Red Light Holland Reports Third Quarter 2025 Results
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 (TRUFF) ha riportato i risultati finanziari del terzo trimestre 2025 con prestazioni miste. Il saldo di cassa si attestava a 13,3 milioni di dollari al 31 dicembre 2024, in aumento di 504k dollari rispetto al trimestre precedente. I ricavi hanno raggiunto 1,2 milioni di dollari per il terzo trimestre (in calo del 9,5% rispetto all'anno precedente) e 4,1 milioni di dollari per i nove mesi (in aumento del 17,8% rispetto all'anno precedente). I margini di profitto lordo sono diminuiti al 35,5% nel terzo trimestre rispetto al 42,3% dell'anno scorso.
La società ha ridotto la sua perdita di EBITDA rettificato del 20,7% a 684k dollari nel terzo trimestre. Sviluppi notevoli includono una nuova partnership con Costco Canada per oltre 20.000 kit, collaborazione con Irvine Labs per R&S sulla psilocibina e espansione della distribuzione di Happy Caps. Tuttavia, l'azienda ha affrontato sfide, tra cui la chiusura dei conti da parte di un'istituzione di primo livello nel gennaio 2025, che ha influito sul progetto della fattoria di funghi di Peterborough, e la diminuzione delle vendite all'ingrosso di funghi.
Red Light Holland (TRUFF) reportó resultados financieros del tercer trimestre de 2025 con un desempeño mixto. El saldo de efectivo se situó en $13.3 millones al 31 de diciembre de 2024, un aumento de 504k dólares respecto al trimestre anterior. Los ingresos alcanzaron 1.2 millones de dólares en el tercer trimestre (una disminución del 9.5% interanual) y 4.1 millones de dólares en nueve meses (un aumento del 17.8% interanual). Los márgenes de utilidad bruta disminuyeron al 35.5% en el tercer trimestre desde el 42.3% del año pasado.
La compañía redujo su pérdida de EBITDA ajustado en un 20.7% a 684k dólares en el tercer trimestre. Los desarrollos notables incluyen una nueva asociación con Costco Canadá para más de 20,000 kits, colaboración con Irvine Labs para I+D de psilocibina, y expansión de la distribución de Happy Caps. Sin embargo, la empresa enfrentó desafíos, incluida la pérdida de cuentas por parte de una institución de primer nivel en enero de 2025, lo que afectó el proyecto de la granja de hongos de Peterborough, y la disminución de las ventas mayoristas de hongos.
레드 라이트 홀랜드 (TRUFF)는 2025년 3분기 재무 결과를 혼합된 성과로 보고했습니다. 현금 잔고는 2024년 12월 31일 기준으로 1,330만 달러에 달하며, 이전 분기보다 50만 4천 달러 증가했습니다. 3분기 매출은 120만 달러에 도달했으며(전년 대비 9.5% 감소), 9개월 동안의 매출은 410만 달러(전년 대비 17.8% 증가)였습니다. 총 이익률은 지난해 42.3%에서 3분기 35.5%로 감소했습니다.
회사는 3분기 조정된 EBITDA 손실을 20.7% 줄여 68만 4천 달러로 기록했습니다. 주목할 만한 발전으로는 20,000개 이상의 키트를 위한 코스트코 캐나다와의 새로운 파트너십, 실로시빈 연구개발을 위한 어바인 랩스와의 협력, 해피 캡스 배급의 확장이 포함됩니다. 그러나 회사는 2025년 1월 1급 기관의 은행 계좌 폐쇄로 인해 피터버러 버섯 농장 프로젝트에 영향을 미치고, 도매 버섯 판매 감소와 같은 도전에 직면했습니다.
