MONTEGO BAY, Jamaica, June 02, 2021 (GLOBE NEWSWIRE) — Silo Wellness Inc. (“Silo Wellness” or “the Company”) (CSE: SILO) (FRA: 3K70), a leading global psychedelics company, has announced its partnership with Canadian-based mushroom company Mushe Inc. (“Mushe”) to establish the first legal functional and psychedelic mushroom retail outlet in the Western Hemisphere. The shop will be based in Jamaica, where Silo Wellness already cultivates psilocybin mushrooms, conducts psychedelic wellness retreats, and tests a patent-pending nasal spray.
The joint venture between Silo Wellness and Mushe aims to build and operate a “smart shop” retail establishment that specializes in the sale of functional and psychoactive mushroom products such as tinctures, capsules, topicals, and edibles. The store will also offer boutique literature and accessories. Silo Wellness previously announced a multi-year license agreement with the family of legendary musician Bob Marley, granting exclusive worldwide rights to brand, market, and sell a distinct product line of functional and psychedelic mushrooms, which will be available at the store upon its launch.
Douglas K. Gordon, Chief Executive Officer of Silo Wellness, expressed enthusiasm for the functional mushroom category and the psychedelics sector as a whole. He highlighted the company’s investment and expansion in Jamaica, the only country where the cultivation, extraction, and sale of psilocybin mushrooms are permitted. He stated that the aim is to make mushroom-based products, experiences, and education accessible to individuals struggling with mental health and other issues.
Jamaica is considered the epicenter of the psychedelic mushroom movement in the Western Hemisphere, where “magic mushrooms” are legally grown and sold. This positioning allows the island nation to benefit from wellness tourism and the sales of psychedelic mushrooms. The global functional mushroom market was valued at USD 46.1 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028, according to Grand View Research. The demand for food products incorporating medicinal mushrooms has also been rising year-on-year, with sales increases ranging from 200% to 800%, depending on the variety, as reported by Food Navigator.
Jonathan Rakic, COO of Mushe, expressed alignment with Silo Wellness in their mission to educate consumers about the healing powers of psychedelics and make mushroom-based wellness products and experiences more accessible. He looks forward to introducing Jamaican residents and tourists to the health and wellness benefits of functional and psychedelic mushrooms.
In addition, Silo Wellness announced the appointment of Gregory Biniowsky as a director of the Company. Mr. Biniowsky is a Canadian-trained and licensed lawyer with extensive experience working in Latin America as a strategic advisor. He is fluent in Spanish and has been involved in numerous international business ventures.
Furthermore, Silo Wellness announced the resignation of Stuart Kirby as Vice-President of Marketing, as he pursues other opportunities. The company expressed gratitude for Mr. Kirby’s service and wished him success in his future endeavors.
For more information about Silo Wellness, visit https://www.silowellness.com.
ABOUT SILO WELLNESS
Silo Wellness aims to improve health and wellness by developing and introducing psychedelic medicine to reduce trauma and increase performance. The company focuses on destigmatizing the active compounds in psychedelics, innovating ease of administration and ingestion, and introducing new, safe, and affordable alternatives to current medicines. Silo Wellness conducts ketamine and psilocybin wellness retreats, manufactures and distributes functional mushrooms, and has been involved in the development of psilocybin-free functional mushroom tinctures and a psilocybin nasal spray formulation in Jamaica. The company does not claim that its products cure or mitigate any physical or mental diseases, symptoms, disorders, or abnormalities.
ABOUT MUSHE
Mushe is a vertically
integrated firm that offers innovative products and services at the intersection of modern health and wellness. With a foundation in alternative medicine research, Mushe aims to help people find balance between mind, body, and spirit to live a harmonious and holistic lifestyle. The company goes beyond products and offers inspired retail spaces, educational programs, and community outreach to promote self-awareness and personal healing.
For further information, please contact:
Media Relations:
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Silo Wellness Investor Relations:
(604) 343-2724
[email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements based on expectations, estimates, and projections as of the date of this news release. These statements involve discussions regarding predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance. Forward-looking statements are not statements of historical fact and may be identified by phrases such as “expects,” “does not expect,” “is expected,” “anticipates,” “does not anticipate,” “plans,” “budget,” “scheduled,” “forecasts,” “estimates,” “believes,” or “intends,” or variations of such words and phrases, or stating that certain actions, events, or results “may” or “could,” “would,” “might,” or “will” be taken or occur. These forward-looking statements relate to the partnership with Mushe Inc., the projected growth of the psychedelic sector, the appointment of directors, the resignation of officers, and the business plans of Silo Wellness. They are based on a number of estimates and assumptions considered reasonable but are subject to known and unknown risks, uncertainties, and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, general business, economic, competitive, political, and social uncertainties, as well as the potential impact of COVID-19. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update forward-looking statements unless required by law. Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
