Red Light Holland Begins Stability Testing For Its Psilocybin Microdosing Capsules Developed and Tested By Partner CCrest Laboratories Aimed For Distribution With NUBU Pharmaceuticals In Australasia

• Stability tests for the dehydrated homogenized psilocybin truffles grown in Red Light Holland farms in the Netherlands, required for transforming the natural truffles into medicinal microdosing capsules has started, following encapsulation.

Toronto, Ontario--(Newsfile Corp. - June 19, 2023) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), a company 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, is thrilled to announce updates regarding its manufacturing plans to create homogenized natural psilocybin microdosing capsules.

CCrest Laboratories Inc. ("CCrest Laboratories"), a Montreal-based cGMP pharmaceutical laboratory that holds a Controlled Drugs & Substances Dealer's License from Health Canada, have finished encapsulation of Red Light Holland's Natural Psilocybin grown in the Netherlands that were imported to Canada under a Health Canada license and began stability testing. Stability Testing is planned for 12 months under normal conditions, to determine the microdosing capsule's shelf life. In addition, accelerated stability testing under higher temperature and higher humidity conditions has begun to expedite results required to get an import licence for our partners in Australia, Nubu Pharmaceuticals.

As disclosed previously, the natural psilocybin microdosing capsules are intended to be distributed in Australasia by NUBU Pharmaceuticals ("NUBU Pharmaceuticals"), a leading medical cannabis company based in New Zealand with distribution ties to Australia.

"Step by step we continue to get closer to our goal to bring about an excellent natural psilocybin microdosing product that has the potential of helping many people," said Todd Shapiro, Red Light Holland CEO and Director. "Our excellent partnership continues to break new grounds in the psychedelic industry, as far as we know we are the first to develop microdosing capsules from natural psilocybin truffles for legal markets."

"Stability testing is an important stage in developing high quality natural psilocybin microdosing capsules so we are glad to make significant progress towards the end product," said Alex Grenier, CEO of Shaman Pharma and President of CCrest Laboratories.

Australia has recently, on February 3, 2023, announced a down-listing of psilocybin in its list of controlled substances to allow psychiatrists to prescribe psilocybin to patients suffering from treatment resistant depression. The change in scheduling was announced to take effect on July 1, 2023.

About Red Light Holland

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.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website: www.RedLight.co

About Shaman Pharma Corp.

Shaman Pharma is a federally registered Canadian corporation with the mission to power outstanding psychedelic life science innovation. Accelerating time-to-market through its portfolio of assets, Shaman launches and consolidates revenue-driven pharma-biotech life sciences ventures focused on supplying psychedelic drugs & novel active ingredients.

About NUBU Pharmaceuticals

Formed in 2017, NUBU Pharmaceuticals (New Zealand's largest medicinal cannabis distribution company) specializes in the distribution of therapeutics from the new frontier of medicine, including cannabis and psychedelics. The company also develops New Zealand-made cannabis products for export markets, harnessing two of New Zealand's great strengths, it's innovative culture and unique botanicals.

For additional information on the Company:

Mark Dye
Co-Founder/Chief Executive Officer
Tel: +649-360 0204
Email: mark.dye@nubupharma.com
Website: www.nubupharma.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's performance, business objectives and milestones and the anticipated timing thereof, and costs in connection with, the execution or achievement of such objectives and milestones, including its plans to continue seeking legal opportunities to increase responsible access to natural psilocybin around the world and NUBU Pharmaceutical's distribution of the Company's microsdosing capsules in Australasia; the Company and the Company's partners, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described, including bringing a microdosing product that has the potential of helping many people; complete stability tests; the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's continued commitment to its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and that the Company will provide updates with respect to its continued work with its partners on the microdosing capsules.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to maintain or exceed its current performance, and carry out its business objectives and milestones and under the anticipated timing and costs in connection with, the execution or achievement of such objectives and milestones; the Company and the Company's partners' abilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; Complete stability tests. the ability of the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's ability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and the Company's ability to provide updates with respect to its continued work with its partners on the microdosing capsules.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to maintain or exceed its current performance, and carry out its business objectives and milestones and under the anticipated timing and costs in connection with, the execution or achievement of such objectives and milestones; the Company and the Company's partners' inabilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; the inability of the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's inability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; and the Company's inability to provide updates with respect to its continued work with its partners on the microdosing capsules.

Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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