It’s been a great summer for psychedelics news and we’re looking forward to fall in TDR’s latest Psychedelic exclusive. The CEO of Red Light Holland (CNSX: TRIP), Todd Shapiro, joins us at the mic once again. Shapiro joins us to discuss Red Light Holland’s recent Q2 earnings report and news, including the submission for a permit application in Cavan-Monaghan for 65,000 sqft mushroom farm.
Most investors and companies have been anticipating the MAPS readouts to kickstart the psychedelics industry more into the mainstream. Largely, the focus for many of the companies in the space is disorders such as PTSD, chronic anxiety, and otherwise treatment-resistant depression. Most of the treatment protocols in this would involve expensive clinical settings for dosing and therapy.
Todd Shapiro says that Red Light Holland has a different view on psychedelics in general, believing consumers should have the right to try recreationally or to use it to seek relief from other forms of mental distress.
Despite the challenging market, Red Light Holland has had a number of notable achievements in 2023 so far, including certain divisions of their operations achieving a whopping five-digit percentage increase. This, on top of a 69.8% YOY revenue growth despite reducing operations by 2.85%. Additionally, Q1 reports showcased a 53% growth compared to 2022. Revenues reached around $1.2m despite Q1 normally being a slower season.
Shapiro explains how Red Light Holland is managing their financial side and their focus for the future beyond Q2. Unlike several other companies in the sector, they’ve maintained fiscal responsiveness and control over their operations. Now, he says, they’re focused on increasing their revenues while effectively managing a burn rate of capital. Other companies have resorted to dilutive fundraising, but not Red light Holland; Shapiro says they’ve successfully preserved their capital which is aiding them in building sustainable business growth.
Tune in to hear this exclusive psychedelics interview with Todd Shapiro on The Dales Report!