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Jushi Holdings Inc. Reports First Quarter 2020 Financial Results

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Announces First Quarter 2020 Revenue of $8.6 million, a Sequential Increase of 43%;Gross Profit of $4.2 million, a Sequential increase of 55%;Pre-announces Second Quarter 2020 Revenue of Approximately $15.0 million, a Sequential Increase of 74%;Annualized Revenue Run-Rate for June 2020 of Approximately $69 million
BOCA RATON, Fla., July 07, 2020 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a globally focused, multi-state cannabis and hemp operator, today announced its financial results for the first quarter ended March 31, 2020, and is pre-announcing its second quarter 2020 revenues. All financial information is provided in U.S. dollars unless otherwise indicated.First Quarter 2020 HighlightsTotal revenue increased 43 percent sequentially to $8.6 millionGross profit of $4.2 million, an increase of 55 percent sequentiallyNet loss of $(15.9) millionAdjusted EBITDA1 (Loss) of $(6.0) million$49.3 million of cash and securities on the balance sheet as of March 31, 2020Annualized revenue run-rate for March 2020 of approximately $50 millionPre-announces Second Quarter RevenueTotal revenue of $15.0 million, an increase of 74 percent sequentiallyAnnualized revenue run-rate for June 2020 of approximately $69 million, a 38 percent increase over the March annualized run-rate and includes the negative impact of two closed Philadelphia stores due to break-ins at the end of May.  Adjusting for the closed stores, annualized revenue run-rate for June 2020 would have been approximately $78 million
Operational HighlightsAnnounced a definitive binding agreement to purchase the equity of a grower-processor in Pennsylvania and a concurrent debt financing of approximately $16.2 million led by insiders and current shareholdersAnnounced the closing of the acquisition of Agape Total Health Care Inc, a Pennsylvania medical marijuana dispensary permit holderAcquired two medical dispensaries in Illinois; launched adult-use sales and rebranded stores as BEYOND/HELLORelaunched Beyond-Hello.com, providing “live” menus and real-time access to store inventoryRemained operational during COVID-19 after implementing safety protocols, including curbside pick-up in PA and IL; temporarily closed two PA dispensaries in June for repairs due to break-insAnnounced passing of VA Senate Bill 976 in April permitting up to five additional medical dispensaries per health service area, for a total of six dispensaries per licenseOpened 7th dispensary in PA located in Ardmore, PAManagement Commentary
“Our 43 percent quarterly revenue growth in first quarter was driven by strong sales at our BEYOND/HELLO stores in Pennsylvania and the acquisition of two Illinois dispensaries,” said Jim Cacioppo, Chairman and Chief Executive Officer of Jushi. “I’m encouraged by the continued momentum we have seen coming out of our second quarter results, where despite short-term headwinds such as the closure of two of our Philadelphia stores and several in-store initiatives aimed at prioritizing the health and safety of our employees, patients, and customers, we nearly doubled our sequential quarterly revenue growth rate to 74 percent with Q2 revenues of $15.0 million.”Mr. Cacioppo added, “While we are pleased with our topline results, we have also been implementing several cost reduction initiatives across our network of retail stores that are focused on strengthening our financial rigor and driving long-term profitability. These include the implementation of strategic purchasing practices, optimizing our labor model, improving our in-store product mix, creating additional targeted promotions, and further leveraging our beyond-hello.com online platform. While the impact of these changes are not significantly reflected in our Q1 results, I expect these changes to become more evident in the second quarter and as we enter into second half of the year.”Mr. Cacioppo concluded, “We are also focused on further enhancing our customer experience at our existing dispensaries. During the second quarter, we relaunched Beyond-Hello.com which now features a vastly improved customer experience, real-time access to store inventory, and importantly online reservations. I can say with full confidence that the online roll-out has been a big success with online pre-ordering making up a very large percentage of our sales. We believe the online system has increased sales, operating efficiencies, and improved employee, patient, and customer safety. The BEYOND/HELLO retail brand has a reputation for providing a superior customer experience in Pennsylvania that we look to expand beyond the Commonwealth and into our Illinois, California, and Virginia markets.”Financial Results for the First Quarter Ended March 31, 2020Revenue in the first quarter of 2020 (“Q1 2020”) increased 43 percent to $8.6 million, compared to $6 million in the fourth quarter of 2019 (“Q4 2019”). The 43 percent increase in revenue was driven by the acquisition of two medical marijuana dispensaries in Illinois, one of which began serving adult-use customers in March, and strong revenue growth at the Company’s BEYOND/HELLO stores in Pennsylvania.  