Red Light Holland (TRUFF) a annoncé des résultats financiers pour le troisième trimestre 2025 avec des performances mixtes. Le solde de trésorerie était de 13,3 millions de dollars au 31 décembre 2024, en hausse de 504k dollars par rapport au trimestre précédent. Les revenus ont atteint 1,2 million de dollars pour le troisième trimestre (en baisse de 9,5% par rapport à l'année précédente) et 4,1 millions de dollars pour les neuf mois (en hausse de 17,8% par rapport à l'année précédente). Les marges bénéficiaires brutes ont diminué à 35,5% au troisième trimestre contre 42,3% l'année dernière.
L'entreprise a réduit sa perte d'EBITDA ajusté de 20,7% à 684k dollars au troisième trimestre. Parmi les développements notables, on trouve un nouveau partenariat avec Costco Canada pour plus de 20 000 kits, une collaboration avec Irvine Labs pour la recherche et le développement sur la psilocybine, et l'expansion de la distribution de Happy Caps. Cependant, l'entreprise a rencontré des défis, notamment la fermeture de comptes par une institution de premier ordre en janvier 2025, ce qui a affecté le projet de la ferme de champignons de Peterborough, ainsi qu'une diminution des ventes de champignons en gros.
Red Light Holland (TRUFF) berichtete über die finanziellen Ergebnisse des dritten Quartals 2025 mit gemischter Leistung. Der Kassenbestand betrug zum 31. Dezember 2024 13,3 Millionen Dollar, ein Anstieg um 504k Dollar im Vergleich zum vorherigen Quartal. Der Umsatz erreichte 1,2 Millionen Dollar im dritten Quartal (ein Rückgang von 9,5% im Jahresvergleich) und 4,1 Millionen Dollar in neun Monaten (ein Anstieg von 17,8% im Jahresvergleich). Die Bruttomargen sanken im dritten Quartal auf 35,5% von 42,3% im Vorjahr.
Das Unternehmen verringerte seinen bereinigten EBITDA-Verlust um 20,7% auf 684k Dollar im dritten Quartal. Zu den bemerkenswerten Entwicklungen gehören eine neue Partnerschaft mit Costco Kanada für über 20.000 Kits, die Zusammenarbeit mit Irvine Labs für die F&E von Psilocybin und die Erweiterung der Verteilung von Happy Caps. Das Unternehmen sah sich jedoch Herausforderungen gegenüber, darunter die Schließung von Konten durch eine Tier-1-Institution im Januar 2025, die das Projekt der Pilzfarm in Peterborough beeinträchtigte, sowie einen Rückgang der Großhandelsverkäufe von Pilzen.
- Cash balance increased by $504k QoQ to $13.3M
- Nine-month revenue up 17.8% YoY to $4.1M
- Adjusted EBITDA loss reduced by 20.7% to $684k
- Secured 20,000+ unit reorder from Costco Canada
- Portfolio companies showing positive operating cash flow
- Q3 revenue declined 9.5% YoY to $1.2M
- Gross profit margin decreased to 35.5% from 42.3% YoY
- Debanked by Tier 1 institution affecting operations
- Peterborough farm project facing delays due to banking issues
- Shiitake sales declined in Q3
Key Highlights:
Cash Balance:
$13.3 million as of December 31, 2024, including restricted cash of$763 k ($14.4 million as at March 31, 2024)Cash Increase: Up
$504 k from the previous quarter due to collections from Costco and sales tax refunds receivedAdditional Cash: Received sales tax refund and interest on November 19, 2024, of
$869 k including interest, and decreased cash outflows by$2.0 million from previous year due to increased earnings from the companies, reduction in G&A, and sales tax collectionsRevenue for Three and Nine Months:
$1.2 million and$4.1 million respectively (down9.5% and up17.8% from$1.3 million and$3.5 million in 2023)Gross Profit for Three and Nine Months:
35.5% and38.9% respectively (42.3% and45.6% in 2023), with a decrease of24.1% and an increase of5.1% increase respectively in gross profit dollarsAdjusted EBITDA Loss for Three and Nine Months:
$684 k and$1,736 k respectively ($862 k and$2,343 k in 2023, down20.7% and25.9% )Total Assets:
$22.2 million ($24.1 million as at March 31, 2024)
Toronto, Ontario--(Newsfile Corp. - February 26, 2025) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), 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, announces its financial and operational results for the three and nine months ended December 31, 2024, the highlights of which are included in this news release. All figures are reported in Canadian dollars. The Company's full set of unaudited condensed interim consolidated financial statements for the three and nine months ended December 31, 2024, and accompanying management's discussion and analysis can be accessed by visiting the Company's website at www.RedLight.co and its profile page on SEDAR+ at www.sedarplus.ca.
