- Red Light Holland (TRIP) is pleased to announce the filing of its financial results for the quarter ended June 30 and the acquisition of Mera Life Sciences
- Q1 FY22 revenue grew 521 per cent over Q4 FY2, to $595,137
- Cash balance in excess of $29 million
- Red Light Holland acquired 100 per cent of the issued and outstanding shares of Mera for $2,450,000
- Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles
- Red Light Holland Corp. (TRIP) opened trading at C$0.26 per share
Red Light Holland (TRIP) is pleased to announce the filing of its financial results for the quarter ended June 30 and the acquisition of Mera Life Sciences.
Financial statements
The company is pleased to announce that it has filed its financial statements for the quarter ended June 30, 2021.
Highlights:
- Q1 FY22 revenue grew 521 per cent over Q4 FY2, to $595,137
- Cash balance remains healthy, in excess of $29 million
Todd Shapiro, CEO and Director of Red Light Holland remarked on the company’s results.
“I’m so proud of our team for another great quarter. This is the second quarter in a row we have grown revenues by over 500 per cent, and growing our revenues on a quarterly basis remains a core focus of our business in becoming a revenue focused psychedelic company. As well, our team remains razor focused on identifying and executing additional M&A transactions in both the psychedelics and recreational THC sectors, and we hope to bring additional deals to the market over the coming months with counterparties that exhibit material revenue capabilities and cautious spending habits.”
Shapiro added,
“We have also completed the acquisition of Mera and its coveted psychedelic licenses in St. Vincent and the Grenadines. We have renamed Mera to Scarlette Lillie Science and Innovation, which allows for us to carefully pursue financially disciplined high quality psychedelic product research and development, open up treatment clinics, cultivate, extract and process, and export not just Psilocybin, but other compounds such as Ayahuasca, MDMA, DMT, Peyote, Ketamine and many other natural based plants. Red Light Holland can now explore the inner molecular worlds of multiple plant species, including a variety of psychedelics potentially putting us in a position to discover novel clinical applications for a variety of natural psychedelics. We hope to be on the frontier of natural plant based drug discovery while being in control of the inner workings including staffing, budgeting and a synergistic company culture.”
“Working through the Mera acquisition with the various stakeholders involved has been a really fantastic experience,” said William Lay, EVP and Chief Strategy Officer of Red Light Holland. “I’m really excited for Red Light to take advantage of such a comprehensive applied science landscape to further its initiatives within the Scarlette Lillie Sciences and Innovation division, and to continue pursuing attractive M&A opportunities.”
Hon. Minister Saboto Ceasar, Minister of Agriculture, Forestry, Fisheries, Rural Transformation Industry and Labor of St. Vincent and the Grenadines added,
“We welcome Red Light Holland and Scarlette Lillie Sciences and Innovation as one of the Pioneer Licensees in St. Vincent and the Grenadines’ modern medicinal wellness industry. Our mantra is that this industry ‘begins and ends with science’. This important event demonstrates that our legal framework and wide range of protocols will make St Vincent and the Grenadines an enviable business and research destination for serious scientists and psychedelics companies. Red Light Holland is a world-class, professional organization that patiently worked through all details required to ensure a successful and profitable venture. Their CEO Todd Shapiro has invested and established roots here in our country that will flourish into a special partnership. We are excited to work with the entire team as they continue their march forward.”
Red Light Holland acquired 100 per cent of the issued and outstanding shares of Mera for $2,450,000, including 7 million Red Light shares. Upon closing of the transaction, the company issued 700,000 shares to the vendor of Mera.
The remaining 6,300,000 Red Light shares will be released to the vendors based on the achievement of several milestones, including:
- The importation of 15,000 grams of iMicrodose truffles to St. Vincent and the Grenadines
- Governmental authority to rename Mera to Scarlette Lillie Sciences and Innovation
- The successful prescription and sale of iMicrodose truffles to at least five patients in SVG or the successful administration of iMicrodose truffles to at least five participants in a scientific study or trial in SVG,
- The extraction and testing of the iMicrodose truffles,
- The successful export of iMicrodose truffles from SVG to another jurisdiction, and
- The final implementation of SVG’s regulatory framework for the psychedelics industry.
Mera currently holds a Medicinal Industry Development License which permits the research, cultivation, production, development and extraction, import and export, clinical treatment facilities, and prescribed patient access in specifically licensed clinical treatment facilities. Red Light Holland has worked closely with the SVG government over the last 6 months to assist in the development of the final regulatory framework which will govern the company’s expected activities in SVG and has been informed by the SVG government that it expects these regulations, which are in substantially final form, to be signed into law in the near future.
Mera has been renamed Scarlette Lillie Science and Innovation and will serve as a key growth driver with respect to its ability to engage in various research and applied science applications.
Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles.
Red Light Holland Corp. (TRIP) opened trading at C$0.26 per share.