Business
Red Light Holland Reports 2023 Audited Year End Results
Cash balance of $18.5 million as at March 31, 2023 Revenue of $3.95 million (vs 2022: $2.3 mil...
About this update from Red Light Holland Corp
[{"type":"text","content":"Red Light Holland Reports 2023 Audited Year End ResultsCash balance of $18.5 million as at March 31, 2023Revenue of $3.95 million (vs 2022: $2.3 million, an increase of 69.8%)Gross profit of $1.7 million (vs 2022: $0.6 million, an increase of 176.3%)Property and equipment value of $4.8 millionTotal assets of $30.1 millionToronto, Ontario--(Newsfile Corp. - July 31, 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, 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, 2023 and 2022.\"During our fiscal 2023 we realized significant growth in both the Netherlands and Canada through all of our operations while being cautious with our spending, as driving towards the path to profitability remains our core focus. We've increased production, distribution and points of sale of both magic truffles and exotic mushrooms across many countries and we continue to be aggressive with our core focus on legal naturally occurring psilocybin adult access and with our 'everything mushroom' approach to growing our brands, growing our fully vertically integrated business clearly aimed at growing our revenues in both legal and emerging markets, \" said Todd Shapiro, Red Light Holland CEO and Director. Shapiro added: \"We are very excited for the next few months and we will continue to update our loyal shareholders as we are supremely confident with our growth strategy and overall plans; including following up with information on all of our brands and launches, the 65,000 square feet farm build in Peterborough, Ontario, any potential M&A activity and our psilocybin microdosing capsules developed and tested by partner CCrest Laboratories aimed for distribution with NUBU Pharmaceuticals in Australasia.\"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...