Psychedelic Stock News: Red Light Holland (CSE: TRIP) Successfully Imports Psilocybin iMicrodose Packs into St. Vincent and the Grenadines Under a First-Ever Authorized Import Approval Process by the Country's Bureau of Standards and the Ministry of Health
- Red Light Holland's licensed subsidiary Scarlette Lillie Sciences and Innovation granted authorization for first ever psilocybin import into St. Vincent and the Grenadines
- Red Light Holland's iMicrodose packs to be tested in preparation for further research with the goal of prescribed medical patient use in St. Vincent and the Grenadines
- Red Light Holland's iMicrodose packs to be received by Caribbean Gold Standard Laboratory in St. Vincent and the Grenadines
- Red Light Holland continues to demonstrate their strong commitment to the highest regulatory standards
Toronto, Ontario - March 21, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) ("Red Light Holland" or the "Company"), an Ontario-based corporation engaged in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is extremely pleased to announce that the Government of Saint Vincent and the Grenadines ("SVG"), which had granted authorization for the Company's iMicrodose packs to be legally imported to SVG by Red Light Holland's licensed subsidiary Scarlette Lillie Sciences and Innovation Inc. ("Scarlette Lillie") have cleared local Customs. The iMicrodose truffles will be received by Caribbean Gold Standard Laboratory ("CGS Labs") in St. Vincent for testing to prepare for further research and study with the goal of eventually being prescribed for medical patient use.
"This is another groundbreaking step for the Company as we try to lead the way in legal Psilocybin-based consumer packaged goods imports across the world, with the ultimate goal of affordable and equitable access to our naturally-occurring products. We are extremely grateful for our collaborative relationship with the SVG Bureau of Standards and the Ministry of Health who worked closely with CGS Labs and Scarlette Lillie to secure authorization to import our iMicrodose packs to SVG. We look forward to completing further analysis on our branded Psilocybin Truffles so they can hopefully be cleared for future medical patient use in SVG," said Todd Shapiro, Chief Executive Officer and Director of Red Light Holland and Scarlette Lillie. "We also appreciate the SVG Government updating the erroneous reporting by some North American Publications regarding the developments of their Modern Medicinal Wellness Industry as we continue to demonstrate our strong commitment to following the highest regulatory standards."
"We are grateful to the SVG Government for supporting psychedelic science and taking steps towards responsible therapeutic use of naturally-occurring Psilocybin," said Sarah Hashkes, Chief Technology Innovation Officer of Red Light Holland. "We are excited to continue to deepen our research and technology to create cutting-edge products and services."
Shipping was coordinated by C-Crest Laboratories and Shaman Pharma in Montreal, Canada. The iMicrodose packs left Red Light Holland's cultivation facility in the Netherlands on March 15, 2022, to St. Vincent, under a first-ever authorized import approval process by the SVG Bureau of Standards and the Ministry of Health. Confirmation has been provided by CGS Labs, the package landed at Customs on Friday, March 18th and is expected to arrive at CGS Labs in the coming days.
"We are extremely excited to be able to support the emerging psychedelic industry in SVG. We look forward to our growing partnerships with psychedelic companies, such as Red Light Holland, and the related increased need for our services as an Analytical Service Provider and Third-Party Validation Laboratory for the safe export and consumption of these products. Everyone here at CGS Labs knows this is just the beginning of realizing the opportunity that exists in developing a Natural Wellness Industry in the Organization of Eastern Caribbean States with SVG leading the effort for the region," said Matthias Piasecki, Chief Executive Officer of CGS Labs.
This import approval and the respective shipment represent another significant milestone in advancing SVG's methodical development of its Modern Medicinal Wellness Industry and the country's move to develop a legal and highly-regulated medical market for psilocybin and other psychoactive compounds, entheogenic plants and fungi. On Friday, March 11, 2022, the Government of SVG released an official statement on the progress made in the development of a legal framework for its Modern Medicinal Wellness Industry, a copy of which is reproduced below:
Developments in Modern Medicinal Wellness Industry in St. Vincent and the Grenadines
The Government of Saint Vincent and the Grenadines (SVG) has approved a policy space for the establishment of a National Modern Health and Wellness Industry using plant and/or fungi-based materials. As such, the Government of St. Vincent and the Grenadines (SVG) signed a Memorandum Of Understanding (MOU) in October 2020 with three companies expressing interest in the medical use of several psychoactive compounds, broadly classed as psychedelics. This MOU outlined a period for the Medicinal Wellness Feasibility Study, in which the parties would collaborate to examine "the key elements involved in building a commercially viable, science-based, ... health and wellness ecosystem in SVG." The Study parameters would avoid premature market saturation or fragmentation through careful curation of companies on the platform, to allow a thorough assessment of the true economic impact.
