Debanking drives psychedelics firm to tap Scott Melker to drive Bitcoin strategy

Debanking drives psychedelics firm to tap Scott Melker to drive Bitcoin strategy originally appeared on TheStreet.

Red Light Holland Corp. (CSE: TRIP), an Ontario-based psychedelics company, announced on July 15 that it has adopted a Bitcoin balance sheet strategy.

The company is engaged in the production, growth, and sale of functional mushrooms and mushroom home grow kits in North America and Europe, in addition to psilocybin truffles in the legal, recreational market within the Netherlands.

Scott Melker is the host of The Street Roundtable and The Wolf of All Streets podcasts, joined Red Light Holland as its senior advisor and crypto czar on July 14.

Join the discussion with Scott Melker on Roundtable here.

He said:

"Red Light Holland's pivot to Bitcoin after banking challenges is pure grit and vision. This isn't just about smart investments; it's about building a decentralized future where people hold the power. I'm fired up to lead their Bitcoin strategy and help make Red Light Holland a beacon in both psychedelics and crypto."

Journey from debanking to Bitcoin

The psychedelics company said its decision to embrace Bitcoin is informed by its past experiences of having faced challenges with traditional banking, including being debanked by a Tier 1 bank.

Red Light Holland CEO Todd Shapiro said:

"Psilocybin users and Bitcoin holders are visionaries who crave mental and financial freedom. After navigating debanking by a Tier 1 bank, we embraced Bitcoin as our store of value, proving our resilience."

Red Light Holland is going to allocate up to around $1.5 million (CAD 2 million) to Bitcoin and related assets It is exploring the cryptocurrency as a "decentralized solution" to bolster financial resilience.

The company's new balance sheet strategy includes investing up to around $182,000 (CAD 250,000) per tranche. Its initial investment of around $153,000 (CAD 210,000) in a Bitcoin ETF on June 23 has already delivered an impressive return, it said.

Bitcoin hit a record high of $123,091.61 on July 14 and is undergoing a correction phase. As per Kraken's price feed, BTC was trading at $116,820.36 at press time.

Debanking drives psychedelics firm to tap Scott Melker to drive Bitcoin strategy first appeared on TheStreet on Jul 15, 2025

This story was originally reported by TheStreet on Jul 15, 2025, where it first appeared.

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