Red Light Holland Trims Year-Over-Year Losses on Revenue Increase

Acquisitions and increased tourism helped drive sales up.

Canadian mushroom and psychedelics firm Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) reported another C$1.1 million loss for its latest fiscal quarter, which ended Sept. 30.

That’s a 15% improvement from its C$1.3 million losses for the same period a year prior, while increasing revenue by 33% year-over-year.

Red Light – which sells functional mushrooms and home mushroom grow kits in North America and Europe, as well as psilocybin truffles in the Netherlands, where those goods are legal – pulled in C$938,324 in revenues for the quarter, up from C$736,428 in its second fiscal quarter last year. That brings revenue for the current fiscal year to C$2.1 million, up from C$1.5 million for the first six months of its 2023 fiscal year.

The company attributed the year-over-year revenue gain in part to increased sales from acquisitions completed in 2022 and higher wholesale revenue in the Netherlands driven by increased tourism.

Revenue was down sequentially, however, from the C$1.2 million the company posted in its first quarter this year.

CFO David Ascott noted that the company’s “financial position and liquidity remains strong, and the company currently has sufficient capital to fund its ongoing business development and future growth and expansion plans for the foreseeable future.”

At the end of September, Red Light had C$28.1 million in total assets, including C$16.3 million in cash, against C$3.6 million in total liabilities.

John Schroyer

John Schroyer has been a reporter since 2006, initially with a focus on politics, and covered the 2012 Colorado campaign to legalize marijuana. He has written about the cannabis industry specifically since 2014, after being on hand for the first-ever legal cannabis sales on New Year’s Day that year in Denver. John has covered subsequent marijuana market launches in California and Illinois, has written about every aspect of the marijuana trade, and was part of the team that built the cannabis industry’s first-ever trade show, MJBizCon. He joined Green Market Report in 2022.

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