The companies involved were Ajori Health & Wellness Ltd., SVG Biomed Inc. (now trading as Headland Wellness Inc), and Mera Life Sciences LLC (since acquired by Red Light Holland and renamed Scarlette Lillie Sciences and Innovation Inc.). The Ministry of Industry and the Saint Vincent and the Grenadines Bureau of Standards (SVGBS) were the enabling agencies for the government, and the parties jointly agreed that other companies could only be added to the platform by unanimous consent.
The compounds covered under the study included psilocybin, ibogaine, peyote, ketamine, dimethyltryptamine, ayahuasca and sassafras. Additional, non-psychoactive compounds were also included: namely, turmeric, aloe vera, arrowroot, soursop, ginger and moringa. Permitted licensed activities included research and development, cultivation, GXP processing, prescription and administration of the compounds in licensed clinical treatment facilities.
In the time since the commencement of the MOU, the companies have worked to support the objectives of the study and have engaged in different aspects of the Medicinal Wellness Industry. Activities have included the engagement of local and international medical professionals, the evaluation and acquisition of properties to facilitate licensed activities, the recruitment of operational professionals, and the initiation of production and supply arrangements. One of the companies has been granted permission to import a listed compound produced in another jurisdiction for analytical testing in SVG. It is expected that the three pioneering licensees will soon begin the clinical phase of the study which will expand to include clinical trial support and medically supervised treatment facilities.
The government, in turn, has conducted a thorough review of existing legislation governing the production and distribution of pharmaceutical medicines, and has created a working committee to review the progress of the companies. The government is currently addressing the drafting of a legislative framework for the establishment of a full psychedelics value chain. This has included the engagement of the international legal luminary Dr. David Berry to provide contextualization of the local industry within the legal obligations created by the international treaties governing controlled substances. Subsequently, a technical review of the industry, its participants and their operational plans has been provided to the government by Professor Leonard O'Garro.
Outside of the coverage of the MOU, two other companies have been issued Scientific Research Only licences. These licences permit local research into the same list of compounds, but do not allow commercialization, distribution, or clinical applications.
All activities in St. Vincent and the Grenadines will be in full compliance with International Law where compounds are only to be used for scientific research and medical purposes through a regulatory agency with strict national laws and regulations to ensure non-diversion of these compounds to or from the illicit market.
Recognizing the significant medical and economic potential offered by the licensed production and clinical distribution of these compounds, it is expected that the completion of the MOU study period will be followed by a seamless transition into a functional Medicinal Health and Wellness Industry. In a recent statement, the Minister of Agriculture, Forestry, Fisheries, Rural Transformation, Industry, and Labour, Hon. Saboto Caesar, congratulated the three companies for their "astute work into the ongoing feasibility study and the contribution to the build out of the Medicinal Wellness Industry here in SVG."
- Signed by Ezra D. Ledger, Executive Director, St. Vincent and the Grenadines Bureau of Standards
About Red Light Holland
Red Light Holland is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles.
For additional information:
Chief Executive Officer and Director
Tel: 647-643-TRIP (8747)
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release
Cautionary Statement Regarding Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop its products; the safety of the Company's products; the uses and potential benefits of the Company's products; CGS Labs receiving the iMicrodose packs upon its anticipated timeline; the Company completing its research and receiving its intended results upon its anticipated timeline; the iMicrodose pack being approved for medical patient use in SVG; the Company leading the way in legal Psilocybin-based consumer packaged goods imports across the world; and the Natural Wellness Industry in the Organization of Eastern Caribbean States and the SVG's Modern Medicinal Wellness Industry, along with their legal frameworks, being developed as anticipated.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop its products and associated consumer packaged goods; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued growth of the Company; the Company meeting their anticipated timeline and process for production and commercialization; the Company's products being safe and providing their anticipated benefits; CGS Labs receiving the iMicrodose packs; the Company completing its research and receiving its intended results; the iMicrodose pack being approved for medical patient use in SVG; the Company leading the way in legal Psilocybin-based consumer packaged goods imports across the world; and the Natural Wellness Industry in the Organization of Eastern Caribbean States and the SVG's Modern Medicinal Wellness Industry, along with their legal frameworks, being developed as anticipated.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company's operations; competition within the markets that the Company operates in; risks with respect to the safety of the Company's products; the risk that there is no potential benefit of the Company's products; risk that the Company will be unable to develop its products; risk that CGS Labs will not receive the iMicrodose packs; risk that the Company will be unable to complete its research and/or receive favourable results; risk that the iMicrodose pack will not be approved for medical patient use in SVG; risk that the Company will be unable to import consumer packaged goods across the world; and risk that the Natural Wellness Industry in the Organization of Eastern Caribbean States and the SVG's Modern Medicinal Wellness Industry, along with their legal frameworks, will not develop.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further 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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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