Toronto, Ontario–(Newsfile Corp. – June 22, 2021) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC: TRUFF) (“Red Light Holland” or the “Company“), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market in the Netherlands, is pleased to announce that it has entered into a non-binding letter of intent to acquire a 51% stake in Acadian Exotic Mushrooms Ltd. (“AEM“). AEM is a dormant gourmet mushroom production facility co-owned by leading Canadian mushroom farming groups/individuals Holburne Mushroom Farm and Mike and Fernando Medeiros (the “Vendors“). Upon completion of start-up activities, the 22,000 square foot facility, which sits on approximately 4 acres of land in Eel River Crossing, New Brunswick, is expected to produce up to 5,000 pounds of Shiitake mushrooms per week. AEM 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,” said Todd Shapiro, CEO and Director of Red Light Holland. “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 produce 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!”
LEARN ON THE NEW PSYCHEDELIC OPPORTUNITY PSYKEY INC. ( CEOS : OTC ) | HERE
“Myself, Fernando and Holburne Mushroom Farm have really enjoyed building a relationship with Red Light Holland over the last several months,” said Mike Medeiros, co-owner of Carleton Mushroom Farms. “Our group has industry leading expertise that we look forward to bringing to this operation and is very bullish about the future of the psilocybin industry, making Red Light Holland an ideal partner for us on this project.”
Further details of the proposed 51% acquisition will be announced once available.
About Mike and Fernando Medeiros and Holburne Mushroom Farm
Carleton Mushroom Farms was founded in 1984 by Mike and Fernando’s parents and remains a family run business. Mike and Fernando took over day to day operations in 2005. In recent years growing capacity has tripled, and yields have steadily increased to 12 million pounds per year. Carleton Mushroom Farms implements cutting edge technologies from around the world as part of their growing practices. Website: https://www.carletonmushroom.com/.
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 current yield of 1.3 million pounds per year. Proudly, the largest fresh, Organic Shiitake Mushroom growers in Canada.
About Red Light Holland
The Company is an Ontario-based corporation engaged 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.
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