Red Light Holland (TRIP.C) inked a non-binding letter of intent to acquire SR Wholesale BV, a distributor of psilocybin and CBD-based products, in the Netherlands, according to a press release.
SR Wholesale has a distribution network of over 300 companies stretching across Europe, including work they do with subdistributors which have a reach of over 1,000 shops in countries like the Netherlands, Germany, Spain, the Czech Republic, Greece, the Untied Kingdom, France and Portugal.
“This is a huge step forward for Red Light Holland, potentially rapidly expanding the distribution of our iMicrodose Packs to an expected 150 to 200 smart shops. As well, the potential acquisition of SR Wholesale enables Red Light Holland to own one of the Netherlands’ top wholesale companies, in the sector. While there is a due diligence process ahead, including understanding all the legalities of SR Wholesale’s extensive business, we at Red Light Holland are extremely excited by the potential to significantly expand our footprint and our revenues in the Netherlands, plus a plethora of other countries in the EU via the distribution network SR Wholesale has with over 1,000 retail shops,” said Todd Shapiro, chief executive officer and director of Red Light Holland.
SR Wholesale has already entered their first purchase agreement to buy the entire crop of Red Light Holland’s anticipated 100,000 grams of psilocybe Galindoi, psilocybe Mexicana and pilocybe Tampanensis Truffles from their first harvest.
“My team and I have built an amazing wholesale and distribution business, with prompt service, where over 1,000 retail shops, all over Europe, have relied on us for quality products, as fast as you they can make the order. We pride ourselves on our dedicated customer service team, and we are confident that, if the final acquisition comes to fruition, Red Light Holland, with my assistance, will continue to grow, what we have worked so hard in doing since its successful inception in 2017,” said Shai Ramashai, chief executive officer of SR Wholesale.