Todd Shapiro, CEO and Director of Red Light Holland, commented:
"Our financial performance in the third quarter of 2025 reflects our commitment to sustainable growth, strategic partnerships, while maintaining strong control in cash. While revenues for the quarter were slightly down due to lower wholesale mushroom sales and from a returned purchase order from Costco Canada, we've continued to grow our revenues by a
"Despite broader market challenges, tourism being down in the Netherlands, being debanked in Canada, lack of regulatory changes and uncertain economic forecasts from the market, Red Light Holland has proven the resilience of our business model. Our diversified portfolio, including our latest partnership and re-order with Costco Canada and our soon-to-be announced purchase order with a major retailer in the United States, positions us for continued success. We continue to advance our mission to deliver safe and accessible psilocybin products while maintaining high-quality standards. Irvine Labs, in California, is an ideal partner as we push to expand into global emerging legal markets. With our partnership with Irvine Labs, it definitely adds a significant addition to our psilocybin R&D repertoire with the ultimate aim of production, distribution and commercialization," added Shapiro.
Key Achievements:
Strategic Revenue Growth: Achieved approximately
18% revenue growth in Q3 2025, on a quarter-over-quarter basis, compared to Q3 2024, not including the latest impactful Costco Canada reorder/partnership with Happy Caps expected to be in Costco Canada's locations in Spring 2025.Diversified Portfolio: Continued focus on expanding our brand recognition and overall retail distribution channels across Europe and North America, with current sales surpassing
$15.2 million since going public in 2020.Prudent Cash Management: Significantly reduced the Company's cash burn, reinforcing our focus on financial stability and long-term profitability.
Operational Efficiency: Nearly all of our portfolio-generating companies over the last four quarters have been operating in the black, with positive operating cash flow, excluding non-cash depreciation, corporate costs, and other non-operational expenses, demonstrating our effective management and execution.
Global Expansion: Now operating in the Netherlands, EU, Canada, and the U.S., with plans to grow functional mushroom and psilocybin production/distribution in North America, Europe and Australasia as regulations evolve.
Company Updates:
Netherlands Retail Shift: Sold the inventories and assets of the Oss store in early October for €25,000 to cut costs; launched the Utrecht store online platform offering legal psilocybin truffles, cannabis supplies, and mushroom supplements. However, retail continues to be challenging and Management will review our long-term retail strategy closely for Mush Room & More both online and in store.
Psilocybin Truffle Growth: Horst (the Netherlands) farm cash-positive, supplying SR Wholesale with popular iMicrodose and Maka truffle lines sold across Dutch SmartShops.
SR Wholesale Resilience: Steady revenue and profit despite tourism slowdown, driven by expanded products and distribution.
MiniChamp Surge: Best Quarter to date with redesigned home grow kits fueling European demand, a significant order continually being distributed to a German company; as well as another large client in France. We continue to pursue sales across Europe.
AEM Ontario (Peterborough Farm) Progress & Hurdles: Previous updates showed that we had secured a permit for an 80,000 sq ft Peterborough Mushroom farm and completed prep and roadwork, but a Tier 1 banking institution debanked the Company in January 2025, over reputational risk during a construction loan application, despite our long-standing relationship and strong financial health. This banking loss complicates financing and building expenditures, potentially delaying the project further - solutions and optionality are being explored with updates expected soon.
