TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Silo Wellness Inc. (“Silo Wellness” or the “Company”) (CSE: SILO) (OTCQB: SILFF) (FRA: 3K70), a leading global psychedelics company, today announced a nationwide distribution partnership with Essex-based U.K. brand distributor LocoSoco Group Plc (“LocoSoco”) (DIMA: AV), pursuant to a distribution agreement dated August 4, 2021 (the “Distribution Agreement”). The Distribution Agreement stipulates LocoSoco as the exclusive U.K. distributor for Silo Wellness’ full portfolio of Marley One branded mushroom products.
This partnership announcement comes on the heels of Silo Wellness’ launch of Marley One, the first global functional and psychedelic mushroom consumer brand, created in collaboration with the family of legendary musician Bob Marley. The Distribution Agreement cements a solid route to market for Marley One products that can keep pace with consumer demand across the region. Silo Wellness is also the first global psychedelics company to access the nationwide network of a large-scale distributor to reach consumers across the U.K. at mainstream retail stores.
“Since the launch of Marley One, we’ve been vetting potential partners to help us bring the powerful health and wellness benefits of functional mushrooms to the U.K., where consumer interest in these products is on the rise, and psychedelic products as regulations allows,” said Douglas K. Gordon, Chief Executive Officer, Silo Wellness. “In LocoSoco, we’ve found a uniquely structured distribution network and like-minded collaborator who shares not only our dynamic vision for the mushroom category but also our principles around community building and value sharing at every point in the supply chain. We think the industry at large will benefit from the synergies of these two established, publicly-traded companies working in sync.”
LocoSoco will distribute the full line of Marley One mushroom products, beginning with the brand’s initial five functional mushroom tinctures, to independent retailers, buying groups, health food stores, online retailers and influencers and their e-commerce affiliates, across the United Kingdom. The exclusive distribution by LocoSoco is based on a minimum commitment of orders with a value of US $1.4M of Marley One products. The Agreement reflects consumer demand for mushroom-based wellness products and the market potential for functional mushrooms in particular, which constituted a GBP £18,409 million, or US$25,415 million market globally, in 2020, according to Mordor Intelligence. The global psychedelic drugs market at large is projected to reach US$6.85 billion by 2027, growing at a CAGR of 16.3% over the next eight years, according to Data Bridge Market Research.
The initial portfolio of Marley One mushroom products is a range of functional mushroom tinctures with unique blends highlighting the brand’s connection to Jamaica. Marley One mushroom tinctures include species such as cordyceps, lion's mane, chaga, reishi and turkey tail that offer a range of distinct health and wellness benefits, from improved immunity and gut health to cognitive function and sleep enhancement. The Company intends to launch a psychedelic mushroom product line under the Marley name later this year, to be followed by additional functional mushroom products including gummies, capsules and cosmetics. LocoSoco will be the sole distributor of Marley products across the U.K.
"We are thrilled to align with Silo Wellness, a company catalyzing growth in the burgeoning functional mushroom industry, to build a strategic route to market for their iconic Marley One product portfolio,” said James Perry, Founder and Chief Executive Officer of LocoSoco. "We are extremely selective with who we choose to partner with, and we’re proud to leverage our unique network of local and independent retailers to support a future-thinking, sustainable and ethical brand like Marley One in gaining access to consumers and communities across the U.K.”
For more information about Silo Wellness, please visit https://www.silowellness.com/. To buy Marley One products outside of the U.K., please visit https://marleyone.com/ and visit https://locoso.co/marley-one for U.K. sales.
ABOUT SILO WELLNESS
Silo Wellness is a growth-oriented holding company focused on functional mushroom and psychedelic opportunities that benefit from a unified ecosystem and exceptional leadership. Founded in 2018 and headquartered in Toronto, Silo Wellness has operations in Jamaica and Oregon. Silo Wellness is a publicly-traded company on the Canadian (CSE: SILO) and Frankfurt (FRA: CK70) exchanges and trading on the OTCQB Venture Market (OTCQB: SILFF).
Silo Wellness offers a diverse and growing portfolio of functional mushroom products, psychedelic wellness retreats in Jamaica and Oregon, cultivation of psychedelic mushrooms and truffles in Jamaica, development of a brick-and-mortar smart shop in Jamaica, and intellectual property, focused initially on the commercialization of its metered-dosing psilocybin nasal spray.
In March 2021, Silo Wellness announced a multi-year licensing 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. The Marley One line of functional mushrooms is available at www.marley.one.
For more information about Silo Wellness, please visit www.silowellness.com.
For further information, please contact:
Silo Wellness Media Relations:
Silo Wellness Investor Relations:
ABOUT LOCOSOCO GROUP PLC
LocoSoco builds technology to profit from creating sustainable communities. We work with community partners to turn community assets into eco-enterprises enabling them to generate additional revenues whilst supporting the transition to sustainable alternatives.
Community partners have the opportunity to engage with their local community on sustainability, whilst also earning additional revenue for themselves, their businesses and causes.
LocoSoco Group Plc listed on the Austrian Wiener Borse Direkt Market in February 2019.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Distribution Agreement, the distribution partnership with LocoSoco and the business plans of Silo Wellness. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such 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 the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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