- Red Light Holland (TRIP) has entered a non-binding letter of intent to acquire a 51-per-cent stake in Acadian Exotic Mushrooms Ltd
- Acadian Exotic Mushrooms is a dormant gourmet mushroom production facility co-owned by the Holburne Mushroom Farm
- The 22,000-square-foot facility sits on approximately 4 acres of land in New Brunswick
- Once operational, the company expects it to produce up to 5,000 pounds of Shiitake mushrooms per week
- Red Light Holland is up 4.76 per cent, trading at C$0.33 at 12:59 pm ET
Red Light Holland (TRIP) has entered a non-binding letter of intent to acquire a 51-per-cent stake in Acadian Exotic Mushrooms Ltd.
Acadian Exotic Mushrooms is a dormant gourmet mushroom production facility co-owned by the Holburne Mushroom Farm.
The 22,000-square-foot facility sits on approximately 4 acres of land in Eel River Crossing, New Brunswick.
Once operational, the Toronto-based company expects it to produce up to 5,000 pounds of Shiitake mushrooms per week.
Acadian Exotic Mushrooms will also have the ability to produce, package and distribute a wide variety of fresh mushrooms while offering an assortment of dried options and the potential to produce functional mushroom consumer packaged goods.
“I couldn’t be more excited to be going into business with mushroom farming veterans Mike Mediros, Fernando Medeiros (owners of Carleton Mushroom Farms) and Holburne Mushroom Farm. We are talking about industry leaders in the production, packaging and sales of mushrooms in Canada, with combined annual production north of 13 million pounds per year and decades of experience.
This move will add another revenue-generating farm to the Red Light Farms division and could serve as a potential future production site for naturally occurring psilocybin, if and when regulations permit. Additionally, due to the strength of their distribution networks and relationships, the Vendors have provisionally agreed to purchase all sales of the entire product for the next three years at a minimum price, effectively guaranteeing revenue for the partnership! I also envision throwing some kick-ass concerts on the owned land,” said Red Light Holland CEO and director Todd Shapiro.
Red Light Holland is engaged in the production, growth and sale of a premium brand of magic truffles to the legal market within the Netherlands.
Holburne Mushroom Farm is a local family-owned and operated business that specializes in growing fresh, organic Shiitake and Oyster Mushrooms since 2005. Production of Organic Shiitake and Oyster Mushrooms has steadily increased to the current yield of 1.3 million pounds per year. It is the largest fresh, Organic Shiitake Mushroom grower in Canada.
Red Light Holland is up 4.76 per cent, trading at C$0.33 at 12:59 pm ET.