AEM New Brunswick (Shiitake Farm) Challenges: Shiitake sales were down in Q3, but the Company remains optimistic that we can get back to selling 4,000-5,000 lbs/week as sales have increased over the last month, showing future promising projections.
Happy Caps Home Grow Mushroom Kits Progression: Acquired full ownership, moved production to Ontario for cost savings; now in 350+ stores (seasonally) including in Costco Canada (despite a previous returned order); Costco Canada has committed to a significant unit reorder of 20,000 plus kits this spring. As well, a major U.S. retailer is committed for further retail distribution later this spring, via our partner in Oregon - Trailbridge Farms.
Happy Caps Innovation: Upcoming Lion's Mane/Shiitake gummies set for April/May 2025 beta launch and received a Health Canada Natural Product Number.
Psilocybin R&D Advances: New partnership with California-based Irvine Labs (FDA/DEA-compliant) for microdosing capsules; as we continue progressing with CCrest Laboratories in Montreal, and Allu Therapeutics aiming for future Australia/New Zealand distribution.
Veteran Support: Exploring Dimensions Healings partnership to enable legal psilocybin access for PTSD. The Company is also hopeful that Health Canada will approve another CCrest Laboratories' import permit to use the Company's psilocybin grown in the Netherlands for its microdosing capsules. Updates to come regarding this potential collaboration.
Banking Hurdles and Updates: A Tier 1 banking institution debanked the Company in January 2025 over compliance challenges related to the Company's legal Dutch operations. AEM New Brunswick Farm (exclusively) has since established banking relationships with another Tier 1 bank, while the Company is exploring solutions to gain Tier 1 banking activities for its other subsidiaries, including AEM Peterborough. The Company's banking activities in the Netherlands remains strong.
M&A Activity: The Company presented non-binding offers to two potential acquisition targets. However, terms couldn't be finalized with either party. We remain focused on exploring M&A opportunities, aiming to acquire companies at valuations below their asking price while offering working capital support - a key need for many targets we're engaging with, given their limited access to funds, even with fundamentally sound business growth plans.
Forward Outlook:
Red Light Holland remains committed to focusing on a strategic path aimed at profitability and continued advocacy for responsible adult access and the 'right to try' psilocybin to help those in need. As we expand our product offerings and distribution, we are positioned to capitalize on emerging market opportunities while building long-term shareholder value as an "everything" mushroom company.
Selected financial information for the third quarter ended December 31, 2024:
(Expressed in Canadian Dollars)
Consolidated Statements of Net Loss
| Three Months ended December 31, | Nine Months ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | 1,168,453 | 1,291,070 | 4,094,971 | 3,476,072 | ||||||||
| Cost of Sales | 753,674 | 744,671 | 2,503,588 | 1,961,908 | ||||||||
| Gross Profit | 414,779 | 546,399 | 1,591,383 | 1,514,164 | ||||||||
| Gross profit as a % of sales | ||||||||||||
| Operating Expenses | ||||||||||||
| General and administrative | 1,423,444 | 1,713,185 | 4,378,230 | 4,718,690 | ||||||||
| Share-based payments | (21,560 | ) | 155,827 | 712,345 | 1,222,136 | |||||||
| Interest expense | 42,985 | 71,893 | 125,103 | 178,697 | ||||||||
| Research | (123 | ) | 2,159 | 24,789 | 48,245 | |||||||
