Springfield, Oregon–(Newsfile Corp. – February 27, 2024) – Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) (“Silo” or “the Company”), a leading global psychedelics wellness company, announces that the Letter of Intent (LOI) to acquire NUGL (Kaya Group in Jamaica) previously announced on August 29, 2023 has been extended through June 1, 2024. The extension provides both parties with additional time to finalize the terms of the agreement and complete the necessary audits. The trading halt shall continue while this transaction is pending. “We remain committed to combining our pioneering Jamaican psychedelics company with who we consider to be the leader of the cannabis space in the Carribean,” said Mike Arnold, founder and CEO of Silo Wellness.
Silo Wellness also announces that its annual filings for the fiscal year ended October 31, 2023, including its audited financial statements, management’s discussion and analysis, and related CEO and CFO certifications (collectively, the “Annual Filings”), will not be completed by the prescribed filing deadline of February 28, 2024. The Company applied for a management cease trade order despite being halted due to the Kaya transaction. However, the Ontario Securities Commission (OSC) has notified Silo Wellness that its application for a Management Cease Trade Order (MCTO) has been denied due to the volume being traded on the Canadian Securities Exchange prior to the halt. Instead, the OSC will issue a Failure-to-File Cease Trade Order (“FFCTO”) while the company is already halted due to the pending transaction. Audited financials will be included in the circular distributed before the shareholder meeting to approve the pending transaction, assuming it moves to completion.
For more information about Silo Wellness or to book a Jamaican psychedelic retreat, please visit www.silowellness.com.
Contact Silo Wellness:
Mike Arnold, CEO
541-900-5871
IR at silo wellness dot com
About Silo Wellness
Silo Wellness Inc., founded in Oregon and a leader in psilocybin wellness retreats, is unwavering in its dedication to destigmatize and democratize transformative psychedelic experiences. Oregon trial lawyer and entrepreneur Mike Arnold founded Silo Wellness in 2018, and it stands as the state’s only publicly traded company actively providing psilocybin experiences to clients. The company’s retreats, currently set in the breathtaking landscapes of Jamaica with expansion plans in Oregon, facilitate personal healing journeys.
Silo Wellness has received significant media recognition for its groundbreaking work, notably including a feature in Anderson Cooper’s CNN documentary, ‘Magic Mushrooms: Can They Change Your Mind?‘ During this documentary (now on HBO Max), CNN Correspondent David Culver experiences on-camera psilocybin therapy, illuminating the transformative power of these experiences. IAcknowledging potential challenges and competition in this emergent field, Silo Wellness remains resolute in its mission to bring the healing power of psilocybin to those in need.