Silo Wellness Inc., a leading global psychedelics company, announced on June 2 it has signed a binding letter of intent with Canadian-based mushroom company Mushe Inc. to establish the first functional psychedelic mushroom retail outlet in the Western Hemisphere, based in Jamaica.

Silo Wellness currently cultivates psilocybin mushrooms, conducts psychedelic wellness retreats and is testing a proof-of-concept patent-pending nasal spray.

Through this joint venture, however, Silo Wellness and Mushe will build out and operate a “smart shop” retail establishment specialising 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.

“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 are permissible,” said Douglas K. Gordon, CEO 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.”

Jamaica is considered the epicentre 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 US$46.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5 per cent from 2021 to 2028, reports Grand View Research.

As consumers increasingly look to incorporate functional foods in their diets, Food Navigator found year-on-year sales for food products incorporating medicinal mushrooms have risen between 200-800 per cent, depending on the variety.

“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. “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.”