Red Light Holland’s Majority Owned Acadian Exotic Mushrooms Ltd. Collaborates with Agro-Projects for Multi-Million-Dollar Mushroom Farm Expansion in Peterborough, Ontario.

Toronto, Ontario–(Newsfile Corp. – May 15, 2024) – 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, is pleased to announce a significant step forward in its endeavor to revolutionize the mushroom industry. Its subsidiary, Acadian Exotic Mushrooms Ltd. (“AEM Farms“), has partnered with Agro-Projects Export Sp. z o.o. Sp.k. (“Agro-Projects“), a Polish firm renowned for its expertise in designing technologically advanced mushroom cultivation facilities. Together, they are embarking on a $5.5 million contract to construct an 85,000 square foot state-of-the-art vertical mushroom farm and composting facility in Peterborough, Ontario.

Once completed, this facility, dubbed AEM Farms Ontario, is expected to produce over 15,000 tons of mushroom compost annually, yielding more than 7,500,000 pounds of fresh mushrooms each year. The construction has already commenced, with clearing, road work and overall preparation currently underway.

Agro-Projects stems from their recognized prowess in industrial mushroom cultivation facility design. Todd Shapiro, CEO and Director of Red Light Holland, expressed confidence in this partnership, highlighting Agro-Projects’ expertise and the potential it holds for achieving mass production goals.

Transaction Details

In connection with AEM Ontario farm build, AEM Farms and Agro-Projects have entered into a supply and installation agreement (the “Agreement“) effective the date hereof. Pursuant to the terms of the Agreement, Agro-Projects shall supply labour, materials, and equipment to build the AEM Ontario facility and Agro-Projects will be paid €3,700,000.00 in installments. Build’s completion is anticipated to be in and around January 2025.

AEM Farms, majority-owned by Red Light Holland, is collaborating with notable figures in the Canadian mushroom farming industry, including Holburne Mushroom Farm, Carleton Mushroom Farms, and individuals like Mike Meideros and Fernando Medeiros, to bring this project to fruition. In addition to Mike and Fernando Medeiros, AEM Farms Ontario is being developed in collaboration with partners and mushroom-industry veterans Tonia Furlano, Nick Furlano and Steven Rotiroti of Holburne Mushroom Farm and F&R Mushroom Farm. Once complete, AEM Farms Ontario will support the Company’s global and local operations with high quality, large-scale exotic mushroom production capabilities that will serve the needs of high-in-demand fresh, organic and Canadian made exotic mushroom growth in Canada and the United States. This venture aligns with Red Light Holland’s vision to meet the rising demand for fresh, organic, and Canadian-grown exotic mushrooms in both the domestic and international markets.

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 contact refarding farm/compost yards building:

Andzej Bielicz, Agro-Projects

andrzej.bielicz@agro-projects.eu,

+48 697 450 111,

https://mushroom.agro-projects.eu/en

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