- Red Light Holland Corp. (TRIP) is acquiring two new wellness retail stores in the Netherlands via its subsidiaries
- The shops have seen consistent growth recently and sell CBD products, cannabis seeds, as well as smart shop items
- The locations will carry Red Light Holland’s Magic truffles products
- The acquisitions are expected to close by August 1st
- Red Light Holland Corp. (TRIP) is unchanged trading at $0.09 per share as of 1:50 p.m. ET
Red Light Holland (TRIP) is acquiring two wellness stores in the Netherlands via its subsidiaries.
The company stated the shops have seen consistent growth recently and sell CBD products, cannabis seeds, and smart shop items.
“We will be fully vertically integrated in the Netherlands, from substrate to sale, and that’s exciting as we look to increase sales around psychedelics responsibly,” Todd Shapiro, the CEO and a director of Red Light Holland, said.
The shops will carry Red Light Holland’s Magic truffles products as it can curate the products sold by the retail locations. The acquisitions are expected to close by August 1st.
“Securing these locations unlocks the potential to accelerate our consumer centric innovation pipeline, through capturing real time consumer purchase data and trends from the unique store sales, which then unlocks new product and brand launches in other potential markets… we will be able to test and adapt far more efficiently and continually stay ahead of the category through this first party consumer data,” Ridley Doolittle, CMO of Red Light Holland, said.
The company stated it would provide easy access and education to many new, unique and thoughtful wellness products about the acquisitions. It also plans to rebrand SmartShop Oss and SmartShop Utrecht to “Wellness World” for brand growth.
“I’ve been observing the SmartShop business for quite some time, and the industry really seems to be picking up as more and more people learn about psilocybin… We want to continue to end stigmas and help educate people to make informed decisions on the products they buy,” Hans Derix, Red Light Holland’s President, said.
Red Light Holland Corp. (TRIP) is unchanged trading at $0.09 per share as of 1:50 p.m. ET.