Javier Hasse, Senior Contributor
A column about cannabis, hemp, CBD and psychedelics.
May 31, 2022 –
Silo Wellness, a publicly traded psychedelics company, has executed a nonbinding letter of intent to acquire Dyscovry Science, a Toronto-based biotechnology company that focuses on biosynthetic manufacturing of psilocybin and its derivatives.
Unlike most of its peers in the psychedelics space, which focus on mental health issues, Dyscovry is targeting a physiological condition: irritable bowel syndrome. In addition, the company has research collaboration with Canadian federal government research laboratories intended to further de development of a biotechnological process for the production of psilocybin and its potentially novel molecule derivatives.
The Deal And The Future
If the due diligence process and definitive agreement are completed, Silo will acquire 100% of Dyscovry’s shares in exchange for 49% of the issued outstanding securities of the former.
According to Mike Arnold, president and founder of Silo Wellness, the deal took almost one year to materialize.
“We have watched the psychedelic market get pummeled as many have been chasing the ‘me too’ pharma deals, while we stayed focused on preparing for Oregon adult-use with a successful Jamaican retreat model while, in the background, working on this unique opportunity,” said Arnold. “For the first time under one roof, a publicly-traded company will provide psychedelic healing right now through Jamaican psychedelic wellness retreats while at the same time innovating the ‘what’s next’ for psychedelic pharmaceutical healing.”
For Arnold, it’s key to ensure that natural psychedelics are never “locked up solely behind a pharmacy window controlled by corporations.”
“Our planned acquisition of Dyscovry shows that traditional medicines can coexist alongside modern scientific innovation,” he said.