Silo Wellness Archives - Green Market Report

StaffApril 26, 2023


The Daily Hit is a recap of the top financial news stories for April 26, 2023.

On the Site

Georgia Nears Medical Marijuana Milestone as Producers Prepare for Summer Launch

After eight years, Georgia’s journey toward legalizing access to medical cannabis may soon come to fruition. Two in-state producers, Botanical Sciences and Trulieve Georgia, are expected to have low-THC oil available for patients this summer, after the Georgia Access to Medical Cannabis Commission approved dispensing licenses Wednesday. Read more here.

BDSA Market Forecast: ‘Plenty of Bright Spots’

There’s a “lot to be excited about” in the U.S. marijuana industry, said BDSA co-founder and COO Liz Stahura at cannabis business conference MJ Unpacked in New York City this week. This year, BDSA projects a 14% total sales increase nationally. Read more here.

Cannabis Reform Leaders Predict Major Changes on Horizon

A trio of cannabis advocates who have been lobbying Congress for federal reform expressed optimism that the SAFE Banking Act – which could open the broader banking system to cannabis companies – will be passed by federal lawmakers this year or next. Read more here.

Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon

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. Read more here.

In Other News

Allied Corp./Blueberries Medical Corp.

Colombia-based cannabis cultivator Allied Corp. (OTCQB: ALID) signed a joint venture agreement with Blueberries Medical Corp. (OTC: BBRRF), one of the largest extraction companies in Colombia, to produce psychoactive and non-psychoactive derivatives. Read more here.

InterCure Ltd.

Minority shareholder of Cannolam, a subsidiary of Israeli cannabis company InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), which does business as Canndoc, files a lawsuit against the company related to disagreements concerning the ongoing management of Cannolam. Read more here.

Debra BorchardtApril 6, 2023


Better late than never, Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) finally delivered its annual report for the year ending October 2022. Sales revenue for the year was $335,811, showing a significant increase of 179% from the previous year, which reported $120,120. Silo also reported a net loss of $5,812,400 for the year, a slight improvement over last year’s net loss of $6,208,882 in 2021. The net loss per share, basic and diluted, for the year was $0.87, showing an improvement from the previous year’s $2.00.

“The 2022 year-end audit has been an extensive process primarily due to the low materiality threshold because of the small size of our market cap, the complexity of the April 2022 debt financing, and all the recent debt restructuring. I’d like to thank our CFO Winfield Ding and our auditors at Zeifmans for their work to get this over the finish line and the patience of our shareholders and other interested parties,” said Mike Arnold, Silo Wellness founder and CEO.

Going Concern

Silo is still a going concern and said its future is dependent on its continued ability to raise capital through public equity financings or upon the generation of profits from potential revenue streams, the outcome of which cannot be predicted at this time. The company said in a statement that its current liquidity strategy is as follows: encourage management to convert consulting fees to stock over time; continue negotiating debt restructuring with remaining creditors; maintain or increase profit margins in Jamaica; and bridge financing to cover a potential rights offering for existing shareholders. The company is also considering whether it can execute a Regulation A offering to finance an Oregon-based subsidiary covering Oregon operations.

The company wrote in its annual report that it has $25,710 cash (October 31, 2022 – $115) on January 31, 2023, and $44,517 (October 31, 2022 – $64,066) amounts receivable and other current assets. Total assets are $70,227 (2022 – $64,181). The Company has incurred losses since inception and as of January 31, 2023, has a cumulative deficit of $15,243,566 (October 31, 2022 – $15,052,475) and a working capital deficit of $5,434,077 (2022 – $5,304,092).

Costs Down

The cost of goods sold for 2022 was $212,849, indicating a decrease of 45% from the previous year, which reported $388,614. As a result, the Company’s gross margin was $122,962, compared to a loss of $268,494 in 2021, representing a significant improvement in the gross margin of 145%.

The company reported total expenses of $5,544,819, representing an increase of 16% compared to $4,789,543 in 2021, reflecting an increase in advertising and promotion fees, consultant fees, and management fees. The advertising and promotion fees were $3,643,165 in 2022, representing a growth of 140% compared to $1,517,336 in 2021.

Marley One

Last year Silo decided against moving forward with its business model with Marley One or other functional mushroom products as the Bob Marley-branded products did not generate operating profits. Due to the termination of the Marley One royalty agreement in 2022, the company said it accrued a $2,650,000 advertising fee for royalty payments due on the termination of the agreement. However, while these expenses were booked for the company, the company previously released in March that those liabilities were removed from the balance sheet due to divesting the subsidiary that possessed that debt. Consultant fees, directors’ fees, and management fees were $736,658 in 2022, indicating a decrease of 47% compared to $1,394,075 in 2021.

“It was a pointless endeavor for us to advance this asset given the Marley debt that was marooned in this subsidiary,” stated Arnold. “We attempted to negotiate terms with the Bob Marley family as previously disclosed to no avail. Mr. Hartman as the lead inventor of the patent-pending intellectual property is in the best position to attempt to extract value out of this debt-soaked asset. If he manages to do so, we would be entitled to royalties after any secured debt is cleared. We are very excited for this creative resolution and to finally be done with the Marley transaction and its debt.”

