Silo Wellness Jamaican expansion, development of first local, legal psychedelic mushroom retail outletWednesday, June 09, 2021
CANADIAN-BASED wellness company Silo Wellness Inc is expanding its footprint in Jamaica by developing the island's first legal, functional and psychedelic or magic mushroom retail outlet.
This is being done in partnership with Canadian-based mushroom company, Mushe Inc. To this extent, Silo Wellness announced in a press statement that it has signed a letter of intent with Mushe Inc to create the magic mushroom retail outlet in Jamaica.
Silo Wellness, which currently cultivates psilocybin mushrooms and conducts psychedelic wellness retreats, reports that along with Mushe Inc, it will build out and operate a “smart shop” retail establishment. This retail establishment will specialise 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 licence agreement with the family of legendary reggae icon, 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.
Silo Wellness expanding operations in Jamaica
In making the announcement, chief executive officer of Silo Wellness, Douglas Gordon remarked that, “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 is permissible”.
According to Gordon, “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”.
Jonathan Rakic, chief operating officer of Mushe Inc, was elated at partnering with Silo Wellness on this venture. “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,” Rakic trumpeted.
He said his company is, “looking 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”. While most people associate Jamaica with cannabis and Rastafarians, the country is also 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.
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