Gross profit in Q1 2020 was $4.2 million, resulting in a gross margin of 48 percent, compared to $2.7 million in Q4 2019, or a gross margin of 44 percent. The $1.5 million or 55 percent increase in gross profit over the prior quarter was primarily due to higher margin adult-use sales, improved product mix, the implementation of strategic purchasing practices and more disciplined promotional offers.Q1 2020 net loss was ($15.9) million, or ($0.17) per diluted share, compared to a net loss of ($17.1) million, or ($0.18) per diluted share, in Q4 2019. Contributing to net loss in Q1 2020 was an $8.2 million loss on investments due to market conditions.Adjusted EBITDA1 (Loss) in Q1 2020 was ($6.0) million, compared to $(7.3) million in Q4 2019. Adjusted EBITDA margins have steadily improved during the quarter through the combination of higher gross margins, reduced operating expenses and improved store revenue performance.1 Adjusted EBITDA, which is a non-IFRS measure, excludes certain items which are detailed and reconciled to the most comparable IFRS-reported measure in the attached “Reconciliation of Non-IFRS Measures.”Balance Sheet and LiquidityAs of March 31, 2020, the Company had $35.7 million of cash and cash equivalents as well as $13.6 million in short-term investments. Total current assets of $56.8 million and current liabilities of $27.7 million as of March 31, 2020.  Net working capital as at the end of March 31, 2020 was $29.1 million. As of June 30, 2020, the Company had $38.4 million in cash and cash equivalents, and $12.3 million in short-term investmentsOperations UpdatePennsylvania:In Pennsylvania, Jushi operates a total of seven medical dispensaries under the BEYOND/HELLO brand. The Company expanded its retail footprint with the opening of the Company’s seventh store in Ardmore in June and expects to open its eighth location in Reading later this month. Unfortunately, as of June 1st, two of the Company’s Philadelphia dispensaries were temporarily closed for repairs but expects both stores to be reopened by the end of July. The cost of building repairs, certain operating expenses and lost profits are expected to be covered under the Company’s current insurance policy.Organic same store revenue in Pennsylvania increased approximately 96 percent from January 2020 to June 2020, excluding the two closed Philadelphia stores. This improved performance is due to better management and the introduction of BEYOND/HELLO.com. In the second quarter the Company also hired a new head of retail operations in Pennsylvania with very significant retail experience in the Pennsylvania retail market.In June, Jushi announced that it signed a definitive agreement to acquire 100 percent of the equity of a grower-processor in Pennsylvania. The permittee operates a 90,000 sq. ft. facility with approximately 45,000 sq. ft. of high-quality, indoor cultivation when construction is complete. The Company will also have an assignable purchase option to acquire 100 percent of the equity of a medical marijuana dispensary permittee that currently operates two dispensaries in Scranton and Bethlehem, with the right to operate one additional dispensary in the region, subject to regulatory approval.Also in June, Jushi closed on the previously announced acquisition of 80 percent of the economic interests in Agape Total Healthcare, who will open three retail locations in Pennsylvania. With the closing of this deal and prior announced acquisitions, the Company will have the right to operate up to 15 dispensaries.Illinois:In February 2020, Jushi became the 100 percent owner of two Illinois medical cannabis dispensaries located in Sauget (adjacent to East St. Louis) and Normal (Bloomington-Normal metro area). Since acquiring the two dispensaries, both locations have been re-branded to BEYOND/HELLO and have begun adult-use sales. The Sauget dispensary began adult-use sales in March 2020, and the Normal dispensary began adult-use sales in May 2020. Each dispensary is also eligible to seek approval from the IDFPR to open a second retail location, and Jushi plans to exercise both of these options and have four adult-use stores operating by the end of 2020.Organic same store revenue in Illinois increased approximately 440 percent from February 2020 to June 2020, driven by the introduction of adult-use sales, the relaunch of BEYOND/HELLO.com, improved procurement, additional store hours, and an improved in-store customer experience. Virginia:In September 2019, Jushi acquired the majority membership interest in Dalitso, a Virginia-based pharmaceutical processor for medical cannabis extracts. The permit holder is one of only five applicants to have received conditional approval for a pharmaceutical processor permit issued by the Virginia Board of Pharmacy. The designated area for the permit holder to operate is Health Service Area II, in Northern Virginia.  Also, with the enactment of Senate Bill 976 in April 2020, the Company anticipates adding up to five additional cannabis dispensing facilities to its operations in Virginia to bring the total to six dispensaries with a capability for home deliveries. These six cannabis dispensing facilities will be in addition to the pharmaceutical processor facility near the City of Manassas, which will also allow the Company to cultivate, process, and deliver medical cannabis to registered patients in Virginia. Senate Bill 976 will also remove the statutory five percent cap on the concentration of THC within a cannabis oil formulation and expand the definition of products a patient can possess. The Company expects its pharmaceutical processor facility to become operational by the end of the summer and begin dispensing product by the end of the year.California:Jushi, through its subsidiary, anticipates owning and operating a store in Santa Barbara in the second half of 2020, subject to the closing of a related acquisition agreement. Moreover, a subsidiary of the Company also received approval to move forward in the merit-based application process as one of three selected applicants for a storefront retail (and ancillary delivery) permit in Culver City, California.The Company will continue to pursue additional retail opportunities in specific limited license markets in California, particularly in jurisdictions with high barriers of entry, limited market participants, and a firm handle on the local unregulated market.COVID-19 Update and OutlookThe