with the overall growth of AEM Farms, as we continue to scale up across Eastern Canada. Having AEM Farms' Shiitake Mushrooms into all 47 Farm Boy locations in Ontario, and also in Costco, Loblaws and Whole Foods Markets through distributors, is another significant step for further distribution relationships and revenue growth," said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland.

"We are also so grateful to our experienced mushroom farming partners, Mike Medeiros of Carleton Mushroom Farms, and Nick Furlano and Steven Rotoroti from Holburne Mushroom Farms as we develop and further refine our production, operations and distribution practices by working with the global mushroom community and listening to our customer success stories and feedback. These important stepping stones and invaluable relationships, knowledge and collaboration are all key factors that we believe will contribute to future growth for our company as we focus on 'Everything Mushrooms'. It's magical," added Shapiro.

"As President of the Mushrooms Canada and having been in the business for 40 odd years, I can wholeheartedly say that working with Red Light Holland as partners has been really rewarding. We have ambitious goals together and we are really pleased with the production results from AEM New Brunswick which has allowed us to work with our distribution partners, who have now helped us get into over 100 locations including all Farm Boy locations in Ontario, many Loblaws in Ottawa, YIG stores in Ottawa, Costco locations in both Ottawa and Gatineau, Whole Foods Markets in Ottawa, Produce Depots in Ottawa, Provigo stores in Gatineau, Bercy stores in Quebec and many restaurants in Ottawa, Gatineau and Quebec City," said Mike Medeiros, co-owner of Carleton Mushroom Farms and President of Mushrooms Canada.

Debt Settlement Agreement

The Company is also pleased to announce that it has finalized negotiations with the holder of convertible promissory note in the principal amount of €300,000 (the "Note") (as disclosed in the Company's news release dated March 19, 2021) in relation to its acquisition of SR Wholesale B.V. The current holder of the Note has agreed to extend the maturity for a further 12 months to March 31, 2024 (the "Transaction"). As consideration to this holder, the Company entered into a debt settlement agreement under which the Note was cancelled and the Company issued the following: (i) a secured convertible debentures (the "Debenture") with a principal amount of CAD$491,173.33 inclusive of an original issuance discount of 10%; (ii) an aggregate of 1,052,514 Warrants (as defined below); and (iii) a security agreement over specific equipment of the Company. The Debentures do not bear interest. The Debenture is convertible at the option of the holder into units of the Company (each a "Unit") at a conversion price of $0.105 per Unit. Each Unit will be comprised of (i) one common share of the Company and (ii) one quarter of one warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder to acquire one additional share of the Company for $0.1575 until March 31, 2025.

About Carleton Mushroom Farms

Carleton Mushroom Farms, located in Osgoode, Ontario, was founded in 1984 by Mike and Fernando Medeiros' 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: www.carletonmushroom.com.

About Holburne Mushroom Farm

Holburne Mushroom Farm, located in Greenwood, Ontario, 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. Website: www.holburnemushroom.ca.

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