On August 29, 2024, Red Light Holland Corp., an Ontario-based company engaged in the production, growth, and sale of functional mushrooms and mushroom grow kits in North America and Europe, as well as a premium brand of psilocybin truffles to the legal recreational market in the Netherlands, released its financial and operational results for the three months ending June 30, 2024. These results include a cash balance of $14.13 million, a 1.6 million revenue increase from the previous year, a gross profit of 40.1%, reduced cash burn, and total assets of $24.0 million.
Todd Shapiro, CEO and Director of Red Light Holland, emphasized the company’s strategic commitment to growth, strong cash management, and revenue increase. The company achieved a 29.7% revenue growth year-over-year and highlighted its diversified portfolio, including expanding brand recognition and retail distribution channels.
Looking forward, Red Light Holland plans to focus on profitability and advocacy for responsible adult access to psilocybin. The company aims to capitalize on emerging market opportunities and create long-term shareholder value. An upcoming live Q&A session in mid-to-late September 2024, hosted by CEO Todd Shapiro and CFO Jon Szczur, will provide shareholders with updates on the company’s progress and future plans.
The full unaudited condensed interim consolidated financial statements for the three months ending June 30, 2024, along with management’s discussion and analysis, can be accessed on the Company’s profile page on SEDAR+. Red Light Holland continues to prioritize strategic growth, financial stability, and advocacy for psilocybin access within legal frameworks.
