Silo Wellness Inc. (“Silo Wellness” or the “Company”) (CSE: SILO) (OTCQB: SILFF) (FRA: 3K70), a leading global psychedelics company, has announced the listing of its portfolio of Marley One branded mushroom products on multinational e-commerce conglomerate Amazon. This listing follows the Company’s recent distribution deals worth over $4 million, which established strong routes to market for the Marley One brand in both the U.S. and the U.K. within just 60 days of its launch.
Douglas K. Gordon, CEO of Silo Wellness, expressed the significance of this milestone, stating that the company’s primary focus has been to expand acceptance and support for the normalization of mushrooms and psychedelics, making them available to consumers wherever possible to reduce trauma, enhance performance, and generate revenue in the emerging industry. The Amazon listing brings Silo Wellness one step closer to achieving this goal.
To celebrate the launch of Marley One on Amazon and Mushroom Day on October 15, 2021, a special code “SHROOMDAY20” is available until the end of the month.
The Marley One global mushroom brand, created in collaboration with the family of musician Bob Marley, was launched by Silo Wellness in June 2021. The company is also known for facilitating psychedelic retreats in Jamaica, where the cultivation, extraction, and consumption of psilocybin mushrooms are permissible. Silo Wellness also conducts ketamine-assisted retreats in Oregon and has recently expanded its psychedelic offerings to include 5-MeO-DMT-enhanced retreats in Jamaica.
Amazon will distribute Marley One mushroom products, starting with the functional mushroom tinctures, directly to consumers worldwide. Silo Wellness plans to add additional functional mushroom products, such as gummies, capsules, and cosmetics, to its Amazon offering.
According to Mordor Intelligence, the global functional mushroom market was valued at USD 25,415.12 million in 2020 and is expected to register a compound annual growth rate (CAGR) of 8.44% during the forecast period of 2021-2026. The report also indicates that functional mushrooms are expected to have increased applicability beyond healthcare or pharmaceutical products, particularly in the food and beverage sector.
In other news, Silo Wellness announced that it entered into a debt settlement agreement with a third-party lender to settle US$66,360 of a loan through the issuance of 1,500,000 common shares at a deemed price of C$0.056 per share. The remaining principal amount of the loan is still outstanding.
ABOUT SILO WELLNESS:
Silo Wellness is a growth-oriented holding company focused on functional mushroom and psychedelic opportunities. The company, founded in 2018 and headquartered in Toronto, has operations in Jamaica and Oregon. Silo Wellness is publicly traded on the Canadian (CSE: SILO) and Frankfurt (FRA: CK70) exchanges, as well as trading on the OTCQB Venture Market (OTCQB: SILFF).
Silo Wellness offers a diverse and expanding portfolio of functional mushroom products, psychedelic wellness retreats in Jamaica and Oregon, cultivation of psychedelic mushrooms and truffles in Jamaica, development of a brick-and-mortar smart shop in Jamaica, and intellectual property, with a focus on the commercialization of its metered-dosing psilocybin nasal spray. The company’s Marley One line of functional mushrooms is available at www.marley.one.
For more information about Silo Wellness, please visit www.silowellness.com.
For further information, please contact:
Silo Wellness Media Relations:
[email protected]
Silo Wellness Investor Relations:
(778) 383-6740
[email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains forward-looking information and statements within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this news release. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated. The company cautions readers not to place undue reliance on these forward-looking statements, as the actual results may differ significantly from the expectations expressed. Silo Wellness undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.
