Business
Red Light Holland and Mera Life Sciences Terminate Agreement in St. Vincent and the Grenadines
Toronto, Ontario--(Newsfile Corp. - March 23, 2023) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4...
About this update from Red Light Holland Corp
[{"type":"text","content":"Red Light Holland and Mera Life Sciences Terminate Agreement in St. Vincent and the GrenadinesToronto, Ontario--(Newsfile Corp. - March 23, 2023) - 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, in compliance with all applicable laws, have mutually agreed, with Mera Life Sciences (\"Mera\"), to terminate the relationship previously announced by the Company in its press release dated August 31, 2021.Under the acquisition agreement dated July 29, 2021 (the \"Acquisition Agreement\"), Red Light Holland acquired 100% of the issued and outstanding shares of Mera for $2,450,000. The Acquisition Agreement contemplated that the consideration would be satisfied through a series of share issuances, for the aggregate issuance of 7,000,000 common shares in the capital of the Company (each a \"Red Light Share\") at the deemed price of $0.35 per Red Light Share. As of the date hereof, the Company has only issued and released 700,000 Red Light Shares to the vendor of Mera (the \"Vendor\"). The remaining 6,300,000 Red Light Shares have not been released to the Vendors due to several milestones not being fulfilled and that the final implementation of St. Vincent and the Grenadines (\"SVG\") regulatory framework for the psychedelics industry has yet to be established, however, the 6,300,000 Red Light Shares have now been released to the escrow agent to satisfy obligations of the Company.\"While we were excited and determined to have the opportunity to work in SVG, unfortunately their modern medicinal industry was moving slowly while we are moving quickly back home in terms of R&D. Red Light Holland is currently working with CCrest Laboratories Inc. with the goal of creating microdosing capsules from our Netherlands' grown Truffles. Our current batch is in CCrest's lab after it was imported under a fourth Health Canada approved Psilocybin Import Permit. We have also hired CLE - licensing experts - to help with the process of hopefully applying for a Controlled Drugs and Substances (CDS) Dealer's License at our facility in New Brunswick. As well, we have si...