Red Light
Holland Successfully
Completes
Sale and Import of iMicrodose
Psychedelic Truffles into Canada
Under a Health Canada Approved Psilocybin Import Permit
TORONTO, ON - March 16, 2021 -
InvestorsHub NewsWire - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) ("Red Light
Holland" or
the "Company")
an Ontario-based corporation engaged in the production, growth and
sale of a premium brand of magic truffles to the legal,
recreational market within the Netherlands, announces it has
completed the sale and import (the "Transaction")
of the Company's high-grade consumer packaged goods
("iMicrodose
Packs")
from the Netherlands to Canada under a Health Canada psilocybin
import permit obtained by CCrest Laboratories Inc. in
partnership with Shaman Pharma Corp.
The Transaction between Red
Light Holland and the Montreal, Quebec-based cGMP lab,
CCrest
Laboratories, is
the first of a multi-phase project to expand into the mental
wellness pharmaceutical sector by demonstrating a legally compliant
route for supplying raw materials containing psychoactive
molecules, produced abroad by Red Light Holland, and imported into
Canada.
"Today is another
ground-breaking, precedent setting and defining leap forward for
the entire Psychedelic sector as Red Light Holland has successfully
expanded the reach of iMicrodose packs across international
borders. As interest in novel psychedelic therapies increase on a
daily basis, we will continue to aim to take our natural-occurring
packaged psilocybin products to global markets, allowing Red Light
Holland to increase our distribution and sales channels.
The agreement with
Shaman Pharma to utilize its partnership with CCrest Laboratories is part of
Red Light
Holland's growth
strategy, complementing the international groundwork which we
established in the Netherlands, as one of the only legal sources
for producing natural raw materials containing psilocybin." said
Todd Shapiro, Chief Executive Officer and Director of Red Light
Holland. "The collaboration with Shaman Pharma, who have successfully
received our iMicrodose packs on Canadian
soil,
simply put,
is a significant day for the Company and its shareholders. We are
very proud to have our Netherlands grown Magic Truffles designed
for responsible use via education and information, in Canada.
They've arrived home and Red Light Holland continues to trailblaze
across the world."
The Transaction is performed
with the intent of exploring continued collaboration beyond
successfully completing the shipment of Red Light Holland's consumer packaged
goods under a Health Canada import permit. The multi-phase
scientific undertaking by CCrest Laboratories is planned to
perform each phase of developing viable ingredients to address the
demanding requirements of clinical trials, patient's Special Access
Programs, and the downstream supply of production-ready
substances.
"We are delighted to build a
relationship with Red Light Holland as we access the global
industry for the very best of both product supply and, with
recognition of their position as a market leader in establishing a
supply chain from Europe to North America, the ability to meet the
exacting needs of a globalized medical marketplace," stated
Alex Grenier, Chief Executive Officer of
Shaman Pharma and President of CCrest Laboratories. "Today, we
succeeded in demonstrating our strong ability to navigate the
stringent regulatory landscape for conducting international
transactions of controlled substances and setting the bar for
scientific excellence. Furthermore, through this collaboration with
Red Light Holland, we were pleased to find that Mr. Shapiro's
vision and ethic is well aligned with compatible long-term
objectives for pioneering the psychedelic therapy sector in a
manner that exceeds the most complex compliance
requirements."
Having successfully completed
the Transaction, Red Light Holland and Shaman Pharma are jointly
looking forward to pursuing the next phases in evaluating the
potential of the Company's psilocybin-containing raw materials as a
viable source for high-quality Active
Pharmaceutical Ingredients (APIs). This world-first achievement
marks an important milestone in securing a stronghold
position at
the forefront of the industry to supply the eventual manufacturing
of psychiatric drugs as well as for other scientific and medical
purposes.
As well, subject to regulatory
approval, Red Light Holland has engaged HE Capital Markets Ltd. to
design and implement a North American multimedia digital
advertising campaign for Red Light Holland on certain
investor-focused and financial market websites. HE will also
provide other media communications services to raise the company's
overall corporate profile in North America.
The cash consideration to be
paid by the company for these services consists of $30,000 USD for
a three-month campaign. HE acts at arm's length to Red Light
Holland and is a London-based investor relations and capital
markets advisory firm, providing comprehensive communications
solutions to public company clients in North America and Europe
through a combination of investor relations, public relations, and
digital and social media services. HE's office address is 6 Hays
Lane, London Bridge, London, SE1 2HB, United Kingdom.
About Red
Light Holland Corp.
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, in accordance with the highest standards, in
compliance with all applicable laws.
About Shaman
Pharma Corp.
Shaman Pharma is a federally
registered Canadian corporation with the mission to power
outstanding psychedelic life science innovation. Accelerating
time-to-market through its portfolio of assets, Shaman launches and
consolidates revenue-driven pharma-biotech life sciences ventures
focused on supplying psychedelic drugs & novel active
ingredients.
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 pertaining to the
Health Canada psilocybin import permit; the partnership with
CCrest
Laboratories
Inc. and Shaman Pharma Corp.; the activities proposed to be
conducted under the Health Canada import permit, including the sale
and import of the iMicrodose
packs from
the Netherlands to Canada; the optimism surrounding the Company's
expansion into the mental wellness pharmaceutical sector and the
anticipated positive outcomes of the use of the Company's products
in the 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.
Forward-looking
information is provided for the purpose of presenting information
about management's current expectations and plans relating to the
future and readers are cautioned that such statements may not be
appropriate for other purposes. Forward-looking information
involves significant risks and uncertainties and should not be read
as a guarantee of future performance or results, as actual results
may differ materially from those expressed or implied in such
forward-looking information. Those risks and uncertainties include,
among other things, risks related to: renewing federal, provincial,
municipal, local or other licenses and any inability to obtain all
necessary governmental approvals, licenses, and permits to operate
and expand the Company's facilities; regulatory or political change
such as changes in applicable laws and regulations, including
federal and provincial legalization, due to inconsistent public
opinion, perception of the medical-use and adult-use psilocybin
industry, bureaucratic delays or inefficiencies or any other
reasons; any other factors or developments which may hinder market
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. These
factors should be considered carefully, and readers are cautioned
not to place undue reliance on such forward-looking statements.
Although the Company has attempted to identify important risk
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other risk factors that cause actions,
events or results to differ from those anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in forward-looking
statements.
The Company
assumes no obligation to update forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by applicable law.
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