- Psychedelics stock Red Light Holland (CSE:TRIP) has exported 5 kilograms of natural psilocybin truffles to CCrest Laboratories as part of their ongoing research and development collaboration alongside PharmAla Biotech (CSE:MDMA)
- The shipment represents the company’s largest to date
- Red Light Holland is engaged in the production, growth and sale of functional mushrooms, mushroom home-grow kits and psilocybin truffles
- Red Light Holland has given back 40 per cent year-over-year, and 70 per cent since inception in 2020
Psychedelics stock Red Light Holland (CSE:TRIP) has exported 5 kilograms of natural psilocybin truffles to CCrest Laboratories as part of their ongoing research and development collaboration alongside PharmAla Biotech (CSE:MDMA).
The shipment – cultivated at Red Light Holland’s farm in the Netherlands, and currently en-route to CCrest’s offices in Montreal – represents the company’s largest to date.
The company’s research efforts are geared towards commercially manufacturing clinical-grade active pharmaceutical ingredients derived from its psychedelic truffles and will be supported by C$750,000 from a recently closed non-brokered private placement of secured convertible debenture units led by Plaza Capital.
Each debenture unit consists of a C$1,000 principal-secured convertible debenture bearing no interest and 16,666.67 common share purchase warrants exercisable for 16,666.67 common shares. Each warrant entitles the holder to acquire one additional share for C$0.10 for 24 months from the date of issuance. The principal sum of each debenture, or any portion thereof, may be converted into shares of Red Light Holland at C$0.06 per share.
The offering’s lead investor agreed to settle their debenture that matured on March 31, 2024, and to reduce the interest rate on the current debenture to zero, in exchange for 2,375,000 units priced at C$0.05 composed of one share and one warrant.
Red Light Holland will use the funds, after settling the 2023 debenture, for general working capital purposes and the continued development of its business model.
All shares issued are subject to a statutory hold period of four months and one day in accordance with applicable securities laws.
Management insights
“With this significant and largest to date shipment of Red Light’s psilocybin under a Health Canada-approved import permit to CCrest, we are thrilled to commence our first step of many in our experimental research project to develop a process for the commercial manufacture of natural-source active pharmaceutical ingredients derived from our company’s psilocybin truffles,” Todd Shapiro, Red Light Holland’s chief executive officer, said in a statement. “We look forward to updating our loyal shareholders with further announcements dedicated to this overall R&D project, including our partnership with PharmAla.”
About Red Light Holland and its partners
CCrest is a cGMP-certified pharmaceutical laboratory based in Montreal in possession of a Controlled Drugs and Substances Dealer’s License.
PharmAla Biotech is a biotechnology company researching, developing and manufacturing MDXX-class molecules, including MDMA.
Red Light Holland is engaged in the production, growth and sale of functional mushrooms and mushroom home-grow kits in North America and Europe, as well as a premium brand of psilocybin truffles in the Netherlands.
Red Light Holland (CSE:TRIP) is unchanged trading at C$0.06 per share as of 10:27 am ET. The stock has given back 40 per cent year-over-year, and 70 per cent since inception in 2020.
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