Durrant Pate/Contributor

Kaya Group, regarded as the first medicinal ganja herb house in the Caribbean, has entered a strategic partnership with Silo Wellness Inc., a pioneer in the psychedelic and wellness space globally.

Both companies, which operate domestically on the island, will offer a comprehensive range of incomparable psychedelic wellness experiences and retreats in Jamaica.

Through the partnership, Kaya’s three Herb House retail locations and its Gap Café wellness centre in the Blue Mountains join forces with Silo’s expertise in managing psilocybin wellness retreats in Jamaica’s legal psilocybin market.  

The partnership, which was announced on Thursday (August 3), represents a milestone in the multi-billion dollar psychedelic wellness industry while providing opportunities for expansion and collaboration between the two companies

Buying into each other

Under the terms of the agreement, Silo Wellness acquired 25,081,369 shares of NUGL, the parent company for Kaya in exchange for the issuance of 15,293,640 shares of Class A common stock in Silo in this arms-length transaction.

In accordance with the agreement, both Silo Wellness, which is listed on the Canadian Securities Exchange (CSE) and NUGL are bound by conditions that prohibit the transfer or sale of purchased shares for a minimum period of 12 months, unless the shares have been properly registered under the Securities Act or are exempt from registration.

Pursuant to CSE Policy 6.2(5), the shares will be issued after five business days with price protection at the 20-day volume-weighted average price (VWAP) of CAD$0.012. There is no finder’s fee and shareholder approval is not required due to the size of the transaction.  

Enhanced retreat experiences   

Silo Wellness intends to incorporate Kaya’s psilocybin offerings to provide holistic and diversified experiences at their wellness retreats, enabling participants to explore alternative healing and mental health treatments that harness the potential synergies between cannabis and psilocybin. 

In light of the recent financial successes of NUGL/Kaya with top-line revenue hitting US$2.2 million in 2022, which is an increase in revenue from the US$1.8 million posted in 2021, Silo Wellness’ partnership with NUGL/Kaya Group brings even more opportunity for expansion and solidifies the company’s presence in Jamaica, a region championing the burgeoning psychedelics industry. 

With the market projected to be worth $5.7 billion globally by 2027, per the Psychedelic Drugs: Global Market Outlook, Silo Wellness attempts to strategically places itself for substantial growth.  

Commenting on the deal, Mike Arnold, founder and CEO of Silo Wellness, asserts, “our collaboration with Kaya is a monumental stride in realising our vision to offer holistic treatments that combine the best of and broaden our international footprint. We’re committed to providing transformative plant medicine wellness experiences.”  

For his part, Bali Vaswani, CEO of NUGL and Founder of Kaya remarks, “Jamaica is a perfect market for psilocybin offerings, and together with Silo Wellness, we will contribute to the evolving conversation around the potential benefits of these natural compounds.” 

About Kaya Group and NUGL Inc.

Kaya is a leader in Jamaica’s fast-growing hospitality and tourism industry through its three Kaya Herb House retail locations and Gap Café wellness center. Kaya Herb House Drax Hall near Ocho Rios is Jamaica’s first legal medical marijuana dispensary and the company’s flagship retail complex.

The second Kaya Herb House on Lady Musgrave Avenue is minutes from the Bob Marley Museum, while the third retail location is in Falmouth, Trelawny. Kaya offers tours of Kaya Farm at its Drax Hall location, with more than 45 different genetics being cultivated and processed.

Kaya targets the potential multibillion-dollar industry for developing, marketing, and distributing psilocybin mushrooms, which are legal in Jamaica, through its Kaya Extracts division. Silo Wellness Inc., founded in Oregon, and a leader in psilocybin wellness retreats, 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 Max), CNN correspondent David Culver experiences on-camera psilocybin therapy, illuminating the transformative power of these experiences. It further emphasises Silo Wellness’s ambitious plans for a rural psilocybin service center in the Portland area, complete with overnight accommodations, pending land use permits.