Toronto, Ontario--(Newsfile Corp. - February 15, 2023) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: 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 Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands, is proud to announce the Company has committed to becoming an aligned supporter and advocate with TheraPsil, a non-profit organization comprised of healthcare practitioners, patients and advocates, that is engaged in raising money through public donations in support of advancing a charter challenge relating to the prohibition of psilocybin under the Controlled Drugs and Substances Act ('CDSA"), on the basis that the prohibition of psilocybin under the CDSA constitutes a violation of Section 7 of Canada's Charter of Rights and Freedoms (the "Charter"). Red Light Holland will provide financial support to TheraPsil in furtherance of its objective in commencing a charter challenge pursuant to Section 7 of the Charter and obtaining remedy from the court in connection with the alleged breach of the Charter (the "Objective")

Financial Commitment of Red Light Holland:

Red Light Holland has agreed to provide financial support of up to $10,000, to TheraPsil in connection with the Objective.

• Red Light Holland agrees to match donations received by TheraPsil through public donations commensurate to each $1.00 donated, up to $10,000.
  
  
• If TheraPsil raises $10,000 in the next three-month period Red Light Holland will explore the possibility of continuing with a significant financial contribution, via another donation match to further support the objective.

Red Light Holland x TheraPsil CEO Collaboration:

Red Light Holland CEO Todd Shapiro and TheraPsil CEO Spencer Hawkswell are proud to join forces, as together these proudly vocal CEOs will collaborate on Print, TV, Radio, Podcast, Social Media posts, Internet interviews and promotional materials to launch and raise awareness to Red Light's matching donation campaign in support of TheraPsil. The lawsuit argues that by denying patients access to psilocybin, the Canadian government is contravening the right to life, liberty and security of patients.

Red Light Holland encourages the public to support this important cause and make a donation today at www.TheraPsil.ca. On top of helping the Charter challenge financially, Red Light Holland will offer to support Paul Lewin, a well-known Cannabis legalization Lawyer and his legal team with expert knowledge and data consensually collected from clients in the Netherlands showing the safety and efficacy of natural psilocybin.

"Red Light is proud to partner and provide financial support with TheraPsil in trying to change the laws to provide all Canadian adults who need it with legal access to psilocybin. We are grateful to be working with such a beautiful organization, who have led the way in Canada to achieve exemptions and special access to magic mushrooms for their patients, helping many in need," said Red Light Holland CEO and Director, Todd Shapiro. "Personally, I'm really blessed to share the stage with TheraPsil CEO Spencer Hawkswell, as together we will promote the matching donation drive wherever we can. Working with Spencer and TheraPsil's respected and experienced legal team, including Paul Lewin and David Wood is truly an incredible partnership, I mean, we've always stated we are the People's company wanting to make a difference for positive change - and we believe this is just another example of that. If successful, Red Light has the opportunity to be a part of leaving a legacy when it comes to giving back and helping those in need - and that makes all of us so proud!"

TheraPsil CEO Spencer Hawkswell: "TheraPsil and our Delegation are in Ottawa this week to advocate for compassionate access to psilocybin. We want to work with the government to find a solution to the cruel treatment of palliative Canadians who are seeking medical access to psilocybin to treat their end-of-life distress and mental illness. Many seek Psilocybin as a treatment for their anxiety, depression, and pain. Some see it as an alternative to Medical Assistance in Dying (MAiD), while others find it helps with the process. If we have the right to die, we should have the right to try Psilocybin. We are encouraging the government to work with Patients, Healthcare professionals and industry on medical regulations. However, this has been fruitless for the past 3 years and patients are still fighting. This Constitutional challenge could be the only way to enshrine the rights of Canadians and ensure access. With Red Light's matching donation and support, we will keep the plaintiffs and lawyers well-funded and on track to ensure change comes swiftly. So please, go to www.TheraPsil.ca and donate today, as Red Light is ready to match your dollars."

"This financial aid from Red Light Holland comes at a crucial time that will greatly benefit the resources we can utilize towards the case," said Paul Lewin, head legal counsel leading the lawsuit.

About Paul Lewin and Sagara LLP

Paul Lewin has been a criminal defence lawyer in Toronto and across Canada for over 20 years. His focus concerns litigation and consultation on matters related to the cannabis plant and psychedelics. He advocates for cannabis rights with the National Organization for the Reform of Marijuana Laws in Canada.

About TheraPsil:

TheraPsil is a non-profit coalition dedicated to helping Canadians in medical need access legal, psilocybin-assisted psychotherapy and medical psilocybin.

TheraPsil was formed in 2019 and is made up of healthcare practitioners, patients, community members, and advocates.

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, please contact:

Todd Shapiro
Chief Executive Officer 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 Information and Cautionary 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 of, and costs in connection with, the execution or achievement of such objectives and milestones; the Company's intention to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections in Canada, U.S., and other jurisdictions; the ability of the Company to successfully raise a charter challenge relating to the prohibition of psilocybin and psilocin under The Controlled Drugs and Substances Act, if at all; the success of the Company and TheraPsil in achieving the Objective; the costs and timelines associated with raising a charter challenge; the potential risk to the Company's reputation if it is not successful in raising a charter challenge and/or achieving the Objective; the ability of the Company to retain legal counsel with experience in successfully raising a charter challenge and the costs associated therewith; the Company meeting its anticipated timeline and process for achieving the Objective; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the industry; the benefit of psilocybin and psilocin in therapeutic settings; the willingness of physicians, practitioners and patients to use psilocybin and psilocin for therapeutic purposes; political risks and risks relating to regulatory change; risks related to anti-money laundering laws; changes in general economic, business and political conditions, including changes in the financial and stock markets; risks related to TheraPsil, including its use of donated monies; the reputation of TheraPsil generally and any potential corresponding effect on the Company's reputation; the demand for psilocybin and psilocin in therapeutic settings; the continued approval of the Company and/or TheraPsil's activities by the relevant governmental and/or regulatory authorities; future changes in legislation and the regulations not impacting the Company's ability to fulfill its plans and goals, including the ability to raise a charter challenge and achieve the Objective; the possibility that TheraPsil may require additional funding in order to advance the charter challenge and achieve the Objective; and the ability of the Company to provide continued financial support to TheraPsil for the purposes of the Objective.

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 achieve the performance, meet their business objectives and milestones in their anticipated time and within the anticipated cost; 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, 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, 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 psychedelic industries; the Company will be able to effectively manage anticipated and unanticipated costs; the Company will be able to conduct its operations in a safe, efficient and effective manner; general market conditions will be favorable with respect to the Company's future plans and goals; the Company will be able to utilize fast-track examination under the Patent Prosecution Highway in the United States, Canada and other participating patent offices; the Company will combine psychedelic usage data with technology; the Company will customize treatments and interventions, resulting in increased benefits of its technology; the Company will obtain its patent upon the terms outlined herein; and the Company will devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures.

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; unanticipated changes in the 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 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 be unable to provide affordable and equitable access adult access to naturally occurring psilocybin; risk that the Company will not be eligible for fast-track examination under the Patent Prosecution Highway in the United States, Canada and other participating patent offices; risk that the Company will be unable to combine psychedelic usage data with technology; risk that the Company will be unable 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; and risk that its patent application will be denied in whole or in part.

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.