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Silo Wellness to Acquire Kaya Group in $43.3 Million Deal

Published September 3, 2023
Published September 3, 2023
Kaya Group

In a groundbreaking move that is set to reshape the landscape of the psychedelic and cannabis industries, Silo Wellness will acquire NUGL in a deal worth $43.3 million.

WHO: Kaya is a leader in Jamaica's fast-growing hospitality and tourism industry through its three Kaya Herb House retail locations and Gap Café wellness center. Kaya Herb House Drax Hall near Ocho Rios is Jamaica's first legal medical marijuana dispensary and the company's flagship retail complex. It is also the base for Kaya's cultivation and processing operations. The second Kaya Herb House is located in Kingston and the third retail location is in Falmouth. Kaya recently opened the first phase of its Wellness Center at The Gap Café, located in the pristine hills of the Jamaican Blue Mountains. Kaya has operated it as a wellness center since December 2022.

Silo Wellness, founded in Oregon and a leader in psilocybin wellness retreats, is unwavering in its dedication to destigmatize and democratize transformative psychedelic experiences. Oregon trial lawyer and entrepreneur Mike Arnold founded Silo Wellness in 2018, and it stands as the state's only publicly traded company actively providing psilocybin experiences to clients. The company's retreats, currently set in the breathtaking landscapes of Jamaica with expansion plans in Oregon, facilitate personal healing journeys.

WHY: The partnership with Kaya Group would bring even more opportunity for expansion and solidify the company’s presence in Jamaica, a region championing the burgeoning psychedelics industry.

IN THEIR OWN WORDS: Mike Arnold, founder and CEO of Silo Wellness and an Oregon attorney, said, “Our collaboration with Kaya is a monumental stride in realizing our vision to offer holistic treatments that combine the best of and broaden our international footprint. We’re committed to providing transformative plant medicine wellness experiences.”


  • Silo Wellness will acquire all of NUGL’s issued and outstanding shares in exchange for 2 million shares from its treasury. The purchase price is set at $40.2 million.
  • NUGL stock options, warrants, and other convertible securities will be adjusted to receive Silo common shares on an economically equivalent basis.
  • To validate the purchase price and cover transaction costs, Silo Wellness aims to raise between $250,000 to $2 million through best-efforts private placement financing at 2 cents per share. 
  • A finder’s fee of 3 percent will be paid to both a NUGL board member and Silo’s CEO, amounting to 64.9 million shares each.

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