- Red Light Holland (TRIP) has released its financial statements for the year and announced a new agreement with Mera Life Sciences
- The company saw gains on both revenue and sales of securities, driven by new business opportunities such as the acquisition of SR Wholesale
- Red Light Holland has also signed an agreement with Mera Life Sciences to acquire the company for $2.45 million
- Red Light Holland is an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles to the legal market within the Netherlands
- Red Light Holland (TRIP) is down 1.72 per cent, trading at $0.285 per share
Red Light Holland (TRIP) has released its financial statements for the year and announced a new agreement with Mera Life Sciences.
A significant financial highlight included a 535 per cent growth in revenue in the fourth quarter compared to the third quarter. The company also gained approximately $1.3 million on the sale of marketable securities.
The gain was partially driven by the acquisition of SR Wholesale, which generated an additional $700,000 in revenue.
On July 29, 2021, Red Light Holland signed a definitive agreement with Mera Life Sciences. According to the agreement, the company will acquire all of Mera’s issued and outstanding shares for $2.45 million.
The acquisition is subject to several conditions and is expected to close in the first week of August.
Mera is a pioneer licensee in St. Vincent and the Grenadines that has spent the last 17 months working with government agencies and scientists to develop a modern medicinal wellness industry in the country.
Todd Shapiro, CEO and Director of Red Light Holland, commented on the acquisition.
“In closing the acquisition of Mera, we’ve also executed on two other major initiatives; accessing new markets where possible and finalizing the addition of applied sciences capabilities to our business,” he said.
“I am confident that this acquisition will allow us to broaden our scope for research and development, production and patient access of psychedelic compounds in ground-breaking ways.”
Red Light Holland is an Ontario-based corporation engaged in the production, growth, and sale of a premium brand of magic truffles to the legal market within the Netherlands.
Red Light Holland (TRIP) is down 1.72 per cent, trading at $0.285 per share as of 11:39 am ET.