Psilocybin
Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon
Silo’s CEO wants to steer Oregon psilocybin operators away from a "dangerous cash-only system."
The post Silo Wellness Looks to Crypto for Psilocybin Payment…
Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) plans to acquire BitGift, a platform specializing in “secure and anonymous” cryptocurrency transactions. Silo aims to establish BitGift as a payment processor for psilocybin-based services in Oregon, where the substance has been legalized for therapeutic use, the company said in a statement.
“We are looking at BitGift as a potential ‘picks and shovels’ service to help quickly steer Oregon psilocybin away from a dangerous cash-only system,” said Mike Arnold, CEO of Silo Wellness. The Oregon-based company offers psychedelic treatments in resort-style retreats in the state and Jamaica.
Adding liquidity to the mushroom market in Oregon while banks are sitting on the sidelines. https://t.co/PnU3eH26SN
— Mike Arnold-Oregon Psychedelics, Lawyer (@MikeArnoldLaw) April 24, 2023
The deal with Moon Equity Holdings (OTC Pink: MONI) is valued at up to C$500,000, including about 5.05 million common shares of Silo, currently valued at C$100,000. Additional considerations of up to C$400,000 will be based on specific revenue milestones.
The acquisition is subject to due diligence, regulatory approvals, and board approvals.
The companies plan to collaborate with other industry providers and experts to develop and implement stringent Know Your Customer and Anti-Money Laundering procedures, including:
- Identity verification
- Transaction monitoring
- Risk assessment
- Regulatory reporting
$MONI BitGift is in the process of preparing its backend to accommodate a new major payment processing partner. This will provide new features for BitGift to operate as initially expected.
— MOON EQUITY HOLDINGS (@moon45184976) January 9, 2023
Cryptocurrency is a digital form of money that uses encryption technology for secure transactions and accounting. It serves as an alternative payment method, combining currency and virtual record-keeping features.
The post Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon appeared first on Green Market Report.
psilocybin psychedelic psychedelics mushroom shares cse otc deal silo legalized-
Psychedelics1 week ago
Algernon NeuroScience and the Centre for Human Drug Research to Present DMT Phase 1 Stroke Clinical Data at the Interdisciplinary Conference on Psychedelic Research June 6 – 8th, 2024
-
Psychedelics1 week ago
Revive Therapeutics Announces Type C Meeting Request Granted by FDA for Clinical Study of Bucillamine to Treat Long COVID
-
Law & Regulation1 week ago
Tryp Therapeutics merger with Exopharm approved by shareholders
-
Psilocybin1 week ago
Passover Perspectives: Psychedelics, Moses, and the Burning Bush
-
Psychedelics1 week ago
atai Life Sciences Announces Dosing of First Patient in Part 2 of Beckley Psytech’s Phase 2a Study Exploring BPL-003 Adjunctive to SSRIs in Patients with Treatment Resistant Depression
-
Psychedelics1 week ago
Silo Pharma Announces Positive Results for Intranasal PTSD Treatment
-
Psilocybin1 week ago
Psilocybin and Meditation: Unlocking the Potential for Enhancing Insightfulness
-
Psychedelics1 week ago
Silo Pharma Announces Positive Results for Intranasal PTSD Treatment