| Loss Before Other Items and Taxes | (1,029,967 | ) | (1,396,665 | ) | (3,649,084 | ) | (4,653,604 | ) | ||||
| Other Items | ||||||||||||
| Reversal of provision for sales taxes | - | - | 163,249 | - | ||||||||
| Unrealized gains (loss) in FV of marketable securities | - | 4,159 | - | (32,867 | ) | |||||||
| Gain on termination of contract | - | - | 161,924 | - | ||||||||
| Contract termination fee | - | - | (171,883 | ) | - | |||||||
| Realized gain on sale of property, plant and equipment | 4,167 | - | 4,167 | 13,138 | ||||||||
| Gain on leases decommission | 4,284 | - | 4,284 | - | ||||||||
| Foreign exchange gains (loss) | 2,104 | (2,719 | ) | (6,900 | ) | (746 | ) | |||||
| Change in fair value of derivative liability | - | 11,037 | - | 38,405 | ||||||||
| Change in fair value of call option | - | - | - | (28,110 | ) | |||||||
| Change in fair value of convertible debenture | - | - | 113,615 | - | ||||||||
| Interest income | 99,875 | 135,689 | 416,278 | 399,931 | ||||||||
| Net Loss Before Taxes | (919,537 | ) | (1,248,499 | ) | (2,964,350 | ) | (4,263,853 | ) | ||||
| Recovery of income taxes | 20,690 | 28,932 | 24,670 | 58,700 | ||||||||
| Net Loss | (898,847 | ) | (1,219,567 | ) | (2,939,680 | ) | (4,205,153 | ) | ||||
| Net Loss Attributable to: | ||||||||||||
| Shareholders of Red Light Holland Corp. | (852,470 | ) | (1,193,397 | ) | (2,841,940 | ) | (4,136,373 | ) | ||||
| Non-controlling Interest | (46,377 | ) | (26,170 | ) | (97,740 | ) | (68,780 | ) | ||||
| Net Loss | (898,847 | ) | (1,219,567 | ) | (2,939,680 | ) | (4,205,153 | ) | ||||
| Net Loss per Share - Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) |
| Weighted Average Number of Outstanding Shares - Basic and Diluted | 400,935,887 | 394,404,102 | 399,540,364 | 394,175,587 | ||||||||
Reconciliation of Net Loss to Adjusted EBITDA
| Three Months ended December 31, | Nine Months ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net Loss for the period | (898,847 | ) | (1,219,567 | ) | (2,939,680 | ) | (4,205,153 | ) | ||||
| Income taxes (recovery) | (20,690 | ) | (28,932 | ) | (24,670 | ) | (58,700 | ) | ||||
| Amortization and depreciation | 228,143 | 171,303 | 667,350 | 510,743 | ||||||||
| Interest and accretion | 39,892 | 71,754 | 117,027 | 177,911 | ||||||||
| EBITDA (i) | (651,502 | ) | (1,005,442 | ) | (2,179,973 | ) | (3,575,199 | ) | ||||
| Adjusted for non-operating or unusual items: | (32,115 | ) | (143,350 | ) | 443,889 | 1,232,316 | ||||||
| Adjusted EBITDA (ii) | (683,617 | ) | (862,092 | ) | (1,736,084 | ) | (2,342,884 | ) | ||||
(i) EBITDA - is a non-IFRS financial measure
(ii) Adjusted EBITDA - is a non-IFRS financial measure
Cash Flow Statement Excerpts
| Nine Months ended December 31, | Increase (Decrease) | ||||||||
| 2024 | 2023 | ||||||||
| Cash flows used in Operating Activities | (933,684 | ) | (2,466,780 | ) | (1,533,096 | ) | |||
| Cash flows used in Investing Activities | (486,139 | ) | (446,792 | ) | 39,347 | ||||
| Cash flows provided by (used in) Financing Activities | 372,098 | (142,157 | ) | (514,255 | ) | ||||
| Total Cash Outflows | (1,047,725 | ) | (3,055,729 | ) | (2,008,004 | ) | |||
Cash Balance
| 2024 | 2023 | Increase (Decrease) | |||||||
| Cash and cash equivalents, end of period, December 31 | 13,290,656 | 15,418,931 | |||||||
| Cash and cash equivalents, end of period, September 30 | 12,786,288 | 16,363,670 | |||||||
| Increase (decrease) in cash from previous quarter | 504,368 | (944,739 | ) | (1,449,107 | ) |
Issuance of Shares for Debt Settlement
In addition, as previously announced, the Company has settled
About Red Light Holland
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.