Company announced several initiatives that prioritized the health and safety of its employees, medical patients, and customers across its network of dispensaries at the onset of the COVID-19 outbreak. Depending on the location, some of the initiatives include, but were not limited to: reducing the number of point-of-sale registers in use at one time, restricting the number of people permitted in-store, limiting store hours to those most susceptible, and offering curbside pick-up. The Company has also directed a significant amount of traffic to its newly launched online ordering marketplace, www.beyond-hello.com, which enables a medical patient or customer to view real-time pricing and product availability, and reserve products for convenient in-store pick-up at BEYOND/HELLO locations across Pennsylvania and Illinois, and soon to be open Santa Barbara, California location.As previously announced, the Company temporarily closed two stores in Philadelphia due to damage sustained during the demonstrations in late-May. Had the two stores in Philadelphia been open in June, the Company estimates that Q2 2020 total revenue would have been approximately $16 million, an increase of over 80 percent as compared to the prior quarter. The Company also expects to reopen the two dispensaries following the completion of repairs by the end of July 2020.Jushi remains on track to further expand its retail footprint this year through the planned opening of three new stores in Pennsylvania and two new stores in Illinois. By year end, the Company’s store count in Pennsylvania is expected to be approximately 10, while its store count in Illinois is expected to double to four. In August, the Company anticipates closing on its recently announced acquisition of a grower-processor in Pennsylvania and opening its first California store in Santa Barbara, California. The Company also expects to open up to six BEYOND/HELLO branded medical dispensaries in Virginia via its majority-owned subsidiary Dalitso LLC over the next 12 to 18 months, and an additional five retail locations in Pennsylvania in 2021.”On a pro forma basis, including the impact of the recently announced acquisition of a Pennsylvania grower-processor, Jushi expects fourth quarter 2020 revenue of approximately $25 to $30 million and Adjusted EBITDA to be positive in the fourth quarter. The Company is also reaffirming its 2021 revenue guidance of $200 to $250 million and will provide more detail at the expected close of the recently announced acquisition.The Company’s MD&A and consolidated financial statements for the first quarter March 31, 2020, along with all previous public filings of the Company, may be found on SEDAR at www.SEDAR.com.Conference Call and Webcast Information 
Management will host a conference call and audio webcast on Tuesday, July 7th at 9:00 a.m. ET to answer questions about the Company’s operational and financial highlights. The dial-in numbers for the conference call are +1-877-407-0792 (U.S. Toll-Free) or +1-201-689-8263 (International). Please dial in 10 to 15 minutes prior to the start time of the conference call and an operator will register your name and organization.
The conference call will also be available via webcast, which can be accessed through the Investor Relations section of Jushi’s website, http://ir.jushico.com/.For interested individuals unable to join the conference call, an audio webcast replay will be available and can be accessed on Jushi’s Investor Relations site, http://ir.jushico.com/.About Jushi Holdings Inc. 
We are a globally focused cannabis and hemp company led by an industry leading management team. In the United States Jushi is focused on building a multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis and hemp ecosystem. For more information please visit www.jushico.com or our social media channels, InstagramFacebookTwitter, and LinkedIn.
Non-IFRS Financial MeasuresEBITDA and Adjusted EBITDA are financial measures that are not defined under IFRS.  We define EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation, and amortization. We define Adjusted EBITDA as EBITDA before: (i) fair value adjustments on biological assets and fair value adjustments on sale of inventory; (ii) share-based compensation expense; (iii) fair value changes in derivative warrants; (iv) net gain on business combination; (v) gains and losses on investments and financial assets; and (vi) pre-acquisition expense.We believe Adjusted EBITDA is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our operating business performance and other one-time or non- recurring expenses, and also provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein.Forward-Looking Information and StatementsThis press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current conditions but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases or may contain statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “will continue,” “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include but are not limited to, information concerning the expectations regarding Jushi, or the ability of Jushi to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of Jushi to successfully achieve business objectives, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation, as well as other risks and uncertainties which are more fully described in the Company’s Management, Discussion and Analysis for the three months ended March 31, 2020, and other filings with securities and regulatory authorities which are available at www.sedar.com.  Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.For further information, please contact:Investor Relations
Michael Perlman
Executive Vice President of Investor Relations and Treasury
Investors@jushico.com
(561) 453-1308
Media Contact
Ellen Mellody
MATTIO Communications
Ellen@Mattio.com
(570) 209-2947


