Silo Wellness (SILO) Stock Drops After Signing Psychedelic Mushrooms Distribution

What is going on with SILFF?

Silo Wellness Inc. (SILFF), a leading global psychedelics company, today announced a nationwide distribution partnership with Essex-based U.K. brand distributor LocoSoco Group Plc. The agreement stipulates LocoSoco as the exclusive U.K. distributor for Silo Wellness’ full portfolio of branded mushroom products.

The partnership announcement comes on the heels of Silo Wellness’ launch of Marley One, the first global functional and psychedelic mushroom consumer brand. The brand was created in collaboration with the family of legendary musician Bob Marley.

Shares of SILFF declined 19.89% to $0.072 as of Thursday at 11:37am.

What does this mean for Silo Wellness, Inc?

Silo’s agreement is significant as it is the first global psychedelics company to access the nationwide network of a large-scale distributor to reach consumers across the U.K. The agreement comes as psychedelic interest among the public is on the rise.

Under the terms of the agreement, 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.

Douglas K. Gordon, CEO of Silo, stated, “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.”

The global psychedelic drugs market was a $25,415,000 market in 2020, and is projected to reach $6.85 billion by 2027.

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Silo Wellness Inc operates psychedelic clinics and develops legal functional mushroom consumer products. It is focused on the health and wellness by developing and introducing psychedelic medicine to reduce trauma and increase performance by destigmatizing the active compounds in psychedelics and innovating ease of administration and ingestion.