Silo Wellness Inc. (OTCPink: SILFF), a leading global psychedelics company, closed up 36.19 percent at $0.21 in the last session. Silo Wellness stock has been trading between $0.20 and $0.21 throughout the day. SILFF stock closed at a 52-week high on Wednesday, bringing its market cap to $13.04M. SILFF stock rose following the signing of the binding letter of intent (LOI) for a partnership.
For what purpose was that partnership formed?
The vision at Silo Wellness is to change the way people view psychedelics by innovating medication delivery systems that make psychedelics easier to administer and consume and to reduce trauma by advancing the use of psychedelic medicine. Through conducting ketamine and psilocybin wellness retreats and manufacturing and distributing functional mushrooms, SILFF intends to introduce new, safe, and inexpensive alternatives to current medicines.
Silo Wellness yesterday announced signing a binding letter of intent (LOI) with Canadian-based mushroom company Mushe Inc. (“Mushe”).
- To establish the first legal functional mushroom retail outlet in the Western Hemisphere, SILFF signed an agreement to establish a retail outlet in Jamaica.
- A psilocybin mushroom farming program, psychedelic wellness retreats, and a patent-pending nasal spray are currently being tested in that region by SILFF.
- SILFF and Mushe will form this joint venture to operate and develop a “smart retail establishment.”
- The Smart Shop will sell tinctures, capsules, topicals, and edible mushrooms as well as books and accessories in addition to functional and psychoactive mushroom products.
- It was announced earlier this year that SILFF had inked an exclusive worldwide licensing agreement with the Marley family for a line of functional and psychedelic mushrooms, which will be sold at the store upon opening.
What SLIFF will be getting?
The psychedelics sector as a whole and the functional mushroom category as a major category are both extremely attractive to Silo Wellness (SILFF). In this partnership, SLIFF gains access to Jamaica, which is the only country where psilocybin mushrooms can be cultivated, extracted, and sold.