Silo Wellness Partners with Mushe Inc. to Establish the First

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MONTEGO BAY, Jamaica, June 02, 2021 (GLOBE NEWSWIRE) – Silo Wellness Inc. (“Well-being in silos“or the Company“) (CSE: SILO) (FRA: 3K70), a leading global psychedelic company, today announced that it has signed a binding letter of intent with Canadian mushroom company Mushe Inc. (“Fly“) to establish the first legal outlet for functional and psychedelic mushrooms in the Western Hemisphere, based in Jamaica, where Silo Wellness currently grows psilocybin mushrooms, conducts psychedelic wellness retreats and is testing a pending nasal spray patent.

Through this joint venture, Silo Wellness and Mushe will build and operate a ‘smart shop’ retail establishment specializing in the sale of functional and psychoactive mushroom products such as tinctures, capsules, topicals and edibles, as well as literature and boutique accessories. Earlier this year, Silo Wellness announced a multi-year licensing agreement with the family of legendary musician Bob Marley for the exclusive global rights to brand, market and sell a distinct product line of functional and psychedelic mushrooms, which will be sold at the store from launch.

“As a company, we are very optimistic about the high potential functional mushroom category and the psychedelics industry as a whole. We continue to invest and expand our operations in Jamaica, the only country where the cultivation, extraction and sale of psilocybin mushrooms are permitted, ”said Douglas K. Gordon, CEO of Silo Wellness. “Consumers are increasingly interested in incorporating mushrooms into their wellness routines. Through our Spread Operations, Psychedelic Wellness Retreats, and Next Point of Sale, our goal is to make mushroom-based products, experiences and education accessible at a time when so many are struggling. with mental health issues and other issues.

Jamaica is considered the epicenter of the psychedelic mushroom movement in the Western Hemisphere, where “magic mushrooms” are cultivated and sold openly and legally, thus positioning the island nation to directly benefit from wellness tourism as well as tourism. sales of psychedelic mushrooms. . The global functional mushroom market size was valued at USD 46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028, Grand View Research reports. As consumers increasingly seek to incorporate functional foods into their diets, Food Navigator year over year, sales of food products containing medicinal mushrooms have increased by 200 to 800%, depending on the variety.

“In Silo Wellness, we have found a partner aligned with our mission to educate consumers about the healing powers of psychedelics and to make mushroom-based wellness products and experiences more available,” added Jonathan Rakic. , COO of Mushe “We look forward to introducing Jamaican Residents and Tourists to the many health and wellness benefits of functional and psychedelic mushrooms – one smart store at a time.

Silo Wellness is also pleased to announce that Gregory Biniowsky has been appointed director of the Company. Mr. Biniowsky is a Canadian trained and licensed lawyer who has served as a director or officer of several international business enterprises. He is fluent in Spanish, with over 30 years of experience in Latin America as a strategic advisor. He previously worked for the international law firms Gowling WLG and Heenan Blaikie, and also worked as an international development fund manager for the Canadian Department of Foreign Affairs and the United Nations Development Program. Mr. Biniowsky studied at the University of British Columbia, where he obtained a Juris Doctor from the Faculty of Law, and previously at Carleton University and York University, where he studied political science. with a focus on Latin America.

Silo Wellness also announces that Mr. Stuart Kirby has resigned from his position as Vice President of Marketing to pursue other opportunities. Silo Wellness would like to thank Mr. Kirby for his service to the Company and wish him every success in his future endeavors.

For more information on Silo Wellness, visit https://www.silowellness.com.

ABOUT THE WELLNESS SILO
The mission of Silo Wellness is to improve health and well-being by developing and introducing psychedelic medicine to reduce trauma and increase performance by destigmatizing the active compounds of psychedelics and by innovating in terms of ease of administration and ingestion. Silo Wellness intends to introduce new safe and affordable alternatives to current medications by facilitating entry into new and emerging markets where psychedelics are legal by hosting Ketamine and Psilocybin Wellness Retreats and elsewhere by manufacturing and distributing functional mushrooms.

Since its inception, Silo Wellness activities have focused on: (1) developing functional mushroom tinctures without psilocybin; (2) the development of a psilocybin nasal spray formulation in Jamaica; and (3) providing psychedelic wellness retreats in Jamaica and Oregon as well as growing psychedelic mushrooms in Jamaica. None of Silo Wellness’s products claim to cure or alleviate any disease, symptoms, disorders or physical or mental abnormalities.

ABOUT MUSHE
Mushe is a vertically integrated company behind the most innovative products and services at the intersection of modern health and wellness. With our roots in alternative medicine research, we believe in helping people find the right balance between mind, body and spirit to live a harmonious and holistic lifestyle. We go beyond the most innovative products to provide inspired retail space, educational programs and community outreach to promote greater self-awareness and personal healing. We say it’s about more than health. It is about daily well-being in balance with humanity and nature.

For more information, please contact:

Media Relations:
Lisa Weser, RP Trailblaze
[email protected]

Silo Wellness Investor Relations:
(604) 343-2724
[email protected]

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events, or performance (often but not always using expressions such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “plans”, “estimates”, “, events or results “may” or “could”, “would”, “could” or “could” be regarded as occurring or to be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate to, among other things, the partnership with Mushe Inc., management’s expectations regarding the growth of the psychedelic industry, the appointment of directors, the resignation of officers and Silo’s business plans. Wellness. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events differ materially from those expressed or implied. by such forward-looking statements. These factors include, but are not limited to: general business, economic, competitive, political and social uncertainties and the potential impact of COVID-19. 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 any forward-looking statements and information contained in this press release. Silo Wellness assumes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors, in the event of change, except as required by law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.



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