Business
Milestone in Psychedelic Wellness: Silo Wellness and NUGL's (Kaya Jamaica) Share Exchange Paves Way for Expansion and Collaboration
Springfield, Oregon--(Newsfile Corp. - August 3, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB:...
About this update from Silo Wellness Inc
[{"type":"text","content":"Milestone in Psychedelic Wellness: Silo Wellness and NUGL's (Kaya Jamaica) Share Exchange Paves Way for Expansion and CollaborationSpringfield, Oregon--(Newsfile Corp. - August 3, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) (\"Silo\" or \"the Company\"), a pioneer in the psychedelic and wellness space, and NUGL Inc. (OTC Pink: NUGL), a multifaceted Jamaican cannabis and psychedelics lifestyle company, are thrilled to announce a strategic partnership through Kaya Group to bring a comprehensive range of psychedelic wellness experiences and retreats in Jamaica. This partnership, executed August 2, 2023, entails a significant transaction that underscores the strategic value of this collaboration.Key Highlights of the TransactionUnder the terms of the agreement, Silo Wellness acquired 25,081,369 shares of NUGL in exchange for the issuance of 15,293,640 shares of Class A common stock in Silo in this arms-length transaction. In accordance with the agreement, both Silo Wellness and NUGL are bound by conditions that prohibit the transfer or sale of purchased shares for a minimum period of 12 months, unless the shares have been properly registered under the Securities Act or are exempt from registration. Pursuant to CSE Policy 6.2(5), the shares will be issued after five business days (see the Form 9 filed on the CSE website) with price protection at the 20-day VWAP of CAD$0.012. There is no finder's fee, and shareholder approval is not required due to the size of the transaction. Enhanced Retreat Experiences and Market Presence Silo Wellness intends to incorporate Kaya's psilocybin offerings to provide holistic and diversified experiences at their wellness retreats, enabling participants to explore alternative healing and mental health treatments that harness the potential synergies between cannabis and psilocybin.In light of the recent financial successes of NUGL/Kaya, with top-line revenue hitting $2.2M USD in 2022 ($1.5M gross profit; $2.7M net loss), an increase in revenue from $1.8M USD in 2021, Silo Wellness' partnership with NUGL/Kaya Group brings even more opportunity for expansion and solidifies the company's presence in Jamaica, a region championing the burgeoning psychedelics industry. With the market projected to be worth $5.7 billion globally by 2027 (per the \"Psychedelic Drugs: Global Market Outlook\"...