Red Light Holland and Halo Collective dissolve Oregon psilocybin joint venture as company stocks tumble

Red Light Holland, a publicly traded magic mushroom company, said it had dissolved its 14-month Oregon-based partnership with Halo Collective, a Canadian cannabis company, to pursue a new venture that it hopes will it will appeal to mushroom lovers of all backgrounds in the burgeoning psychedelic industry.

Red Light says it ended the company in order to focus on a new program in Oregon called “Red Light.” Adjust. Go!” which will recruit applicants and provide them with guidance and funding so they can enter the market. Shunji Smith, a Japanese-American mushroom grower from Eugene, is the first entrant, Red Light says.

“We are looking for people who have been overlooked,” says Sarit Hashkes, executive at Red Light Holland. “If we want to reach diverse customers, we need to have people from diverse backgrounds in our operations.”

Hashkes says she and her colleagues were alarmed by a February survey from the Oregon Health Authority that showed very few non-white people were interested in the psilocybin trade. A conversation with a state senator about the same phenomenon heightened their concerns, she said.

Red Light Holland and Halo Collective announced their partnership in November 2020. They filed articles of incorporation with the office of the Oregon Secretary of State in April 2021.

The split was amicable, Hashkes says. “We did some great things together.”

Halo Collective did not return calls or emails seeking comment. The issue on Halo’s corporate website led to a woman working the line at the collective’s cannabis facility in Medford, where she produces resin, edibles and ‘shatter’, an extract of concentrated cannabis that looks like amber. She said she would convey a message to her superiors.

A number for Halo’s acting CFO, Marshall Minor, was out of service.

Red Light Holland and Halo were among the first established companies to set up psilocybin operations in Oregon after Measure 109 passed in November 2020 and legalized the regulated use of psilocybin, the psychoactive ingredient in magic mushrooms. WW wrote about the gold rush in February.

Both Red Light Holland and Halo Collective are publicly traded and both stocks were destroyed this year.

Shares of Red Light are trading at 7.5 cents, down from 48 cents in February 2021. Red Light’s ticker symbol is TRUFF, likely chosen because the company sells truffles in the Netherlands, according to its website, with small amounts of psilocybin manufactured for microdosing: taking tiny amounts believed to improve brain performance and well-being.

Asked if the company is based in the Netherlands or Canada (it’s not clear on the website), Hashkes said the company was “like a web of mycelium” and was “quite diffuse”. . A mycelium is a root-like structure of a fungus.

The latest investor report on Red Light’s website is from Q3 2021.

Halo Collective shares plummeted even more dramatically. They are trading at 41 cents, down from $1,194 in April 2019. Just today, the company replaced its CEO. Katharyn Field succeeded Kiran Sidhu, according to the company. Field will oversee a shift in strategy, Halo says. From now on, the company will focus on California, abandoning less profitable markets.

Comments are closed.