Toronto, Ontario--(Newsfile Corp. - September 2, 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 functional mushrooms and mushroom home grow kits in North America, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws, is pleased to announce that, further to the Company's press release dated August 29, 2022, the Company's Chief Executive Officer, Todd Shapiro and Chief Financial Officer, David Ascott, will be hosting a live investor question and answer session via the Zoom platform on Thursday, September 8, 2022 from 2:00 pm - 2:30 pm (EST) (the "Q&A Session").

The Q&A Session will address, among other things, the Company's recent filed financial statements for the first fiscal quarter of 2023 ended June 30, 2022, a copy of which can be accessed by visiting the Company's website at www.RedLight.co, and its profile page on SEDAR at www.sedar.com, future developments and key strategic objectives of the Company, and provide the audience with an opportunity to learn more about the Company's business and products.

"We pride ourselves at Red Light Holland on being transparent by having open ended conversations with our shareholders," said Todd Shapiro, Chief Executive Officer and a director of Red Light Holland. "We considered having this Q&A session earlier, but like weddings on a long weekend, we didn't want to take up your precious vacation time during the last few weeks of summer. After the long weekend the majority of people are back to their regular routines and we are excited to update all shareholders next Thursday on the Company's strategic objectives, as we continue to work extremely hard at growth and increasing shareholder value, while spending cautiously. Our mission is to #FreeTheMagic and to provide affordable and equitable adult access to naturally occurring psilocybin via technology, education, information and responsible use remains. Talk soon!"

The Q&A Session is accessible via the Zoom platform on Thursday, September 8, 2022 from 2:00 pm - 2:30 pm (EST) at the following link:

https://us06web.zoom.us/j/84071450844?pwd=M0tJb1JxeDdQZkZ4eWg4eERKL3NIQT09

The Q&A Session is expected to run for 30 minutes.

Meeting ID: 840 7145 0844
Passcode: RLH2022

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Meeting ID: 840 7145 0844
Find your local number: https://us06web.zoom.us/u/kflussCAx

CORRECTION TO PRESS RELEASE DATED AUGUST 29, 2022

The Company wishes to clarify that all references in the Company's press release dated August 29, 2022 to the financial statements and results being for the first fiscal quarter of 2022 were inadvertently misstated and were meant to state that the financial statements and results were in connection with the first fiscal quarter of 2023.

ABOUT RED LIGHT HOLLAND

The Company is an Ontario-based corporation engaged in the production, growth and sale of functional mushrooms and mushroom home grow kits in North America, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, in compliance with all applicable laws.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

Todd Shapiro
Chief Executive Officer and Chairman
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 business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones (including, without limitation, proposed acquisitions); the Company's future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company's business, brands and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the mushroom and psychedelics industries generally; the impact of the COVID-19 pandemic on the Company's current and future operations; the market for the Company's current and proposed product offerings, as well as the Company's ability to capture market share; the Company's strategic investments and capital expenditures, and related benefits; the distribution methods expected to be used by the Company to deliver its product offerings; the competitive landscape within which the Company operates and the Company's market share or reach; the performance of the Company's business and the operations and activities of the Company; the Company making meaningful increases to its revenue profile; the Company continuing to increase its revenue through the second fiscal quarter of 2023, and the remainder of the year; the Company's ability to generate cash flow from operations and from financing activities; the Company's ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company's recent and proposed acquisitions, and the Company's ability to successfully integrate the operations of any business acquired within the Company's business; the Company's intention to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures; the anticipated sales from continuing operations for the financial year of the Company ending March 31, 2023; the Company hitting its forecasted revenue and sales projections for the second quarter of 2023; and the Company will hold the Q&A Session on the date and at the time as disclosed herein.

Forward-looking information in this press release are based on certain assumptions and expected future events, namely: current and future members of management will abide by the Company's business objectives and strategies from time to time established by the Company; the Company will retain and supplement its board of directors and management, or otherwise engage consultants and advisors having knowledge of the industries (or segments thereof) within which the Company may from time to time participate; the Company will have sufficient working capital and the ability to obtain the financing required in order to develop and continue its business, brands and operations; the Company will continue to attract, develop, motivate and retain highly qualified and skilled consultants and/or employees, as the case may be; no adverse changes will be made to the regulatory framework governing psychedelics, mushrooms, taxes and all other applicable matters in the jurisdictions in which the Company conducts business and any other jurisdiction in which the Company may conduct business in the future; the Company will be able to generate cash flow from operations, including, where applicable, through the distribution and sale of mushrooms and mushroom products; the Company will be able to execute on its business strategy as anticipated; the Company will be able to meet the requirements necessary to obtain and/or maintain authorizations required to conduct the business; general economic, financial, market, regulatory, and political conditions, including the impact of the COVID-19 pandemic, will not negatively affect the Company or its business; the Company will be able to successfully compete in the mushroom and psychedelic industries; mushroom prices will not decline materially; the Company will be able to effectively manage anticipated and unanticipated costs; the Company will be able to maintain internal controls over financial reporting and disclosure, and procedures in order to ensure compliance with applicable laws; the Company will be able to conduct its operations in a safe, efficient and effective manner; general market conditions will be favourable with respect to the Company's future plans and goals; the Company will reach the anticipated sales from continuing operations for the financial year of the Company ending March 31, 2023; the Company will complete its proposed acquisitions; the Company will hit its forecasted revenue and sales projections for the second quarter of 2023; the Company will develop its production facilities; the Company will make meaningful increases to its revenue profile; the Company will continue to increase its revenue through the second fiscal quarter of 2023, and the remainder of the year; the Company will complete the development of its production facilities; and the Company will hold the Q&A Session on the date and at the time as disclosed herein.

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 attract and retain qualified members of management to grow the Company's business, brands and its operations; unanticipated changes in economic and market conditions (including changes resulting from the COVID-19 pandemic) or in applicable laws; the impact of the publications of inaccurate or unfavourable research by securities analysts or other third parties; the Company's failure to complete future acquisitions or enter into strategic business relationships; interruptions or shortages in the supply of mushrooms available to support the Company's operations from time to time; unanticipated changes in the mushroom and psychedelic industries in the jurisdictions within which the Company may from time to time conduct its business and operations, including the Company's inability to respond or adapt to such changes; the Company's inability to secure or maintain favourable lease arrangements or the required authorizations necessary to conduct the business and operations and meet its targets; the Company's inability to secure desirable retail store locations on favourable terms; risks relating to projections of the Company's operations; the Company's inability to effectively manage unanticipated costs and expenses, including costs and expenses associated with product recalls and judicial or administrative proceedings against the Company; risk that the Company will not reach the anticipated sales from continuing operations for the financial year of the Company ending March 31, 2023; risk that the Company will not hit its forecasted revenue and sales projections for the second quarter of 2023; risk that same-store sales will not increase, but decease and/or plateau; risk that the Company will be unable to increase its revenue profile; risk that the Company will be unable to increase its revenue through the second fiscal quarter of 2023, and the remainder of the year, but that it will decease and/or plateau; risks that the Company will be unable to complete the development of any or all of its production facilities; and risk that the Company will be unable to hold the Q&A Session on the date and at the time as disclosed herein or at all.

Readers are cautioned that the foregoing list is not exhaustive. 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/135813