Red Light Holland Announces Updated Cash Position of Approximately $30 Million
Red Light Holland Corp. (CNSX: TRIP) (OTCMKTS: TRUFF), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles, is pleased to announce that it’s cash, cash equivalents and investments in private companies total approximately $30 million. The vast majority of this figure comprises cash and cash equivalents but also includes approximately $300,000 invested in two private companies, both of which have seen their valuation double since an initial total investment of $150,000.
Our unrelenting discipline in terms of managing our cash and expenses, while accomplishing so much, is something I’m extremely proud of.Todd Shapiro, CEO and Director of Red Light Holland
“Over the 14 months since going public, we have achieved several significant milestones, including branding and selling iMicrodose packs that are now available to buy in 30 different smart shops and online shops, setting up a Truffles farm in the Netherlands with a very successful first batch which provided us the experiences to commence and sell significant quantities from our current 1,000,000 gram harvest, acquiring a leading psychedelics distribution company in Europe, forming a JV in Oregon, getting our consumer packaged goods legally shipped to Brazil and Canada, adding strong advisory and team members to our company, and acquiring a key technology and innovation piece in Radix Motion which has developed an incredible VR experience, an iMicro app, helped facilitate tele-counseling in the Netherlands for our end consumers and filed two patents. As well, Red Light Holland is aiming to complete or announce a number of other strategic acquisitions that focus on immediate and near term revenue generation such as Happy Caps and Acadian Exotic Mushrooms, and of course talks with Mera Life Sciences continue to be productive, and we look forward to the expected closing of our merger with Creso Pharma, which we are confident will result in significant synergies for our combined company. Industry Leader, Bruce Linton is clearly excited for the potential of The HighBrid Lab, as he has conditionally agreed to be the Chairman of The Board. Lastly, we’ve been able to achieve all of these milestones while being responsible as we have diligently managed our cash burn. This fact speaks to the hard work and dedication of the strong team that we are building at Red Light Holland and our smart and careful ways of spending. As a collective, our focus and strategic path is as strong as it’s ever been. I’m supremely confident with where the company stands at present, and in my opinion, where we’ll be in the future, as we continue to be aggressive and responsible in our attempt to change the world for the better.”
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