Psychedelics Company Silo Wellness May Reach Latin America With Its Psilocybin Nasal Spray

Silo Wellness Inc. SILO (FRA:3K70) confirmed Thursday it plans to enter a patent licensing agreement with Jungle Med Inc., a health and wellness company operating in Latin America.

What Happened

The psychedelics company signed a binding letter of intent via a wholly-owned subsidiary for a multi-year patent licensing deal to exclusively produce, market, distribute, and sell its patent-pending metered-dosing psilocybin nasal spray in Colombia and Brazil.

The letter of intent specifies an upfront licensing fee of $250,000, a five-year term with automatic renewal provisions (providing sales, distribution and advertising expectations are fulfilled upon and/or exceeded), and royalty provisions.  

Silo explained that metered-dosing ingestion options with quicker uptake speed are necessary as they can help avoid accidental high-dosing - when a consumer takes another dose before even experiencing the effects of the first one. According to the company, smaller doses of psychedelic mushrooms may help a consumer by providing them with all the advantages of psychedelics, without a psychedelic “trip” experience.

“Silo Wellness was created to enhance wellness through psychedelics and functional foods,” Douglas K. Gordon, chief executive officer of Silo Wellness stated. “The Company’s patent-pending nasal spray makes psilocybin easier to access, administer and ingest. One of the inherent challenges with ingesting psilocybin mushrooms orally is the discomfort it can cause to one’s digestive system; however, our nasal spray solves this problem through bypassing the digestive system and entering the bloodstream through the nasal membranes.”

Why It Matters

This is Silo’s first commercial transaction for its new intellectual property.

Gordon further added that this deal takes the company's intellectual property beyond Jamaica, marking its expansion into Latin America.

Dr. Beverly Richardson, chief executive officer of Jungle Med, noted they trust the power of nature and plants, making this partnership a natural decision.  

Recent Activities

In March, the Oregon-based psychedelics company went public via reverse take-over of FlyOverture Equity Inc., listing its stock on the Canadian Stock Exchange.

That same month, Silo confirmed it has obtained exclusive worldwide rights to work with the family of Bob Marley to brand, advertise, and sell a special line of functional and psychedelic mushroom products.

Having the Marley name attached to the company’s products may help its popularization in Jamaica, where Silo already owns a research and mushroom cultivation facility, and organizes psilocybin retreats.

Photo by Diana Polekhina on Unsplash

Posted In: Douglas K. GordonJungle Med Inc.Magic MushroomsPsychodelic stocksSilo Wellnes JamaicaSilo WellnessSilo Wellness Bob MarleySilo Wellness Going PublicSilo Wellness Latin AmericaSilo Wellness Nasal SpaySilo Wellness reverse take-overSilo Wellness SlyOverture EquityCannabisNewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.