- Red Light Holland (TRIP) has reported Q2 results highlighted by a 64-per-cent increase in gross profit from Q1
- The company generated revenue of C$485,738 for the three months ended September 30, 2021, resulting in a gross profit of $156,970
- It also achieved a 56-per-cent increase in stores selling iMicrodose products in the Netherlands and launched its Maka Magic Truffles line
- As a result, it expects increased revenue from psychedelic and functional mushroom products over the coming quarters
- Red Light Holland is engaged in the production, growth and sale of premium magic truffles in the Netherlands
- Red Light Holland (TRIP) is up by 3.23 per cent and is currently trading at $0.16 per share
Red Light Holland (TRIP) has reported Q2 results highlighted by a 64-per-cent increase in gross profit from Q1.
Q2 summary
- Generated revenue of C$485,738 for the three months ended September 30, 2021, resulting in a gross profit of $156,970, an increase of $61,240 (or 64 per cent) over the previous quarter
- Completed the largest legal sale and import of psilocybe truffles into Canada under a Health Canada Import Permit. The company sold 1.5 kg to CCrest Laboratories in Montreal
- Rose from 25 to 39 stores selling iMicrodose products in the Netherlands, a 56-per-cent increase, and launched its Maka Magic Truffles line. As a result, it expects increased revenue from psychedelic and functional mushroom products over the coming quarters
- Acquired 51 per cent of Acadian Exotic Mushrooms, a Canadian gourmet mushroom production facility co-owned by leading Canadian mushroom farming groups
- Acquired Mera Life Sciences, a company involved in clinical psychedelics research and treatment facilities in St. Vincent and the Grenadines
- Continued balance sheet strength, including $29.1 million in cash
- Strong increase in privacy first data collection with iMicrodose end consumers via the iMicro App
- Entered into a mold-making stage agreement with Hotopfun factory in China to build out Wisdom smart home devices in preparation for mass manufacturing in Q1 2022
Todd Shapiro, Red Light’s CEO, stated,
“I am pleased with the progress that we have made during the second quarter. We were focused on iMicrodose and Maka product development with the goal of increasing future revenues and related margins.
The quarter saw us close two important strategic acquisitions and continue to realize revenues and gross profit from our existing operations. Our acquisition of a majority interest in Acadian Exotic Mushrooms is expected to commence significant revenue generation in March 2022.
Increasing our revenue is a core focus and we continue to identify and analyze merger and acquisition transactions while remaining cautious with our spending habits.”
Red Light Holland is engaged in the production, growth and sale of premium magic truffles in the Netherlands.
Red Light Holland (TRIP) is up by 3.23 per cent and is currently trading at $0.16 per share as of 9:38 am EST.
