Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon

Silo's CEO wants to steer Oregon psilocybin operators away from a "dangerous cash-only system."

Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) plans to acquire BitGift, a platform specializing in “secure and anonymous” cryptocurrency transactions. Silo aims to establish BitGift as a payment processor for psilocybin-based services in Oregon, where the substance has been legalized for therapeutic use, the company said in a statement.

“We are looking at BitGift as a potential ‘picks and shovels’ service to help quickly steer Oregon psilocybin away from a dangerous cash-only system,” said Mike Arnold, CEO of Silo Wellness. The Oregon-based company offers psychedelic treatments in resort-style retreats in the state and Jamaica.

The deal with Moon Equity Holdings (OTC Pink: MONI) is valued at up to C$500,000, including about 5.05 million common shares of Silo, currently valued at C$100,000. Additional considerations of up to C$400,000 will be based on specific revenue milestones.

The acquisition is subject to due diligence, regulatory approvals, and board approvals.

The companies plan to collaborate with other industry providers and experts to develop and implement stringent Know Your Customer and Anti-Money Laundering procedures, including:

  • Identity verification
  • Transaction monitoring
  • Risk assessment
  • Regulatory reporting

Cryptocurrency is a digital form of money that uses encryption technology for secure transactions and accounting. It serves as an alternative payment method, combining currency and virtual record-keeping features.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at

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