For additional information:
Todd Shapiro
Chief Executive Officer and Director
Tel: 416-869-1234
Email: todd@redlight.co
Website: www.RedLight.co
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current conditions but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such information include statements with respect to: the Company's strategic commitment to growth while maintaining strong cash management; the Company focusing on expanding brand recognition and overall retail distribution channels; the Company focusing on financial stability and long-term profitability; the Company focusing on continued advocacy for the legalization of, and adult access to, psilocybin; the Company being well-positioned with its research and development, distribution, branding, and sales infrastructure strategies to capitalize on emerging market opportunities while building long-term shareholder value; the Company becoming the leading provider of functional mushrooms and psilocybin products in North American and Europe; AEM Farm can sell 4,000-5,000 lbs/week in Shiitake mushrooms; Happy Caps' upcoming U.S. West Coast expansion in the spring; the Company's upcoming Lion's Main/ Shiitake gummies beta launch in April/May 2025; the Company's aim for future Australia and New Zealand distribution of its microdosing capsules; Health Canada will approve CCrest Laboratories' import permits to use the Company's psilocybin grown in the Netherlands for its microdosing capsules; potential future collaboration with Dimensions Healings; and the Company exploring solutions to reestablish banking activities for its other subsidiaries.
Forward-Looking information in this news release are based on certain assumptions and expected future events, namely: continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the Company's ability to maintain its prudent cash management; the Company ability to explore potential mergers and acquisitions; the Company's ability to advance its research and development efforts; the Company's ability to maintain its strategic commitment to growth while maintaining strong cash management; the Company's continued focus on expanding brand recognition and overall retail distribution channels; the Company's continued focus on financial stability and long-term profitability; the Company's continued focus on advocacy for the legalization of, and adult access to, psilocybin; the Company being well-positioned with its research and development, distribution, branding, and sales infrastructure strategies to capitalize on emerging market opportunities while building long-term shareholder value; the Company becoming the leading provider of functional mushrooms and psilocybin products in North American and Europe; AEM Farm's ability to sell 4,000-5,000 lbs/week in Shiitake mushrooms; Happy Caps' ability to expand to the U.S. West Coast in the spring; the Company's ability to launch Lion's Main/ Shiitake gummies in April/May 2025; the Company's ability to distribute its microdosing capsules in Australia and New Zealand; Health Canada will have the ability to approve CCrest Laboratories' import permits to use the Company's psilocybin grown in the Netherlands for its microdosing capsules; the Company's ability to collaborate with Dimensions Healings; and the Company's ability to reestablish banking activities for its other subsidiaries.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, namely: the Company's inability to obtain continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the Company's inability to continue advocating for the legalization of, and adult access to, psilocybin; the Company's inability to increase its brand recognition and overall retail distribution channels; the Company's inability to maintain its prudent cash use; the Company inability to explore potential mergers and acquisitions; the Company's inability to maintain its strategic commitment to growth while maintaining strong cash management; the Company not being well-positioned with its research and development, distribution, branding, and sales infrastructure strategies to capitalize on emerging market opportunities while building long-term shareholder value; the Company not becoming the leading provider of functional mushrooms and psilocybin products in North American and Europe; AEM Farm's inability to sell 4,000-5,000 lbs/week in Shiitake mushrooms; the Company's inability to launch Lion's Main/ Shiitake gummies in April/May 2025; the Company's inability to distribute its microdosing capsules in Australia and New Zealand; Health Canada will not approve CCrest Laboratories' import permits to use the Company's psilocybin grown in the Netherlands for its microdosing capsules; the Company's inability to collaborate with Dimensions Healings; and the Company's inability to reestablish banking activities for its other subsidiaries.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242434
FAQ
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