Red Light Holland, Halo Collective Create JV Targeting Oregon Medicinal Psychedelic Market

Halo Collective Inc. HALO HCANF (FSE: A9KN) and Red Light Holland Corp. TRIP (FSE:4YX) TRUFF are forming a 50/50 joint venture.

Red Light Oregon, Inc. is poised to keep track of regulatory updates related to Oregon's Measure 109, as well as form a management team and develop a commercialization strategy.

It will be funded with $50,000 from each party, Halo said Tuesday.

The JV's management team will include Todd Shapiro, Red Light Holland director and CEO; Sarah Hashkes, Red Light Holland chief technology and innovation officer; Kiran Sidhu, Halo CEO and director; and Katie Field, Halo president, who will serve as its initial directors.

Shapiro said that the company is "delighted to take this next step with Halo.

"We also plan on continually monitoring other future markets opening in the USA as the movement, both socially and from a therapeutic/medicinal level promoting the acceptance of psilocybin via legal, policy and regulatory measures rapidly progress," he added.

In November, Oregon became the first state to create a program that regulates therapeutic psilocybin, the active psychedelic ingredient in magic mushrooms. The measure was approved by 55.8% of voters.

Red Light Holland's Recent Moves

Red Light Holland debuted on the Canadian Securities Exchange last year.

It produces, cultivates, and sells "magic" truffles via existing smart shops operators and e-commerce platforms in the Netherlands.

In December, the company disclosed that it's acquiring Mera Life Sciences, which holds several psychedelic licenses in the Caribbean.

Shapiro earlier explained that the transaction is poised to "allow Red Light Holland to perform high-quality psychedelic product research and development, cultivate, extract and process, and export not just Psilocybin, but with compounds such as Ayahuasca, MDMA, DMT, Peyote, Ketamine and many other natural-based plants as well."

Photo Source: CNW Group/Halo Collective Inc.