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.
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