Toronto, Ontario--(Newsfile Corp. - March 13, 2023) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) ("Red Light Holland" or the "Company"), a company engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, is thrilled to announce the Company has signed a distribution agreement with MW Pharma Limited t/a NUBU Pharmaceuticals ("NUBU Pharmaceuticals"), a leading medical cannabis company based in New Zealand with distribution ties to Australia, to explore the possibility of legal import and distribution of Red Light Holland's psilocybin microdosing capsules to Australasia.
NUBU has completed the rigorous application process with New Zealand's Ministry of Health to secure a 'Licence to Deal in Controlled Drugs', a 'Licence to Wholesale Medicines', and now a Medicinal Cannabis Supply License from the Medicinal Cannabis Agency. NUBU Pharmaceuticals currently has distribution deals with six companies; ECS Botanics, Sciva International s.r.o., InterCure Ltd. (dba Canndoc), MGC Pharmaceuticals Ltd., and Australian Natural Therapeutics Group Pty Ltd. (ANTG), to supply medicinal cannabis products, as well as Canopy Growth Corporation's Storz & Bickel GmbH for medical cannabis vaporisers.
The psilocybin microdosing capsules are being developed by Red Light Holland's laboratory partner, CCrest Laboratories Inc. ("CCrest Laboratories"), a Montreal-based cGMP pharmaceutical laboratory that holds a Controlled Drugs & Substances Dealer's License from Health Canada. The capsules will be made out of natural psychoactive material (psilocybin + psilocin) and will be packaged in child-proof safety bottles. The capsules will undergo quality control testing, including those for dosage, certificate of analysis and stability.
"We are excited to partner with NUBU, a very established medicinal distribution company with relationships with regulatory bodies and doctors, to explore the possibility of legal import and distribution of our soon to be produced microdosing capsules to Australia and New Zealand," said Todd Shapiro, Red Light Holland CEO and Director. "We are committed to developing a high-quality psilocybin product for microdosing that can potentially be accessible in emerging legal markets worldwide with the hope of helping those in need, and this partnership is a step forward in achieving that goal."
"We are hoping this partnership with Red Light Holland will be the start of something big, our end goal is the same as it was with medicinal cannabis, making new therapeutics available for those in need. With all the correct licensing in place in Australia and New Zealand, we are excited about next steps," said Mark Dye, Co-founder & CEO of NUBU.
Australia has recently, on February 3, 2023, announced a down-listing of psilocybin in its list of controlled substances to allow psychiatrists to prescribe psilocybin to patients suffering from treatment resistant depression. The change in scheduling was announced to take effect on July 1, 2023.
Red Light Holland will provide updates as it continues to work with CCrest Laboratories and NUBU Pharmaceuticals to explore the possibility of legal import and distribution of the microdosing capsules.
About NUBU Pharmaceuticals
Formed in 2017, NUBU Pharmaceuticals (New Zealand's largest medicinal cannabis distribution company) specializes in the distribution of therapeutics from the new frontier of medicine, including cannabis and psychedelics.
The company also develops New Zealand-made cannabis products for export markets, harnessing two of New Zealand's great strengths, it's innovative culture and unique botanicals.
For additional information on the Company:
Mark Dye
Co-Founder/Chief Executive Officer
Tel: +649-360 0204
Email: mark.dye@nubupharma.com
Website: www.nubupharma.com
About Red Light Holland
Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.
For additional information on the Company:
Todd Shapiro
Chief Executive Officer & Director
Tel: 647-643-TRIP (8747)
Email: todd@redlight.co
Website: www.RedLight.co
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's performance, business objectives and milestones and the anticipated timing thereof, and costs in connection with, the execution or achievement of such objectives and milestones; the potential benefits resulting from the entering of the distribution agreement between the Company and NUBU Pharmaceuticals, including the potential legal import and distribution to New Zealand and Australia and eventually Australasia; the Company and the Company's partners, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's continued commitment to its products for microdosing that can potentially be accessible in emerging legal markets worldwide; that the decriminalization and adoption of cannabis may be a representative precedent for the adoption of psilocybin in the stated geographic areas; and that the Company will provide updates with respect to its continued work with its partners on the microdosing capsules.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company's ability to maintain or exceed its current performance, and carry out its business objectives and milestones and under the anticipated timing and costs in connection with, the execution or achievement of such objectives and milestones; the Company's ability to capitalize on the potential benefits resulting from the entering of the distribution agreement between the Company and NUBU Pharmaceuticals, including the potential legal import and distribution to New Zealand and Australia and eventually Australasia; the Company and the Company's partners' abilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; the ability of the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's ability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; that the decriminalization and adoption of cannabis will be a representative precedent for the adoption of psilocybin in the stated geographic areas; and the Company's ability to provide updates with respect to its continued work with its partners on the microdosing capsules.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company's inability to maintain or exceed its current performance, and carry out its business objectives and milestones and under the anticipated timing and costs in connection with, the execution or achievement of such objectives and milestones; the Company's inability to capitalize on the potential benefits resulting from the entering of the distribution agreement between the Company and NUBU Pharmaceuticals, including the potential legal import and distribution to New Zealand and Australia and eventually Australasia; the Company and the Company's partners' inabilities, including NUBU Pharmaceuticals and CCrest Laboratories, to maintain its stated licenses and obtain all necessary additional licenses and regulatory approval required for the Company to carry out its plans as described; the inability of the Government of Australia to down list psilocybin under its controlled substances list and under the stated timelines; the Company's inability to continue developing its products for microdosing that can potentially be accessible in emerging legal markets worldwide; that the decriminalization and adoption of cannabis will not be a representative precedent for the adoption of psilocybin in the stated geographic areas; and the Company's inability to provide updates with respect to its continued work with its partners on the microdosing capsules.
Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158211
