Red Light Holland and Halo Labs Announce Intention to Enter Oregon Medicinal Psilocybin Market

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TORONTO, Nov. 19, 2020 /CNW/ – Halo Labs Inc. (“ Halo“) (NEO: HALO) (OTC: AGEEF) (Germany: A9KN) and Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC: TRUFF) (“Red Light Holland“) are pleased to announce they have entered into a non-binding letter of intent for the purposes of creating a joint venture to become a licensed psilocybin manufacturer to supply psilocybin products to licensed service centers in the State of Oregon, and to explore other potential business opportunities in this new regulated market, subject to compliance with all applicable Oregon laws and regulations.

www.redlighttruffles.com (CNW Group/Halo Labs Inc.)
Red Light Holland, based in the Netherlands, grows and sells premium magic truffles in the legal Dutch recreational market (CNW Group/Halo Labs Inc.)

“Clearly, we are very excited with the recent results of Oregon Measure 109 where progressive Oregonians have voted in favor of becoming the first state in the US, to allow the use of psilocybin, for therapeutic use. We take pride at Red Light Holland in our self-regulated responsible adult use psilocybin legal product (iMicrodose packs in the Netherlands), which we feel could become a model for the development of psilocybin products for the Oregon regulated market to be used to potentially treat chronic mental health issues like anxiety, depression, and addiction” said Red Light Holland CEO and Director Todd Shapiro. “We are aware that these are early days for the Oregon psilocybin market, we cannot make medical claims, and the path ahead is still a long one as the Oregon Health Authority still has to create a state-licensed, psilocybin-assisted therapy program over the next two years. This is exactly why we have entered into a non-binding LOI with Halo Labs, as CEO Kiran Sidhu and his team have deep regulatory experience and relationships with Oregon lawmakers and state officials, having founded Halo Labs, a successful vertically integrated cannabis company that started in the State of Oregon and now operates in multiple US states, Africa and in the UK” added Shapiro.

“We believe we are in a great position to work closely with Oregon regulatory authorities with respect to the implementation of Measure 109 and the development of Oregon’s regulatory psilocybin regime,” said Kiran Sidhu, CEO of Halo. “We are delighted to be working with Todd Shapiro and the team at Red Light Holland, as they have the experience, know-how and the right viewpoint with their educational, informational, innovative, and careful perspective on access to psilocybin. We are looking forward to taking the next steps in second half of  2021 in this emerging market together.  We remain exclusively focused on cannabis in Oregon and see medical psilocybin as a longer term opportunity.”

Further details of the proposed joint venture will be announced once available and as the contours of the Oregonregulated market begin to take shape. 

About Halo Labs

Halo is a leading, vertically-integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flower, oils, and concentrates, and has sold approximately six million grams of oils and concentrates since inception. Halo continues to scale efficiently, partnering with trustworthy leaders in the industry, who value their operational expertise in bringing top-tier products to market. Current growth includes expansion in key markets in the United States, United Kingdom and Africa, with planned geographic expansion into Canadian markets. With a consumer-centric focus, Halo markets value-driven, branded, and private-label products across multiple product categories. The Company also has acquired a range software development assets, such as the technology platforms CannPOS, Cannalift, and more recently signed a deal to acquire CannaFeels. Halo also owns the inhalation technology, Accudab. 

Halo is led by a strong, diverse and innovative management team, with deep industry knowledge and blue-chip experience. The Company is currently operating in the United States throughout California, Oregon, and Nevada. Notably, The Company has signed a definitive agreement to acquire Winberry Farms which provides another acre of cultivation to add to the existing 6 acres Halo already owns and/or manages in Oregon, which further solidifies the Company’s supply chain and increases its variety of cannabis strains.  Internationally, the Company is currently cultivating cannabis at Bophelo Bioscience & Wellness (Pty) Ltd, in Lesotho  and has acquired CBPM importation and distribution licensing in the United Kingdom via cannabis supplier, Canmart. 

For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com

About Red Light Holland Corp.

Red Light Holland is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

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