Red Light Holland (OTC:TRUFF), PsyBio Therapeutics (OTC:PSYBF) – DMT Producer PsyBio And Shrooms Grower Red Light Holland Share Their Most Recent Financial Results - Benzinga

2022-09-09 12:34:22 By : Ms. Smile ding

PsyBio Therapeutics PSYB PSYBF , a biotech developing medicines based on naturally-occurring psychedelic substances, and mushroom producer Red Light Holland Corp. TRUFF announced the release of financial results and operational highlights.

PsyBio published results for the three and six month period ended June 30, 2022 along with recent corporate news.

Cash position of $58,685, compared to $124,392 as of December 31, 2021. 

R&D expenses totaled $235,251 for the six month period closing June 30, 2022, compared to $203,172 for the same period in 2021.

Net loss of a total of $3,022,520 (or $0.03 loss per share) for the period, compared to a net loss of $6,406,507 (or $0.06 loss per share) for the same period in 2021.

The second quarter, or three month period ended June 30, 2022, showed the following: 

R&D expenses totaled $131,042 for the period, compared to $169,707 for the same quarter in 2021.

Net loss of a total of $1,437,225 (or $0.01 loss per share) for the period, compared to a net loss of $3,827,971 (or $0.03 loss per share) for the same quarter in 2021.

Regarding business highlights, PsyBio has submitted a provisional patent application for the synthetic production of methylated tryptamine spin-offs, most notably DMT and 5-MeO-DMT, while also expanding its patent portfolio by filing additional international applications in Europe, Africa and Asia. 

The company has also initiated the formal process development for manufacturing technology towards Good Manufacturing Practice (GMP) production. The state of the art bioreactor used is another component for the Chemistry, Manufacturing and Controls section (CMC) of PsyBio’s compounds Investigational New Drug (IND) applications with the US Food and Drug Administration.

The Ontario-based company producing, growing and selling functional and psilocybin mushrooms Red Light Holland Corp. TRUFF has filed its financial results for the first fiscal quarter of 2022 ended June 30, 2022.

For the three month period ended June 30, 2022, the financial results are:

Total cash position of CA$23 million ($17.6 million)

Revenue of CA$785,000 compared to 2021’s CA$595,000 for the same period, with a gross profit of CA$289,000 compared to 2021’s CA$96,000 for the same period, thus resulting in a gross margin of 36.8% while 2021’s was 16.1% for the same period.

Net loss of CA$1.3 million, with a loss of $0.00 per share, compared to 2021’s same period net loss of $3.4 million, with a loss of $0.01 per share.

As for business milestones achieved, in June the Company acquired 100 acres of farmland in Ontario for $1.85 million with the intention of building 65,000 sq. feet of enclosed space for two mushroom production facilities, while also signing a partnership with music star Wiz Khalifa for the launch of new mushroom wellness brand MISTERCAP.

In view of the results, CEO and chairman Todd Shapiro expressed: "We continue to build a strong foundation based upon operational excellence, customer satisfaction and brand awareness which have been the drivers for our revenue growth. We are now fully vertically integrated in the Netherlands, and we are expanding in both Canada and the United States.”

“Near term future revenue growth opportunities will be realized through our increasing production capacity at Acadian Exotic Mushrooms Ltd.'s (AEM) operational gourmet mushroom production facility in New Brunswick, and the addition of our two new retail stores in Oss and Utrecht,” he explained. 

Further, he said that “currently we are pleased with the year-over-year sales growth at both Happy Caps in Halifax and SR Wholesale in Schijndel. Down the road we are also excited about the development of an additional AEM production facility in Peterborough,” referring to Red Light’s latest acquisition.

“Our mission remains: to provide affordable and equitable adult access to naturally occurring psilocybin via technology, education, information and responsible use,” Shapiro concluded.

Photo courtesy of CDC on Pexels and Jynto on Wikimedia Commons. 

© 2022 Benzinga does not provide investment advice. All rights reserved.

Meet the biggest cannabis industry players and make deals that will push the industry forward.

Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.

Join us September 13-14, 2022 at The Palmer House in Chicago, IL.