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Silo Wellness Secures Right of First Refusal on All Psilocybin Mushroom Biomass from Medford, Oregon First-Mover Satya; Other Corporate Updates
Springfield, Oregon--(Newsfile Corp. - March 24, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB:...
About this update from Silo Wellness Inc
[{"type":"text","content":"Silo Wellness Secures Right of First Refusal on All Psilocybin Mushroom Biomass from Medford, Oregon First-Mover Satya; Other Corporate UpdatesSpringfield, Oregon--(Newsfile Corp. - March 24, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A), announces that it is partnering with Oregon-based Satya, Inc. to develop a robust ecosystem aimed at supporting the well-being of psilocybin patients and Oregonian entrepreneurs alike. At the heart of this partnership is Satya's status as an Oregon-licensed psilocybin mushroom grower first-mover in the United States as featured recently in the Portland Business Journal.With the goal of benefiting patients and supporting the growth of Oregon's entrepreneurial community, Silo and Satya have established a Raw Materials Supply and Purchase Agreement. The Agreement includes a Right of First Refusal (ROFR) that guarantees Silo's affiliates first rights to any of Satya's psilocybin biomass that become available for sale. This ROFR provision allows Silo to ensure a stable and consistent supply of raw materials, a crucial component in the creation of safe, reliable, and effective psychedelic treatments. This partnership enables Silo to secure the first access to Satya's high-quality psychedelic products for Silo's Oregon network, including for Silo's intended Portland-area psilocybin therapy center that was announced in January.Silo Wellness CEO Mike Arnold stated, \"Our mission is to make psychedelic treatments safe, ethical, and accessible to Oregonians while safeguarding local businesses from potentially exploitative out-of-state interests. By partnering with Satya, we establish a sustainable and reliable source of high-quality raw materials, allowing us to fulfill our vision. This agreement is a significant step in mitigating a key industry risk, ensuring we have access to the controlled substances necessary for treatment. With this agreement, we gain access to biomass, providing a dependable source of medicine to support our operations and strategic objectives.\"Satya's co-founder and CEO Andreas Met added, \"We are thrilled to be working with Silo in developing a thriving ecosystem that benefits patients, entrepreneurs, and the entire state of Oregon. Our partnership is the first step towards establishing Oregon as the epicenter of the psychedelic industry in the United States....