Mr. Todd Shapiro reports

RED LIGHT HOLLAND RECEIVES BUILDING PERMIT FOR AEM FARMS 80,000 SQUARE FOOT MUSHROOM FARM, ADDING SUBSTANTIAL FUTURE PRODUCTION CAPACITY

Red Light Holland Corp.'s portfolio company, AEM Farms in Peterborough, has received its building permit from the township of Cavan-Monaghan, permitting it to build an 80,000-square-foot state-of-the-art vertical exotic mushroom farm and composting facility. With this permit, Red Light Holland predicts the facility will be able to produce more than 15,000 tons of mushroom compost annually, leading to more than 7.5 million pounds of fresh mushrooms per year. The farm build is expected to commence immediately, with the goal of it being completed by the fall of 2024.

Developed in collaboration with Mike Medeiros (president of Mushrooms Canada and director of the Canadian Federation of Agriculture) and Fernando Medeiros from Carleton Mushroom Farms, plus Tonia Furlano, Nick Furlano and Steven Rotiroti (directors of the Canadian Mushroom Growers Association) of Holburne Mushroom Farm and F&R Mushroom Farm, operating under Red Light's flagship farming brand, AEM Farms, the facility will support the company's global and local operations with high-quality, large-scale exotic mushroom production capabilities that will serve the needs of high-in-demand fresh, organic and Canadian-made exotic mushroom growth in Canada and the United States.

"Peterborough is a wonderfully supportive agriculture community and we are excited to work closely with the township of Cavan-Monaghan as construction of our facility immediately commences. We are clearly excited to receive the building permit for AEM's expanded 80,000-square-foot facility, and we believe our projected future enterprise value of the farm alone will be a benefit for Red Light Holland and its investors. We will leverage our existing operational expertise to ensure we support the needs of our customers across both Canada and the United States," said Todd Shapiro, chief executive officer and director of Red Light Holland.

A note from Red Light Holland's CEO

"We remain absolutely committed at Red Light (and I say this loudly) to continue growing the psychedelic side of our business. We are using our continuous source of data collection through customer psilocybin usage from our Netherland's farm-grown products (iMicrodose and Maka) which are then sold by our distribution company (SR Wholesale) to advocate for wider spread legalization. We are proud of our self-regulatory mandates as we impact change. As well, we are advancing R&D [research and development] of our microdosing homogenized capsules with CCrest Labs in Canada, with the aim of receiving a fifth psilocybin Health Canada import licence, with the ultimate goal of providing access for those in need. In the Netherlands, our magic truffle farm had a record year in sales and we remain focused on increasing both magic truffle production and sales, including our efforts of increased sales in our Mush Room and More retail shops in OSS and Utrecht. I wouldn't be surprised, when comparing Red Light to any other publicly traded company in the world, that we probably have grown and sold more psilocybin than any of them -- as we educate and support our clients, with our responsible-use policy, telecounselling availability and community events," added Mr. Shapiro.

"Mushrooms continue to be hot. Our holistic approach, infrastructure, distribution channels, consumer packaged goods, retail experience and overall farming knowledge positions us to be leaders in these growing categories for both legal consumption, and health and wellness. At the end of the day, whether you're a shiitake, an oyster, a lion's mane mushroom or a psilocybin-based mushroom -- the science is proving there are benefits for both mind and body health. We are proud to merge the mycelium network together to end stigmas, and focus on help and positive change in the future through psilocybin microdosing capsules, but with clear immediate goals of increased sales, increased revenue growth and increased shareholder value due to our current business strategy, hard work and unified vision," concluded Mr. Shapiro.

Current and future updates

In the near future, Red Light Holland looks forward to sharing details and updates regarding:

• Red Light's partnership with CCrest Labs, and NUBU Pharmaceuticals in Australia and New Zealand as the company continues to aim to import more psilocybin from the Netherlands, with the goal of producing homogenized naturally occurring psilocybin microdosing capsules for emerging markets;
• Red Light's psychedelic division, including increasing production and output in the company's magic truffle farm in Horst, the Netherlands;
• Red Light's distribution company, currently selling magic truffles to over 200 smart shops across the Netherlands;
• Red Light's mushroom home grow kit division, including increased orders last quarter for both of its owned brands -- Happy Caps in North America (over 150 retailers) and Mini-Champ in Europe. Updates for Mistercap LLC to come as well;
• The launch of Red Light's mushroom brokerage sales division, lead by senior vice-president of sales, focused on fresh mushroom sales across North America with the goal of immediately increasing revenues;
• AEM New Brunswick farm producing shiitake mushrooms which are distributed to 47 Farm Boy stores across Ontario, and are also available in over 100 retail stores in Eastern Canada, including Loblaw-owned retailers in Ottawa, Costco locations in both Ottawa and Gatinea, and Whole Foods Markets in Ottawa; and the consideration of potential retrofits and investment to converting AEM New Brunswick to a cGMP (current good manufacturing practice)-grade CDS (controlled substance dealer)-licensed mushroom cultivation facility (working with hired consultants Cannabis Licensing Experts);
• AEM Peterborough farm construction progress updates.

From the beginning, Red Light has and will continue to make significant investments to scale its business in Canada and globally, including building corporate capabilities, developing production infrastructure, considering both M&A (merger and acquisition) activity in both the exotic and psychedelic mushroom sectors, and investing in the marketing and development of new value-added consumer products for both the recreational exotic mushroom and potential future psilocybin mushroom markets.

Red Light's total assets as at Sept. 30, 2023: $28.2-million, including $16.4-million of cash and cash equivalents, and the company has been putting its excess cash to good use through government issued GICs (guaranteed investment certificates), taking advantage of the current market interest rates to increase the company's return on investment related to these funds.

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.