EXCLUSIVE: Silo Wellness announces new CEO and issues letter to shareholders
Silo Wellness Inc. SILO SILFF 3Ka world leader in psychedelics, announced Thursday that its founder and chairman of the board Mike Arnold assumes the role of interim CEO.
Arnold “will continue to lead the company through its planned acquisition of Dyscovry Science Ltd., a biotechnology company, and in its planned business goals for psilocybin in Oregon,” according to a company press release.
Former CEO Douglas K. Gordon and Silo Wellness have agreed to part ways “in order for Mr. Gordon to pursue other endeavors, including global distribution opportunities for sales of Marley One.” During his tenure at Silo Wellness, Gordon was responsible for creating the global mushroom brand Marley One. in collaboration with the family of legendary musician Bob Marley and the launch of psychedelic retreats in Oregon and Jamaica – a first for a publicly traded company. Gordon also led the company through its March 2021 IPO and two major financings.
CEO Mike Arnoldan experienced litigator from Oregon, founded Silo Wellness in 2018 and served as CEO until August 2020. As President and Chairman of the Board of Silo, he was responsible for corporate compliance. business with the Ontario Securities Commission and the Canadian Securities Exchange, investor relations, financing and corporate. development.
Over the past five years, Arnold has managed to raise over $12 million for his startups.
“He has been actively involved in the cannabis industry in Oregon, having defended cannabis growers in federal and state courts. Additionally, Mike has been involved in cannabis regulatory work in Oregon and Missouri, drafting cannabis license applications and obtaining land use approval for cannabis facilities as permitted by the regulations of state,” Silo reported.
“Mike developed the concept of world’s first dosed psilocybin nasal spray in 2018 with his co-inventor. In Jamaica, he extracted psychedelic compounds from raw biomass and developed and tested quality products there,” the company added in the press release.
Silo released a letter from Arnold to his shareholders in which he explained that with the recent announcement of his pending transaction to acquire a Toronto-based psychedelic biotechnology company Dyscovry Science, Ltd.Silo is heading in a “long-envisaged direction…amid potential market consolidation.”
He Noted that Dyscovry could tell them apart.
“I founded this company in 2018 with a strong vision for psychedelic wellness,” Arnold said. this: to be poised to be the only publicly traded psychedelic company providing psychedelic healing right now through Jamaican psychedelic wellness retreats while innovating the “next step” for pharmaceutical healing psychedelic. »
Oregon: Last Chance to Be First
Arnold spoke of Oregon’s potential “to bring psychedelic healing to the masses. In an effort to maximize shareholder value, we view Oregon as the last chance to be first to market in the field of plant medicine,” Arnold said in the letter. “Oregonians have the opportunity to host potentially hundreds of thousands of people for their first psychedelic experiences,” which he called “unprecedented branding opportunities for ‘be forever imprinted on something that so many new users consider one of their greatest life experiences’. Drinking a pop or buying a car doesn’t do that, and I defy any industry to give an example comparable to a psychedelic experience.
As the only publicly traded psychedelic company based in Oregon with experience in a legal market (Jamaica), Arnold said it is well positioned to enter the first turnkey US state.
“We knew we couldn’t export mushrooms or truffles to Oregon from Jamaica, but we could export our psychedelic retreat intellectual property (…) We believe our team is well positioned to emerge as world leader in space thanks to our ‘Oregon First Strategy.”
Retreats in Jamaica: Arnold explained that Silo will leverage valuable market differentiators and focus on what they do best: bringing psychedelics to customers.
“Going forward, we will focus on what is unique about us. We have psychedelic retreat logistics in Jamaica firmly in hand and access to the only legal English-speaking psilocybin jurisdiction in the Western Hemisphere before Oregon comes online next year. It’s another valuable differentiator,” Arnold said. “Thanks to our operational experience, we can also have a B2B opportunity for mainly white label retreats to those who have been in the underground for so long or those who have a relevant marketing platform and social media who scream “just add psilocybin”.
Arnold intends to better leverage marketing opportunities in the retreat space he described as “very under-trafficked” and expand Jamaican retreats.
There are many potential collaborators willing to bring their marketing expertise and skills to Jamaica and Oregon. To that end, Silo is negotiating with parties that have experience with veterans’ pensions and mental illnesses in hopes of expanding their Jamaican offerings and establishing a path forward for veterans’ access. fighters in Oregon.
“On average, a veteran commits suicide almost every hour of every day. These tragedies continued every day as the psychedelic industry promised to provide access to this drug for an unknown future. Enough is enough. I founded a psychedelic retreat in Jamaica and this platform needs to be available to those who need it most,” Arnold said.
Bob Marley Brand Functional and Psychedelic Mushroom Products
“When I started talking with the Marley family in late 2019/early 2020, I envisioned a global brand that embodied the best of the human condition,” Arnold said. “I wanted to focus on the best that psychedelic mushrooms have to offer: a person’s ability to find renewed purpose in helping and loving others as they would wish for themselves. Bob’s One Love philosophy Marley represents that.
Pharmaceutical opportunities, reducing the risks of the psychedelic space, the NASDAQ
“We hope to de-risk the space by showcasing assets that represent a future in psychedelic pharmacy and the potential future in the U.S. adult use market, as reported by Oregon voters in November 2020 and scheduled to open in 2023,” Arnold said. “We plan to portray ourselves as an incubator holding company targeting emerging market opportunities and preparing them for an eventual fallout.
“If the Dyscovry opportunity is successful, I am considering a possible Nasdaq listing of this asset or the silo as a whole. (after spinning all the assets touching the mushroom that might not be attractive to those regulators),” Arnold said, adding that the company was talking with a NASDAQ listing consultant.
“This would require significant gains in our share price, which we hope can happen with the new vision. However, to accelerate this opportunity, (…) we have embarked on a consolidation of shares 20-1.
He said they were in negotiations regarding potential additional funding on the back of the Dyscovry opportunity.
“We weathered the storm and are now recapitalized from April. This psychedelic rocket is fueled and the launch pad is built with the mission firmly in hand. Let’s explore this area together,” concluded Arnold.
Picture by Marco Allegretti On Unsplash.