Psychedelics
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
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.
$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
The post Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon appeared first on Green Market Report.
Psychedelic Search Trends in 2023
Take a look at this 2023 search volume chart. Do you think you can guess what’s happening? I was pretty shocked when I noticed this spike for December…
Here Are the Champions! Our Top Performing Stories in 2023
It has been quite a year – not just for the psychedelic industry, but also for humanity as a whole. Volatile might not be the most elegant word for it,…
Psilocybin shows promise for treating eating disorders, but more controlled research is needed
Recent psychedelic research shows promising results for mental illnesses and eating disorders, with surveys and reports indicating psilocybin-assisted…