Silo Wellness Inc. announced that through its wholly-owned subsidiary, it has signed a binding Letter of Intent (LOI) for a multi-year patent licensing agreement with Jungle Med Inc., to exclusively manufacture, promote, advertise, distribute and sell the patent-pending, metered-dosing psilocybin nasal spray in the countries of Colombia and Brasil. This marks the Company’s first commercial transaction of its new-to-world intellectual property. The exclusive LOI stipulates an upfront licensing fee of $250,000, five-year term with automatic renewal provisions, providing sales, distribution and marketing expectations are delivered upon and/or exceeded and royalty provisions. The parties will work expeditiously towards entering a definitive licensing agreement to reflect the terms of the LOI. Today’s LOI disclosure with Jungle Med follows the global announcement made mid-March in which Silo Wellness announced it had acquired the exclusive worldwide rights to collaborate with the Family of Bob Marley to brand, market and sell a distinct line of functional and psychedelic mushrooms.