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, announces that it has completed the process of filing its audited annual financial statements and management discussion & analysis for the financial years ended March 31, 2022 and 2021.

"During our fiscal 2022 year we closed on four important acquisitions (Radix Motion, Happy Caps, AEM Farms and Mera Life Sciences) that have reshaped our current position and roadmap ahead. Through these acquisitions we have added to our team, developed strong partnerships and have acquired tangible assets, in the form of farm production facilities. I am pleased to announce for fiscal 2022 our revenue was over $2.3 million and gross profit over $600 thousand. We realized growth in both the Netherlands and Canada through SR Wholesale and Happy Caps, as increased revenue and gross profit 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 New Brunswick, which is now in early-stage production, AEM Peterborough, now in early-stage planning, current and future CPG expansion, and other potential strategic acquisitive opportunities," said Todd Shapiro, Red Light Holland CEO and Director. "Most recently we are also very excited to work with MISTERCAP LLC with marketing advisory services from the one and only Wiz Khalifa. As well, we have now officially closed our acquisitions of two SmartShops in Oss and Utrecht, the Netherlands. We are confident in our fully vertically integrated strategy and we cannot wait to start rebranding our wholly owned SmartShops to 'Wellness World' in the coming months."

Shapiro added: "Our mission remains: to provide affordable and equitable adult access to naturally occurring psilocybin 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 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 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, while carefully putting the pieces of this big beautiful psychedelic puzzle together. I am grateful for our shareholders' continued support. Feel free to contact me anytime with the email provided below."

With regards to the strength of the current financial position, David Ascott, Red Light Holland Chief Financial Officer, added "Our financial position and liquidity 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 March 31, 2022 is $25 million which includes $26.1 million of cash and cash equivalents. During the year, we recorded a non-cash impairment loss against the intangible assets and goodwill in the amount of $5.9 million. Through our acquisitions we added tangible capital assets including a mushroom production facility in New Brunswick valued at $2.5 million."

SUMMARY OF THE YEAR ENDED MARCH 31, 2022

• Revenue of $2,325,589 (2021 - $110,956) generating gross profit of $617,676 (2021 - $19,349) resulting in a gross margin percentage of 26.6% (2021 - 17.4%),
• Continued balance sheet strength including cash in the amount of $26,093,738,
• Property and equipment value $2,877,298,
• Total Asset value $32,938,665,
• The net loss for the year of $14,695,173, loss of $0.04 per share (2021 - $1,644,828, loss of $0.01 per share) was significantly influenced by non-cash charges relating to the impairment of intangible assets and goodwill in the amount of $5,937,015 (2021 - $nil) and stock-based compensation of $3,198,720 (2021 - $1,582,623),
• Four acquisitions were completed during the year ended March 31, 2022 (Radix Motion, Happy Caps, AEM Farms and Mera Life Sciences).

The Audited Financial Statements and Management's Discussion and Analysis for the year ended March 31, 2022 are now available on SEDAR.

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:

Todd Shapiro
Chief Executive Officer, Chairman and Director
Tel: 647-643-TRIP (8747)
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.RedLight.co

Forward-Looking Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such information include statements with respect to: the Company's future revenue generation with Acadian Exotic Mushrooms Ltd. in New Brunswick and Peterborough, the Company's plans to expand CPG, the Company's plans to pursue other potential strategic acquisition opportunities; Mr. Shapiro's statements with respect to the success of our fully vertically integrated strategy in the Netherlands, the future rebranding of SmartShops to "Wellness World", impactful marketing strategies, and Red Light Holland being the leader in the Rec and Tech psychedelic sector in the future, and Mr. Ascott's statements with respect to the Company having sufficient capital to funds its ongoing business development and future growth and expansions plans, and expectations for other economic, business, and/or competitive factors.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including expectations regarding future growth and expansion of the operations of the business; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets; changes in demand for the Company's product offerings; risks related to infectious diseases, including the impacts of the COVID-19 pandemic; legal and regulatory risks inherent in the psychedelics industry, including the global regulatory landscape and enforcement related to psychedelics; political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the psychedelics industry; the Company will be able to execute on its business strategy as anticipated; the Company will be able to effectively manage anticipated and unanticipated costs; general market conditions will be favourable with respect to the Company's future plans and goals, including the future revenue generation with Acadian Exotic Mushrooms Ltd. in New Brunswick and Peterborough, the Company's plans to expand CPG, the Company's plans to pursue other potential strategic acquisition opportunities; the success of the fully vertically integrated strategy; the effectiveness of the rebranding of SmartShops to "Wellness World" and impactful marketing strategies; the ability of the Company to become and maintain leadership in the Rec and Tech psychedelic sector; the Company being able to fund its ongoing business development and future growth and expansions plans; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward- looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.