Mr. Todd Shapiro reports

RED LIGHT HOLLAND AMENDS IP LICENSE AGREEMENT WITH MISTERCAP LLC

Further to its press releases dated June 30, 2022, and July 18, 2022, Red Light Holland Corp. and Mistercap LLC have entered into an amended and restated IP licence agreement, effective today, pursuant to which the parties have agreed to pivot the direction for its line of Mistercap's mushroom grow kits toward retail and distribution channels.

The Amended Agreement, among other changes, removes all guaranteed payments payable to MISTERCAP'S, including monthly marketing fees, such that the consideration from the Company to MISTERCAP'S will be in the sole form of royalty payments going forward, being 15% for all sales under the MISTERCAP'S brand, except for sales that originate from the MISTERCAP'S website which are subject to a 20% royalty fee. Other terms in the Amended Agreement include: (i) the extension of the original IP Agreement to a term of 5 years, (ii) the Company to pay MISTERCAP'S a one-time catch-up payment in the amount of US$175,000 owed by the Company, of which US$87,500 has been paid to date and with the balance due within 45 days from today, (iii) the removal of a marketing account; and (iv) the removal of the issuance of the Company's common shares as part of any consideration payable by the Company.

The Company had previously budgeted C$1,000,000 per year to fulfill royalty fees, marketing expenses, and additional payment obligations payable to MISTERCAP'S. With the Amended Agreement in place, the Company is able to allocate its resources more efficiently, focusing on the development of retail and distribution channels for the MISTERCAP'S brand.

"We are excited to announce this amended agreement with MISTERCAP'S, which aligns with our strategic objectives to expand the reach of the MISTERCAP'S brand through retail and distribution channels," said Todd Shapiro, CEO of Red Light Holland. "We are grateful to Wiz Khalifa and his team for helping us focus on retail channels, such as our recently announced national Urban Outfitters deal in the USA. This agreement reflects our commitment to adapt to market dynamics and drive long-term value for our shareholders."

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.