June 2, 2021– MONTEGO BAY, JAMAICA – Silo Wellness Inc. (“Silo Wellness” or “the Company”) (CSE: SILO) (FRA: 3K70), a leading global psychedelics company, today announced it has signed a letter of intent with Canadian-based mushroom company Mushe Inc. to establish the first legal functional and psychedelic mushroom retail outlet in the Western Hemisphere, based in Jamaica, where Silo Wellness currently cultivates psilocybin mushrooms, conducts psychedelic wellness retreats and is testing a proof-of-concept patent-pending nasal spray.
Through this joint venture, Silo Wellness and Mushe Inc. will build out and operate a “smart shop” retail establishment specializing in the sale of functional and psychoactive mushroom products such as tinctures, capsules, topicals and edibles, as well as boutique literature and accessories. Earlier this year, Silo Wellness announced a multi-year license agreement with the family of legendary musician Bob Marley for the exclusive worldwide rights to brand, market and sell a distinct product line of functional and psychedelic mushrooms, which will be sold at the store upon launch.
“As a company, we are very bullish about the high-potential functional mushroom category and the psychedelics sector as a whole. We continue to invest in and expand our operations in Jamaica, the only country where the cultivation, extraction and sale of psilocybin mushrooms is permissible,” said Douglas K. Gordon, Chief Executive Officer of Silo Wellness. “Consumers are increasingly interested in incorporating mushrooms into their wellness routines. Through our propagation operations, psychedelic wellness retreats and upcoming retail location, it’s our aim to make mushroom-based products, experiences and education accessible at a time when so many people are 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 openly and legally grown and sold, positioning the island nation to directly benefit from wellness tourism as well as sales of psychedelic mushrooms. The global functional mushroom market size was valued at USD 46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028, reports Grand View Research. As consumers increasingly look to incorporate functional foods in their diets, Food Navigator found year-on-year sales for food products incorporating medicinal mushrooms have risen between 200-800%, depending on the variety.
“In Silo Wellness, we’ve found a partner aligned with our mission to educate consumers about the healing powers of psychedelics and make mushroom-based wellness products and experiences more available,” added Jonathan Rakic, COO of Mushe Inc. “We look forward to introducing Jamaican residents and tourists to the wide-ranging health and wellness benefits of functional and psychedelic mushrooms – one smart shop at a time.”
For more information about Silo Wellness, visit https://www.silowellness.com.
ABOUT SILO WELLNESS
The mission of Silo Wellness is to improve health and wellness by developing and introducing psychedelic medicine to reduce trauma and increase performance by destigmatizing the active compounds in psychedelics and innovating ease of administration and ingestion. Silo Wellness intends to introduce new, safe, and affordable alternatives to current medicines by facilitating entry into new and emerging markets where psychedelics are legal by conducting ketamine and psilocybin wellness retreats and elsewhere by manufacturing and distributing functional mushrooms.
Since its inception, Silo Wellness’ activities have focused on: (1) development of psilocybin-free functional mushroom tinctures; (2) the development of the formulation of a psilocybin nasal spray in Jamaica; and (3) offering of Jamaican and Oregon psychedelic wellness retreats as well as the cultivation of psychedelic mushrooms in Jamaica. None of Silo Wellness’s products claim to cure or mitigate any physical or mental disease, symptoms, disorders or abnormalities.
Mushe is a vertically integrated firm behind the most innovative products and services at the intersection of modern health and wellness. Backed by our roots in alternative medicine research, we believe in helping people find the right balance between mind, body and spirit to live a harmonious and holistic lifestyle. We go beyond the most innovative products to offer inspired retail space, educational programs and community outreach in order to promote greater self-awareness and personal healing. We say it’s about more than health. It’s about everyday wellness that is in balance with humanity and nature.