Red Light Holland Corp., an Ontario-based mushroom producer, received a building permit for its AEM Farms in Peterborough from the Township of Cavan-Monaghan, permitting it to build an 80,000-square-foot exotic mushroom farm and composting facility.
With this permit, Red Light Holland predicts the facility will be able to produce more than 15,000 tons of mushroom compost annually, leading to more than 7,500,000 pounds of fresh mushrooms per year. The Farm build is expected to commence immediately, with the goal of it being completed by the Fall of 2024.
"We are excited to receive the Building Permit for AEM's new facility, and we believe our projected future enterprise value of the farm alone will be a benefit for Red Light Holland and its investors. We will leverage our existing operational expertise to ensure we support the needs of our customers across both Canada and the United States," said Todd Shapiro, CEO and Director of Red Light Holland.
Operating under Red Light's flagship farming brand, AEM Farms, the facility 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.
"We remain committed at Red Light to continue growing the psychedelic side of our business. We are using our continuous source of data collection through customer psilocybin usage from our Netherlands's farm-grown products (iMicrodose and Maka) which are then sold by our distribution company (SR Wholesale) to advocate for wider spread legalization. We are proud of our self-regulatory mandates as we impact change."
The company is also advancing R&D of its microdosing homogenized capsules with CCrest Labs in Canada, to receive a 5th psilocybin Health Canada import license with the ultimate goal of providing access for those in need. In the Netherlands, its magic truffle Farm had a record year in sales, and the team remains focused on increasing both magic truffle production and sales, including the efforts of increased sales in the company's Mush Room and More retail shops in OSS and Utrecht, NL.
"I wouldn't be surprised when comparing Red Light to any other publicly traded company in the world, that we probably have grown and sold more psilocybin than any of them - as we educate and support our clients, with our responsible use policy, Tele counseling availability and community events," added Shapiro.
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