Reconciliation of Non-IFRS Measures 

Cannabis

PharmaDrug Inc. Closes Transaction to Acquire First Smart Shop in the Netherlands and Now Initiates Major Push to Acquire Best of Breed High Traffic Locations

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Toronto, Ontario–(Newsfile Corp. – September 21, 2020) – PharmaDrug Inc. (CSE: BUZZ) (OTC: LMLLF) (“PharmaDrug” or the “Company“) is pleased to announce that its wholly-owned subsidiary Interrobang Ltd. (doing business as Super Smart) (“Super Smart“) has closed the transaction to acquire the retail establishment specializing in the sale of psychedelic products that was previously announced in the Definitive Agreement signed on August 14, 2020.

Super Smart has commenced a ten-day transition period with the previous owner to co-manage the store and the Company will take effective control on October 1, 2020. The Smart Shop is located in the Town of Tiel, a municipality in central Netherlands, and will serve as an initial platform for Super Smart to build out and refine its new smart shop vision and a springboard to develop its brand and operations. Over the past few months, Super Smart has laid much of the groundwork needed to purchase the first store and as such began developing the organizational structure that will enable the company to make several more purchases and scale up more efficiently. The work includes hiring a country manager, setting up corporate structures, template legal contracts, financial controls and bank accounts.

By taking control of its first store, Super Smart can now start working towards its modern vision for the Smart Shop that will focus on an elevated experience that should improve the current opinion regarding psychedelics amongst the Dutch population. This will include education, micro dosing products and a broader introduction of functional mushrooms. We will also look to work with producers to help modernize the branding of the products sold in our shops.

Our consolidation plans will unify several shops under one collective system. This includes the store design and back end functionality of the stores POS and CRM. This will allow us to collect valuable customer information that will help in creating a unique customer experience for each individual. There will be an important education component with a training program established for all customer facing employees.

Harry Resin, President of Super Smart, commented, “Education will be a foundation upon which our stores will be built. Having worked in the cannabis industry in The Netherlands for more than fifteen years and in California for the last 5 years, I plan on taking my experience in brand building and bringing that to Slim Winkel, our Dutch psychedelic retail concept.”

Acquisition and Store Expansion Strategy

Super Smart is still involved in active discussions with three additional smart shop owners in the Netherlands. While all three of those discussions are still ongoing, Super Smart is waiting to see the impact of the Covid pandemic on their sales to help determine the appropriate price. We believe the current resurgence should contribute to more attractive valuations. Additionally, the company has begun discussions with industry veterans who share in our vision and together we are contemplating opening new stores instead of acquiring existing ones. Vacancies are climbing across the country while rents are dropping in best of breed retail locations. We have already started looking for strategic locations in high traffic areas in top cities and towns. Additionally, management now believes that given the pandemic, it makes more sense to begin an online platform sooner.

About PharmaDrug Inc.

PharmaDrug Inc. is building an international controlled substance and natural medicine company with a focus on Europe. The Company owns 80% of Pharmadrug GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, an early-stage retail company focused on consolidating the fragmented Dutch smartshop market. Smartshops are retail establishments in The Netherlands that specialize in the sale of psychoactive substances including psychedelic truffles.

For further information, please contact:

Daniel Cohen, Chairman and CEO
dcohen@pharmadrug.co
(647) 202-1824

Caution Regarding Forward-Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward looking statements in this press release relate to the integration of the Smart Shop business, anticipated volume growth in the Company’s German business and the introduction by the Company of its own brand of medical cannabis. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64247

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Is Ganja Gurus the New Weedmaps?

