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.
Key Highlights of the Transaction
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. In accordance with the agreement, both Silo Wellness 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 (see the Form 9 filed on the CSE website) with price protection at the 20-day 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 and Market Presence
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 $2.2M USD in 2022 ($1.5M gross profit; $2.7M net loss), an increase in revenue from $1.8M USD 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 …
