Springfield, 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."
As Silo and Satya continue to work together, they hope to create a model for sustainable growth in the burgeoning psychedelic industry. Together, they aim to make a positive impact on the lives of millions of people by creating safe, effective, and accessible psychedelic treatments.
Under this Agreement executed on March 23, 2023, Satya will provide 10mg analyte psilocybin doses and 1mg analyte psilocybin microdoses to any affiliate of Silo who is properly licensed under Ballot Measure 109. The Agreement provides a base pricing for the psilocybin mushroom biomass. Seller shall provide Buyer with reasonable notice of any Materials that become available, and Buyer shall have the right of first refusal to purchase any Materials that Seller is able to supply, subject to availability and Seller's capacity to supply such Materials. Buyer shall pay $50,000 in advance for the Materials, which shall be credited against Buyer's future purchases under this Agreement. The agreement is initially for two years effective April 1, 2023, and terminating March 30, 2025, with a renewal for successive one-year periods.
Audit Updates
The auditors stated that they estimate that it will take them a week and a half to sign off on the audit. They stated that such time is needed for an audit file completion, review of the audit file and financial statement by the audit partner, quality control department and the audit committee to review the meeting materials.
Contact:
Silo Wellness: Mike Arnold, CEO
541-900-5871
IR at silo wellness dot com
Satya: Andreas Met, CEO
541-930-2478
Andreas at satya therapeutics dot com
About Satya
Satya Inc. is a leading producer-supplier of psilocybin products and services and an integral member of a pioneering industry serving mental-health challenges in Oregon-leading the expansion globally of novel service paradigms. https://satyatherapeutics.com/
About Silo Wellness
Silo Wellness is a growth-oriented holding company focused on psychedelic opportunities that benefit from a unified ecosystem and exceptional leadership. Founded in 2018 in Oregon and headquartered in Toronto, Silo Wellness has a presence in both Jamaica and Oregon. Silo Wellness is a publicly traded on the Canadian (CSE: SILO) and Frankfurt (FSE: 3K7A) exchanges and listed on the OTCQB Venture Market (OTCQB: SILFF).
For more information about Silo Wellness or to book a Jamaican psychedelic retreat, please visit www.silowellness.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION AND RISK FACTORS: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking information may relate to anticipated events or results including, but not limited to the ability of the Company to finalize definitive documents and close on any potential retreat center property partnership; the Company's ability to satisfy the Oregon licensing requirements and achieve a license in Oregon; the Company's ability to successful launch an Oregon operation, including hiring of qualified staff and getting access to mushrooms to sustain operations; Satya's ability to produce mushrooms at all or at quantity to satisfy demand; the Company's ability to meet the payment obligation to Satya; and the Company's ability to fund operations as well as the company's pre-existing capital requirements and significant debt load.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, regulatory, political and social uncertainties and the potential impact of COVID-19. Such risks and uncertainties include, among others, the risk factors included in Silo Wellness's continuous disclosure documents available on www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
There are also additional risk factors associated with Silo Wellness entering the Oregon psilocybin market including but not limited to:
- Legal and regulatory risks: Despite being legal under state law, psilocybin is still a Schedule I controlled substance under federal law. As such, there is a risk that federal law enforcement may choose to target psilocybin businesses, and those involved in the business may face potential criminal prosecution.
- Compliance risks: While legal under state law, psilocybin businesses must comply with a complex set of regulations and requirements. Failure to comply with these regulations could result in fines, legal actions, and potential loss of licenses or permits.
- Banking and financial risks: Due to the federal illegality of psilocybin, psilocybin businesses may face challenges accessing traditional banking services, which may create difficulties managing financial transactions, investments, and fundraising activities.
- Political risks: Changes in political leadership at the federal or state level could impact the regulatory environment for psilocybin businesses and create uncertainty for investors.
- Market risks: The psilocybin industry is relatively new and rapidly evolving, which creates risks related to market demand, competition, and pricing.
- Operational risks: Psilocybin businesses may face challenges related to managing a complex and highly regulated supply chain, developing and scaling their operations, and attracting and retaining talent.
- Reputation risks: Psilocybin businesses may face challenges related to the public perception of psilocybin, and there may be concerns about the potential negative effects of psilocybin use.
Please refer to other risk factors identified in previous public disclosures which can be found on SEDAR.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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