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Red Light Holland Corp (CSE: TRIP) is a company focused on the production, growth, and sale of functional mushrooms, mushroom home grow kits, and a premium brand of psilocybin truffles. The company has recently partnered with Agro-Projects Export to construct a state-of-the-art vertical mushroom farm in Ontario. With ongoing projects in mushroom cultivation and extraction processes, Red Light Holland aims to revolutionize the mushroom industry and meet the rising demand for organic, high-quality mushrooms in global markets.
Red Light Holland (TRUFF) reported Q3 2025 financial results with mixed performance. Cash balance stood at $13.3 million as of December 31, 2024, up $504k from previous quarter. Revenue reached $1.2 million for Q3 (down 9.5% YoY) and $4.1 million for nine months (up 17.8% YoY). Gross profit margins decreased to 35.5% in Q3 from 42.3% last year.
The company reduced its Adjusted EBITDA loss by 20.7% to $684k in Q3. Notable developments include a new partnership with Costco Canada for 20,000+ kits, collaboration with Irvine Labs for psilocybin R&D, and expansion of Happy Caps distribution. However, the company faced challenges including debanking by a Tier 1 institution in January 2025, affecting the Peterborough mushroom farm project, and decreased wholesale mushroom sales.
Red Light Holland (CSE: TRIP) (OTCQB: TRUFF) announces that its subsidiary Happy Caps has received Health Canada approval (Natural Product Number - NPN) for its new Functional Daily mushroom gummies. The sugar-free product combines Shiitake and Lion's Mane mushrooms and has been validated for safety, effectiveness, and quality.
The approved health claims include being a source of fungal polysaccharides with immunomodulating properties and antioxidants. Happy Caps plans to leverage its existing network of over 330 retail locations across Canada for distribution, with product launch projected for end of May 2025. The gummies will feature the Health Canada NPN #80137179.
Red Light Holland (TRUFF) has announced a research and development partnership with Irvine Labs, an FDA-compliant and DEA-registered facility in California. The collaboration focuses on developing improved preservation techniques for psilocybin products, specifically targeting extended shelf life for naturally derived psilocybin microdosing capsules.
Irvine Labs has applied for its 2025 Psilocybin DEA quota for import and will begin testing new proprietary dehydration and packaging techniques once they receive raw materials from Red Light Holland's Netherlands farm. The partnership aims to enhance product stability and quality throughout the supply chain, with the goal of expanding into global emerging legal markets, government-funded pilot programs, and clinical trials worldwide.
The initiative combines Irvine Labs' expertise in manufacturing and compliance with Red Light Holland's natural psilocybin products to overcome preservation challenges in product development and manufacturing.
Red Light Holland (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) has announced the appointment of Keith Li as its new permanent Chief Financial Officer, effective January 22, 2025. The company, which operates in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, as well as psilocybin truffles in the Netherlands' legal recreational market, is transitioning from interim CFO Jon Szczur, who has amicably resigned to facilitate this leadership change.
Red Light Holland reports Q2 2024 financial results with revenue growth of 39.1% to $1.4 million for the quarter and 33.9% to $2.9 million for six months. The company maintains a strong cash position of $12.79 million as of September 30, 2024. Gross profit margins were 40.4% and 40.2% for three and six months respectively. EBITDA loss improved significantly, decreasing by 64.3% to $320k for the quarter. Nearly all income-generating portfolio companies showed positive operating cash flow, with notable growth across the business despite market challenges. The company's recent partnership with Costco Canada and strategic focus on functional mushrooms positions it for continued expansion.
Red Light Holland (CSE: TRIP) (OTCQB: TRUFF) has partnered with Irvine Labs, an FDA-compliant and DEA-registered facility in California, to manufacture psilocybin microdosing capsules. The partnership enables production and global distribution of 0.5 mg psilocybin capsules in pharmaceutical-grade packaging. Irvine Labs, licensed for Schedule 1-5 controlled substances, will utilize its infrastructure to manufacture the products under cGMP standards with Certificates of Analysis. The collaboration aims to reduce production costs while maintaining compliance with global standards for potential distribution in legal markets worldwide.
Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) announces that its subsidiary, Happy Caps Mushroom Farms, has received a significant reorder from Costco Canada. Following an initial order of 26,880 units of the 2kg 'Mega Block' Mushroom Home Grow Kits, Costco has placed an additional order of 6,720 units for British Columbia warehouses. The kits, featuring Shiitake, Lion's Mane, and Oyster mushroom varieties, have gained popularity since their launch.
Todd Shapiro, CEO of Red Light Holland, expressed satisfaction with Costco's ongoing support, noting the rising demand for sustainable home grow kits. Based on a previous projection, Happy Caps anticipates an additional order of approximately 6,800 units in October 2024. The company is actively exploring further opportunities with major retailers across North America and Europe to enhance its distribution network.
Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) has announced a strategic partnership between its subsidiary Happy Caps Mushroom Farms and Trailbridge Mushroom Farms in Oregon. This collaboration aims to expand production and distribution of Happy Caps' mushroom home grow kits throughout the West Coast of the United States.
Key points of the partnership include:
- Trailbridge Farms will use a 1 kg / 2.2-pound automation bagging machine loaned by Happy Caps for co-packaging grow blocks
- The partnership will boost production capacity and product availability across the West Coast
- Red Light Holland is focusing on expanding into major retail chains in the U.S.
- The company is exploring the potential for Trailbridge Farms to produce additional brands from its portfolio
A live Q&A session with CEO Todd Shapiro and CFO Jon Szczur is scheduled for September 26th, 2024, at 11:00 AM ET to provide updates and answer shareholder questions.
Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) has expanded its partnership with Costco Canada, now offering Happy Caps 2kg "Mega Block" Mushroom Home Grow Kits in 82 Costco locations across Canada. The expansion includes stores in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan.
The "Mega Block" kits feature three premium mushroom varieties: Shiitake, Lion's Mane, and Oyster, designed for easy home cultivation. Retailing at $19.99 (plus applicable taxes), these kits cater to growing consumer interest in sustainable and health-conscious living.
Todd Shapiro, CEO and Director of Red Light Holland, expressed excitement about the expanded distribution, highlighting the increased demand for their products and Costco's trust in the Happy Caps brand. The company is committed to broadening its distribution network and exploring additional partnerships with major retailers throughout North America.
Red Light Holland Corp. (CSE: TRIP) (OTCQB: TRUFF) has announced a live Q&A session on September 26th, 2024, at 11:00 AM ET, featuring CEO Todd Shapiro and CFO Jon Szczur. The company has also launched a Normal Course Issuer Bid (NCIB) to repurchase up to 20,046,794 common shares over the next 12 months through the Canadian Securities Exchange.
The NCIB, commencing on September 30, 2024, allows Red Light to use excess cash reserves to return value to shareholders. Canaccord Genuity Corp. will conduct the NCIB, with purchases made at prevailing market prices. The company's Board believes this move may enhance shareholder value and liquidity. Red Light previously repurchased 1,462,000 shares at an average price of $0.063 under a prior NCIB expiring July 4, 2024.
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