Jamaica Based Kaya Group Forges Partnership with Silo Wellness for Psychedelic Wellness Experiences and Retreats; Announces Share Exchange Agreement
KINGSTON, Jamaica and LOS ANGELES, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Kaya Group ("Kaya" or "the Company") (OTC: NUGL), the first medicinal Ganja herb house in the Caribbean and holistic, wellness-focused ecosystem, announced today a strategic partnership with Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) ("Silo"), a pioneer in the psychedelic and wellness space, to offer a comprehensive range of incomparable psychedelic wellness experiences and retreats in Jamaica.
- KINGSTON, Jamaica and LOS ANGELES, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Kaya Group ("Kaya" or "the Company") (OTC: NUGL), the first medicinal Ganja herb house in the Caribbean and holistic, wellness-focused ecosystem, announced today a strategic partnership with Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) ("Silo"), a pioneer in the psychedelic and wellness space, to offer a comprehensive range of incomparable psychedelic wellness experiences and retreats in Jamaica.
- The partnership combines Kaya's three Kaya Herb House retail locations and Gap Café wellness center with Silo's expertise in managing psilocybin wellness retreats in Jamaica's legal psilocybin market.
- Under the terms of the agreement, Silo Wellness acquired 25,081,369 shares of NUGL in exchange for the issuance of 15,293,640 shares of Class A common stock in Silo in this arms-length transaction.
- 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.