Red Light Holland Reports Fiscal Third Quarter Results
- Company announces 28% increase in revenue and 48% increase in gross profit over the previous quarter
- Nine-month revenues of $1,703,122
Toronto, Ontario--(Newsfile Corp. - March 1, 2022) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: 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, today reported its financial results for the three and nine months ended December 31, 2021. Unless otherwise stated, all amounts are expressed in Canadian dollars.
“As a result of our team’s hard work and commitment, I am pleased to announce revenue and gross profit increased by 28% and 48%, respectively, during the third quarter. We realized growth in both the Netherlands and Canada through SR Wholesale and Happy Caps, as increased revenue remains our core focus. We are on-track with the strong foundation that we are building and we are excited about future revenue generation with AEM, which is now in early-stage production, current and future CPG expansion, and other potential strategic acquisitive opportunities,” said Todd Shapiro, Red Light Holland CEO and Director. “Our mission remains as well: to provide affordable and equitable naturally-occurring adult access via technology, education, information and responsible use. As you know, I love marketing and brand building - we will push even harder in the near future with impactful marketing strategies with the continued goal of Red Light Holland being the leader in the Rec and Tech psychedelic’s sector. We will provide updates shortly regarding Scarlette Lillie Science and Innovation (MERA) in St. Vincent, Wisdom Truffle pre-sales, and we continue to identify and analyze near term merger and acquisition transactions while remaining cautious with our spending habits. I’m very proud of our energetic and passionate Red Light Holland team as we keep delivering and putting the pieces of the puzzle together. I am grateful for our shareholders’ patience and continued support. Feel free to contact me anytime with the email provided below.”
With regards to the strength of the current balance sheet, David Ascott, Red Light Holland Chief Financial Officer, added "Our financial position remains strong, and the Company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future. The working capital as at December 31, 2021 is $27.1 million which includes $27.3 million of cash and cash equivalents."
Sarah Hashkes, Red Light Holland's CTIO added, "With the recently published amendments to Health Canada's Special Access Program which now allows physicians to request access to psilocybin for patients in medical need on a case-by-case basis, Red Light Holland is looking ahead to participating in this changing landscape. Our research has resulted in significant steps towards the standardization of determining the appropriate dosages required in emerging markets as a result of Health Canada's Special Access Program and the state of Oregon's Measure 109. We have also expanded our education and advocacy by partnering with Psychedelic Medicine Alliance Washington, a grassroots movement in the state of Washington.
Aligned with our Rec & Tech initiatives, we have received the first prototype of Wisdom, our smart home device that will promote the iMicrodose healthy lifestyle, from our manufacturing partner in China."
SUMMARY OF THE QUARTER ENDED DECEMBER 31, 2021
- Generated revenues of $622,247 for the three months ended December 31, 2021 resulting in gross profit of $232,792, an increase of $75,822 (or 48.3%) over the previously reported quarter;
- Continued balance sheet strength including cash in the amount of $27.3 million;
- Realized a 45% increase in registered users for the iMicroapp.
Both the Financial Statements and Management's Discussion and Analysis for the three and nine months ended December 31, 2021 are now available on SEDAR.
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.
For additional information on the Company:
Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-TRIP (8747)
Email: todd@redllight.co
Website: www.RedLight.co