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Red Light Holland Corp. (CSE:TRIP) (OTCQB:TRUFF) reported its financial results Monday for the year ended March 31, 2024, revealing annual revenue of CA$4.7 million ($3.4 million), up by 20.3% from CA$3.9 million in the prior year.
The Ontario-based producer of psilocybin truffles, functional mushrooms and mushroom home-grow kits went public with zero sales in May 2020. Since then until March 31, 2024, Red Light achieved CA$11.0 million in sales.
“The entire team at Red Light Holland is proud of our 2024 audited year-end results, as we continue to grow our revenues," Todd Shapiro, Red Light Holland CEO and director, said in a statement. "We remain strategically focused on the long game, while other companies in our space continue to burn cash at a frightening rate, have small runways, or march towards the eve of insolvency as the overall sector, to be frank, has been unimpressive. In our opinion, the harsh reality is that governments are uncertain, even despite recent groundbreaking emerging psilocybin developments, on their direct path forward – hence they are slower to introduce this much needed therapeutic approach to patients in need."
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"Red Light Holland had anticipated this slower path, which is why we are pleased with our pivot a few years ago creating our ‘everything mushroom’ vision,” Shapiro continued, “Our core focus remains on profitability while we continue to advocate for the ‘right to try’ and push for adult access to psilocybin for those in need – and our hard work, goals, and strategy continue to show positive momentum.”
Red Light Holland shares closed Monday market session 2.78% lower at $0.035 per share.
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