Evidently there is big money within the mushroom market. Red Light Holland (CSE: TRIP) this morning indicated it is dropping $1.85 million for the purchase of 100 acres of farmland in Ontario, which will be used for the production of mushrooms.
The property, found in Peterborough, Ontario, is set to be used for the production, packaging, and distribution of a variety of fresh mushrooms. Oddly, however, the company intends to use the massive property for a production facility just 65,000 square feet in size.
The real estate was purchased for use by Acadian Exoctic Mushrooms, whom the company took a majority stake in last fall for $1.53 million in cash and shares. Construction of two production facilities, which are to total 65,000 square feet in aggregate, is reportedly in the planning stages with ground set to be broke this summer.
“By purchasing 100 acres of farmland, we are continuing with our incredible plan of setting up a strategic foundation focused on increasing revenues and profit, which plans on being the ‘mushroom train’ for psychedelic R&D, legal, regulations, advocacy, education, and product development as we advance in the psychedelic sector cautiously and carefully,” said Todd Shapiro, CEO of Red Light Holland, on the land purchase.
The purchase of the real estate is set to close in June 2022, and is to be paid for in cash at the time of closing.
Red Light Holland last traded at $0.105 on the CSE.
Information for this briefing was found via Sedar and Red Light Holland. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
