TORONTO, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Silo Wellness Inc. (“Silo Wellness” or the “Company”) (CSE: SILO) (OTCQB: SILFF) (FRA: 3K70), a leading global psychedelics company, today announced the listing of its portfolio of Marley One branded mushroom products on multinational e-commerce conglomerate Amazon. Today’s Amazon listing follows the Company’s inking of over $4 million in international revenue-driving distribution deals, which cemented strong routes to market for the brand in both the U.S and the U.K within just 60 days of launch.
“Today, we’re celebrating an important milestone for Silo Wellness and for the mushroom industry at large,” said Douglas K Gordon, CEO, Silo Wellness. “From inception, our primary focus has been to broaden acceptance and support for the normalization of mushrooms and psychedelics and to make both available today, wherever possible, to help reduce trauma, enhance performance and create revenue in this burgeoning industry now. Our listing on Amazon, one of the largest e-commerce platforms in the world, takes us one step closer to that goal.”
To celebrate the launch of Marley One on Amazon and Mushroom Day on October 15, 2021, a special code “SHROOMDAY20” is available until the end of the month.
The Marley One global mushroom brand was created by Silo Wellness in collaboration with the family of legendary musician Bob Marley and launched in June 2021. Silo Wellness is also a leading facilitator of psychedelic retreats in Jamaica, a jurisdiction where the cultivation, extraction, and consumption of psilocybin mushrooms is permissible. In 2019, the Company announced proof of concept of a patent-pending psilocybin nasal spray. In addition to its market-leading mushroom products, Silo Wellness conducts ketamine-assisted retreats in Oregon and recently expanded its psychedelic offerings to introduce 5-MeO-DMT-enhanced retreats across Jamaica.
“In addition to functional mushrooms, there is a wealth of valuable research being conducted on psychedelic compounds and their various properties and benefits,” continued Mr. Gordon. “Commercializing research of this nature requires time, precision and expertise, taking years to produce social impact. However, Silo Wellness is focused on generating psychedelic revenue now - and we see the widespread adoption of functional mushrooms as a crucial first step towards that goal. We’re thrilled to leverage Amazon’s massive distribution network to help bring the wellness benefits of functional mushrooms straight to consumer doorsteps.”
Amazon will distribute Marley One mushroom products, beginning with the functional mushroom tinctures, directly to consumers across the globe. Silo Wellness also intends to add additional functional mushroom products including gummies, capsules and cosmetics.
According to Mordor Intelligence, the global functional mushroom market was valued at USD 25,415.12 million in 2020, and is estimated to register a CAGR of 8.44% during the forecast period of 2021-2026. Mordor Intelligence also notes that functional mushrooms are expected to have increased applicability beyond healthcare or pharmaceutical products over the long term, particularly in the food and beverage sector.
For more information about Silo Wellness, please visit https://www.silowellness.com/. To buy Marley One products, please visit https://marleyone.com/.
SHARES FOR DEBT
On August 11, 2021, the Company entered into a loan agreement with an arm’s length third party lender (the “Lender”) pursuant to which the Company borrowed US$250,000 for working capital and inventory growth purposes (the “Loan”). On September 16, 2021, the Company entered into a debt settlement agreement with the Lender to settle US$66,360 of the Loan in exchange for 1,500,000 Common Shares at a deemed price of C$0.056 per Common Share, representing a 20% discount to the closing price of the Common Shares on September 14, 2021 (the “Shares for Debt”). US$39,640 principal amount of the Loan remains outstanding. Completion of the Shares for Debt is subject to compliance with applicable regulations, including policies of the CSE.
https://www.globenewswire.com/news-release/2021/10/12/2312385/0/en/Silo-Wellness-Marley-One-Line-of-Functional-Mushrooms-Now-Sold-On-Amazon.html