- Red Light Holland Corp. (TRIP) has provided an update on its recently acquired 100-acre farmland in Peterborough, Ontario
- For its next steps, Red Light will submit the finalized engineered stamped plans within the next eight weeks
- The Peterborough farm is expected to immediately generate revenues of approximately $80,000 per week
- Red Light is also developing two mushroom production facilities on the land to help expand its farm division
- Red Light Holland Corp. (TRIP) is down 4.55 per cent, trading at $0.10 per share as of 2:27 p.m. EST
Ontario-based mushroom producer Red Light Holland Corp. (TRIP) has provided an update on its recently acquired 100-acre farmland in Peterborough, Ontario.
The company shared it has had more conversations with the township and is currently working with experts to finish the site plans. For its next steps, Red Light will submit the finalized design plans within the next eight weeks as it tries to obtain permits for the construction of the mushroom facilities.
Once completed, the Peterborough farm is expected to immediately generate revenues of approximately $80,000 per week. When it ramps up to its full production capacity, the expected revenue run rate will be approximately $16 to $17 million per year.
The mushroom facilities should take about 18 months to construct following the submission of the final plans to the township. The cost to build the mushroom facilities is estimated to be around $8 million.
Todd Shapiro, CEO and Director of Red Light Holland, commented,
“Red Light Holland remains very confident because of how prudent we have been at running our psychedelic business, preserving cash at a time when most of our peers are straining to attract new capital.”
Red Light is also developing two mushroom production facilities with Holburne Mushroom Farm and Mike and Fernando Medeiros of Carleton Mushroom Farms, with a land footprint of 65,000 square feet to be located on the Peterborough farm. The company stated this will allow it to dramatically expand its farm division.
Red Light Holland Corp. (TRIP) is down 4.55 per cent, trading at $0.10 per share as of 2:27 p.m. EST.
