Thursday 5th August 2021 – LocoSoco Group Plc (“LocoSoco”, “LOCO”), the company that builds technology to profit from creating sustainable communities and is listed on the Direct Market segment of the Vienna MTF, is pleased to announce a new distribution agreement with Silo Wellness Inc. (“Silo Wellness”) (CSE: SILO) (OTCQB: SILFF) (FRA: 3K70).
LocoSoco is listed on the Direct Market segment of the Vienna MTF. For quotes and trading data, link here: https://www.wienerborse.at/en/market-data/shares-others/quote-direct/?ISIN=GB00BD5BTL23&ID_NOTATION=246035708
Silo Wellness Agreement
LocoSoco Group Plc today announces a nationwide distribution partnership with Silo Wellness Inc, a leading global psychedelics company, pursuant to a distribution agreement dated August 4, 2021 (the “Distribution Agreement”). The Distribution Agreement stipulates LocoSoco as the exclusive U.K. distributor for Silo Wellness’ full portfolio of Marley One branded mushroom products.
This partnership announcement comes on the heels of Silo Wellness’ launch of Marley One, the first global functional and psychedelic mushroom consumer brand, created in collaboration with the family of legendary musician Bob Marley. The Distribution Agreement cements a solid route to market for Marley One products that can keep pace with consumer demand across the region. Silo Wellness is also the first global psychedelics company to access the nationwide network of a large-scale distributor to reach consumers across the U.K. at mainstream retail stores.
“Since the launch of Marley One, we’ve been vetting potential partners to help us bring the powerful health and wellness benefits of functional mushrooms to the U.K., where consumer interest in these products is on the rise, and psychedelic products as regulations allows,” said Douglas K. Gordon, Chief Executive Officer, Silo Wellness. “In LocoSoco, we’ve found a uniquely structured distribution network and like-minded collaborator who shares not only our dynamic vision for the mushroom category but also our principles around community building and value sharing at every point in the supply chain. We think the industry at large will benefit from the synergies of these two established, publicly-traded companies working in sync.”
LocoSoco will distribute the full line of Marley One mushroom products, beginning with the brand’s initial five functional mushroom tinctures, to independent retailers, buying groups, health food stores, online retailers and influencers and their e-commerce affiliates, across the United Kingdom. The exclusive distribution by LocoSoco is based on a minimum commitment of orders with a value of US $1.4M of Marley One products. The Agreement reflects consumer demand for mushroom-based wellness products and the market potential for functional mushrooms in particular, which constituted a GBP £18,409 million, or US$ 25,415 million market globally, in 2020, according to Mordor Intelligence. The global psychedelic drugs market at large is projected to reach US$6.85 billion by 2027, growing at a CAGR of 16.3% over the next eight years, according to Data Bridge Market Research.
The initial portfolio of Marley One mushroom products is a range of functional mushroom tinctures with unique blends highlighting the brand’s connection to Jamaica. Marley One mushroom tinctures include species such as cordyceps, lion’s mane, chaga, reishi and turkey tail that offer a range of distinct health and wellness benefits, from improved immunity and gut health to cognitive function and sleep enhancement. The Company intends to launch a psychedelic mushroom product line under the Marley name later this year, to be followed by additional functional mushroom products including gummies, capsules and cosmetics. LocoSoco will be the sole distributor of Marley products across the U.K.
“We are thrilled to align with Silo Wellness, a company catalyzing growth in the burgeoning functional mushroom industry, to build a strategic route to market for their iconic Marley One product portfolio,” said LocoSoco CEO James Perry. “We are extremely selective with who we choose to partner with, and we’re proud to leverage our unique network of local and independent retailers to support a future-thinking, sustainable and ethical brand like Marley One in gaining access to consumers and communities across the U.K.”
For more information about Silo Wellness, please visit https://www.silowellness.com/. To buy Marley One products outside of the U.K., please visit https://marleyone.com/ and visit https://locoso.co/marley-one for U.K. sales