Looking Ahead

Last month Silo announced a strategic partnership with Oregon-based Satya, Inc. to develop an ecosystem supporting the well-being of psilocybin patients and Oregonian entrepreneurs. This partnership includes a Raw Materials Supply and Purchase Agreement, which provides Silo with the Right of First Refusal (ROFR) for Satya’s psilocybin biomass that becomes available for sale. This agreement enhances the Company’s revenue-generating potential in the psychedelic space. 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 potential operations and strategic objectives.”

Arnold continued, “With the audit process firmly behind us, our focus continues to be on continuing revenue-generating operations in Jamaica and moving forward our Oregon psilocybin strategy.”

StaffJune 3, 2021


Silo Wellness Inc. (CSE: SILO) has signed a letter of intent with Canadian-based mushroom company Mushe Inc. to create the first legal functional and psychedelic mushroom retail outlet based in Jamaica. Silo Wellness currently cultivates psilocybin mushrooms, conducts psychedelic wellness retreats, and is testing a proof-of-concept patent-pending nasal spray.

“As a company, we are very bullish about the high-potential functional mushroom category and the psychedelics sector as a whole. We continue to invest in and expand our operations in Jamaica, the only country where the cultivation, extraction, and sale of psilocybin mushrooms is permissible,” said Douglas K. Gordon, Chief Executive Officer of Silo Wellness. “Consumers are increasingly interested in incorporating mushrooms into their wellness routines. Through our propagation operations, psychedelic wellness retreats, and upcoming retail location, it’s our aim to make mushroom-based products, experiences, and education accessible at a time when so many people are struggling with mental health and other issues.”

According to the company statement, Silo Wellness and Mushe Inc. will build out 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 boutique literature and accessories. Earlier this year, Silo Wellness announced a multi-year license agreement with the family of legendary musician Bob Marley for the exclusive worldwide rights to brand, market, and sell a distinct product line of functional and psychedelic mushrooms, which will be sold at the store upon launch.

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

While most people associate Jamaica with cannabis and Rastafarians, the country is also considered the epicenter of the psychedelic mushroom movement in the Western Hemisphere, where “magic mushrooms” are openly and legally grown and sold, positioning the island nation to directly benefit from wellness tourism as well as sales of psychedelic mushrooms. The global functional mushroom market size was valued at $46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028, reports Grand View Research.



StaffMay 19, 2021


Silo Wellness (CSE: SILO), which is based in Canada with operations in the US and Jamaica, is expanding its psychedelic portfolio to include 5-MeO-DMT as well as psilocybin and ketamine. The company cultivates psilocybin mushrooms in Jamaica, conducts psychedelic wellness retreats in two countries, and is testing a patent-pending psilocybin nasal spray in Jamaica with additional formats on the way. They have also announced a licensing agreement with the Bob Marley estate and will launch the world’s first global mushroom and psychedelics brand under the Marley name within the next month.

Full name: Douglas K. Gordon 

Title: Chief Executive Officer  

Company: Silo Wellness 

Years at current company: 1 

Education profile: Bachelor of Arts in Economics, University of Pennsylvania

Most successful professional accomplishment before cannabisBefore entering the cannabis industry, I founded OCEAN Style, a luxury lifestyle Caribbean magazine encompassing print, electronic, broadcast, and digital publishing. 

Company Mission: We are passionate in our quest to make psychedelics widely available and to assist and support as many people as possible to help them reduce trauma or enhance performance and live more fulsome lives. We do this by bridging modern science with indigenous traditions to remove barriers to access psychedelics and make them easier to administer and ingest. 

Company’s most successful achievement: There are a number of developments of which I feel a great sense of pride, but I think it would be to recognize, as an early mover in functional mushrooms and psychedelics, the importance of having a path to consumers that would allow them to become educated on the health and wellness benefits of mushrooms and the important role that functional mushrooms play in the education and widespread acceptance of the transformative and healing power of psychedelics. With those considerations in mind, we identified the need for a globally recognized, trusted and relevant brand partner and were successful in entering into an exclusive global collaboration with the family and estate of legendary musician Bob Marley.

Has the company raised any capital (yes or no): Yes 

If so, how much?: C$5.1 million in our recent round 

Any plans on raising capital in the future? As we grow, operationalize and further expand the business plan, we expect there will be additional funding rounds to fund our global expansion plans.

 Most important company 5-year goal: To establish ourselves as a leading global psychedelics and wellness company that offers products that are helping to support people in leading better, more rewarding, and more fulfilling lives. With the estate of Bob Marley and the brand we are developing together, we will create the first-ever global mushroom brand. Over time, we will introduce a portfolio of quality branded products with the intention of becoming the leading global brand in the functional and psychedelic mushroom category.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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