Mr. Todd Shapiro reports

RED LIGHT HOLLAND REPORTS SECOND QUARTER 2024 RESULTS

Red Light Holland Corp. has completed the process of filing its unaudited quarterly financial statements, and management's discussion and analysis (MD&A) for the three and six months ended Sept. 30, 2023, and 2022.

Highlights:

• Cash balance of $16.4-million as at Sept. 30, 2023;
• Revenue of $1-million (versus 2022: $700,000, an increase of 33.5 per cent);
• Gross profit of $400,000 (versus 2022: $300,000, an increase of 20 per cent);
• Property, plant and equipment value of $5.1-million;
• Total assets of $28.2-million.

"We are proud of this quarter's year-over-year growth while decreasing our burn as well. What can I say -- we love growing. We continue to remain supremely confident in our strategy as an everything mushroom company, as our Q2 2024 financial statements demonstrate. We have been resilient and clever as a team, especially regarding our focus on the psychedelic sector as we are proving that patient growth, cautious spending and a focus on revenue generations is a smarter strategy than most others in the space ... especially as our long-term strategy is to help human beings with positive change through health and wellness," said Todd Shapiro, Red Light Holland's chief executive officer and director.

"As always, we appreciate our loyal shareholders and we are excited to provide them with further updates in both North America and Europe, the final permitting process and build-out of our 65,000 square feet farm in Peterborough, Ont., and our psilocybin microdosing capsules developed and tested by partner CCrest Laboratories, aimed for distribution with NUBU Pharmaceuticals in New Zealand and Australia. Oh, and it's a bit early, but Happy Holidays to everyone. With all the challenges in this difficult world, we truly hope for the best (for all of you) during this beautifully connective and loving time of year."

With regards to the strength of the current financial position, David Ascott, Red Light Holland's chief financial officer, added: "Our financial position and liquidity remains strong, and the company currently has sufficient capital to fund its ongoing business development, and future growth and expansion plans, for the foreseeable future. The total assets as at Sept. 30, 2023, is $28.2-million, including $16.4-million of cash and cash equivalents. We have also been putting our excess cash to good use through government-issued GICs, taking advantage of the current market interest rates to increase our return on investment related to these funds."

The unaudited financial statements, and management's discussion and analysis, for the three and six months ended Sept. 30, 2023, are now available on SEDAR+.

About Red Light Holland Corp.

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.

We seek Safe Harbor.