Mr. Todd Shapiro of Red Light Holland reports

RED LIGHT HOLLAND'S LARGEST PSILOCYBIN SHIPMENT RECEIVED BY CCREST LABS IN MONTREAL WITH HEALTH CANADA APPROVED IMPORT PERMIT

Red Light Holland Corp. has provided an update on significant progress in its collaboration with CCrest Laboratories Inc. (CCrest Labs), a cGMP-certified (current good manufacturing practice) pharmaceutical laboratory based in Montreal, which possesses a controlled drugs and substances dealer licence, and Pharmala Biotech Holdings Inc. following the successful shipment of psilocybin truffles to Canada.

On April 8, 2024, Red Light Holland initiated its largest shipment to date, sending five kilograms (5,000 grams) of freshly cultivated natural psilocybin truffles from its farm in the Netherlands to CCrest Labs in Montreal, Canada. This milestone shipment, facilitated by a fifth Health Canada approved psilocybin import permit, marks a pivotal moment in the company's commitment to advancing psychedelic research.

"We are excited to continue our work with CCrest Laboratories and Pharmala as we delve deeper into the therapeutic potential of psilocybin," said Todd Shapiro, chief executive officer and director of Red Light Holland. "This largest and most significant shipment to date underscores our dedication to research and development in the psychedelic space. We anticipate near-term insights and updates to emerge from this collaboration."

The truffles will be utilized in an experimental research project aimed at developing a process for commercial manufacturing of natural-source active pharmaceutical ingredient (API) derived from Red Light Holland's psilocybin truffles. This project represents a critical step toward expanding access to standardized psilocybin products and exploring their potential therapeutic applications.

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.

About Pharmala Biotech Holdings Inc.

Pharmala Biotech Holdings is a biotechnology company focused on the research, development and manufacturing of MDXX class molecules, including MDMA (3,4-methylenedioxymethamphetamine). Pharmala was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials as well as commercial sales in selected jurisdictions; and to develop novel drugs in the same class. Pharmala is the only company currently provisioning clinical-grade MDMA for patient treatments outside of clinical trials. Pharmala's research and development unit has completed proof-of-concept research into several IP (intellectual property) families, including ALA-002, its lead drug candidate. Pharmala is a regulatory-first organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators.

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