Mr. Todd Shapiro reports

RED LIGHT HOLLAND REPORTS THIRD QUARTER 2024 RESULTS AND REMINDER TO SHAREHOLDERS OF THE LIVE Q&A TODAY AT 4PM ET

In compliance with all applicable laws, Red Light Holland Corp. has completed the process of filing its unaudited quarterly financial statements and management discussion and analysis for the three and nine months ended Dec. 31, 2023, and 2022.

• Cash balance of $15.4-million as at Dec. 31, 2023;
• Revenue of $1.3-million (versus 2022: $1.2-million, an increase of 9.9 per cent);
• Property, plant and equipment value of $5.1-million;
• Total assets of $27.3-million.

"We continue to be pleased and remain very confident with the overall path Red Light Holland is on as our strategic and patient growth goals are being met. For the three-month period compared to the prior year, sales increased 9.9 per cent. For the nine-month period compared to the prior year, sales increased 28.9 per cent. And the quarter ended Dec. 31 represents our best quarter ever for sales at $1,291,070," said Todd Shapiro, chief executive officer and director of Red Light Holland.

"We have several companies in our portfolio that have strong income statements and healthy balance sheets and we are always looking to find ways to improve on production, distribution, marketing and business to business sales focused on even more growth. We've recently tweaked our direct-to-consumer approach as we focus on more retail sales to help with margins -- also with the goal of being more efficient for long term growth. We will continue to give increased clarity in future quarters on our 'everything mushroom company' -- with our core focus on psilocybin -- as we look to scale the business and focus on more ways to make money and save money with the ultimate aim at increasing shareholder value. Lastly, we will provide shareholders with our farm build update in Peterborough, Ont., later today as we look forward to the Q&A to answer any and all of your questions," added Mr. Shapiro.

The unaudited financial statements and management's discussion and analysis for the three and nine months ended Dec. 31, 2023, are now available on SEDAR+.

The live Q&A (question and answer) will be available on-line via Zoom today, Thursday, Feb. 29, at 4 p.m. ET.

About Red Light Holland Corp.

The company 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.