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Canada’s Authority on Retail Cannabis and Delivery Services to Launch New Programs in Your Area in September 2020.

Edmonton, Alberta–(Newsfile Corp. – September 21, 2020) – Ganja Gurus is thrilled to announce they will be entering the Canadian market in September 2020 to provide services where others have recently failed. First impressions indicate an understanding of what is important to their consumers today. Not only are they able to satisfy the needs of their market, but in Accordance with their Mission Statement, they intend to give back to the community that has helped bring them to where they are today.

Moving forward from September 2020 Ganja Gurus intends to excel in the following for their consumers. Declan Stone, Co-Founder, “Choice and charity is our Motto. We will provide listings for dispensaries, retail storefronts, accessory shops, delivery services, mail order marijuana, local shops, head shops, accessories, etc.” As experienced users ourselves we understand the need to browse and appreciate the market when making our selections. Stone continues, “Having access to the big box stores enables us to meet your needs in any situation, but we want to go a step further for our consumers.”

They will not limit their users to certain retailers, instead allowing any licensed retailer to have a listing in the hope that the extra choice will allow for you to try something new, and support someone local. By joining the GanjaGurus community you gain the ability to help with the growth of companies who you may not hear of otherwise, and who greatly appreciate your support. Ultimately the choice lies in your hands, which is the beautiful thing when seeing the available options.

This supporting mentality does not stop there however. They are willing to take actions and not just use words. When you make the choice to use Ganja Gurus in selecting your next order, you are also choosing to side with a company actively giving back to their community. At Ganja Gurus they will be transparent in their charity actions. Stone concludes, “A portion of revenues generated through the site will be given directly to local charities, while another portion will be spent towards local advertising companies in order to give back to the communities that support us.”

If you would like more information regarding the launch of Ganja Gurus please contact The Ganja Gurus Team at contact@ganjagurus.ca

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Red Light Holland Grants Exclusive Access to a Prominent Canadian Production Company and Film Crew to Document the Company in the Netherlands

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Toronto, Ontario–(Newsfile Corp. – September 21, 2020) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (“Red Light Holland” or the “Company“), an Ontario-based corporation positioning itself to engage in the production, growth and sale of its brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce that it has granted a prominent Canadian production company and film crew exclusive access to provide video coverage of the activities of the Company and its Chief Executive Officer, Todd Shapiro, within the Netherlands, leading up to the Company’s previously announced iMicrodose product launch party (the “iMicrodose Launch Party“), scheduled on September 25, 2020, in Amsterdam, the Netherlands. Filming commenced on September 20, 2020 in Horst, the Netherlands (the location of the Company’s production and distribution facility) and will continue through to the iMicrodose Launch Party, covering, among other things, the iMicrodose brand, and the production and distribution facility.

“I’m so grateful for this production company reaching out and offering to document our journey. There’s a ton of hard work that is going on behind the scenes and if all goes according to plan – this will be another piece of earned Media, which hasn’t cost Red Light Holland a dime, to potentially highlight our Company, our tireless efforts and our iMicrodose brand to a much bigger widespread audience,” said Chief Executive Officer and Director of the Company, Todd Shapiro. “Out of respect to the production company’s intellectual property rights, which play a huge role in stimulating innovation and creativity – in this case focusing on Red Light Holland’s early magic truffles production facility, our iMicrodose product launch in the Netherlands, and our expected iMicrodose Launch Party – we’ve mutually agreed to hold off on providing more information for now. However, we look forward to sharing more details in early 2021 about this great exposure opportunity… Now let’s just hope my mug doesn’t get left on the cutting room floor!”

About Red Light Holland Corp.

The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.

For additional information on the Company:

Todd Shapiro
Chief Executive Officer & Director
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/

Forward-Looking Statements

Neither the Canadian Securities Exchange (the “CSE”) nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to execute on its business plan, and will receive one or multiple licenses, permits, and authorizations from time to time necessary to execute on its business plan, (ii) the Company’s financial condition and development plans do not change as a result of unforeseen events, (iii) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (iv) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, (v) the Company will be successful in offering for sale the iMicrodosing packs as contemplated, on the terms and within the timelines anticipated by the Company, (vi) current and future economic conditions will neither affect the business and operations of the Company nor the Company’s ability to capitalize on anticipated business opportunities, (vii) the magic truffles currently being grown by the Company will be ready for harvest and distribution within the timelines anticipated by the Company, and (viii) the production company will commence and complete video coverage of the Company as contemplated, on the terms and within the timelines anticipated by the Company), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this news release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64217

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