Silo Wellness Breaking News: Jackson County Oregon's Proposed TPM Restrictions Put Rural Psilocybin Retreat Therapy Centers at Risk

Springfield, Oregon--(Newsfile Corp. - November 2, 2022) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) ("Silo Wellness" or the "Company"), Oregon's only publicly traded psychedelics company, announces that the Jackson County Planning Commission has proposed to amend the Jackson County Development Ordinance "to add Psilocybin Time, Place, and Manner Restrictions" (TPM) in the event that the BM 109 opt-out vote is unsuccessful next week.

The proposed text of JCLDO 3.14.4 states that "all Psilocybin Service Centers are limited to General Commercial zoning districts." The full text can be found here. "A quick review of the Jackson County zoning map shows that the only unincorporated properties that would be available for psilocybin service centers are within the urban growth boundary abutting city limits or near I-5," stated Silo Wellness CEO Mike Arnold, an Oregon trial lawyer. "Jackson County is effectively attempting to outlaw psychedelic nature retreats without a public vote."

Silo Wellness recently announced a letter of intent regarding a potential joint venture with 960-acre New Frontier Ranch, which could potentially be the largest psilocybin retreat center, allowing for psilocybin nature tourism in the Cascade Mountains southeast of Medford. This agreement is contingent upon the lack of a county prohibition. The New Frontier property is like virtually all other rural Jackson County properties in that it does not have General Commercial zoning. However, it does have certain grandfather rights permitting some commercial uses pursuant to prior court judgments, allowing pursuit of remedies from the county directly or from the courts through litigation. "If Jackson County adopts these TPM restrictions, we will attempt to negotiate with the county this commercial use or potentially litigate if it's deemed necessary and cost-effective," Arnold said. Nonetheless, the Company continues to visit and review other potential properties around the state as it awaits final adoption of local rules. The public hearing is set for tomorrow. More information can be found here.

ABOUT SILO WELLNESS

Silo Wellness is a growth-oriented holding company focused on psychedelic opportunities that benefit from a unified ecosystem and exceptional leadership. Founded in 2018 in Oregon and headquartered in Toronto, Silo Wellness has a presence in both Jamaica and Oregon. Silo Wellness is a publicly traded on the Canadian (CSE: SILO) and Frankfurt (FSE: 3K7A) exchanges and listed on the OTCQB Venture Market (OTCQB: SILFF).

For more information about Silo Wellness or to book a Jamaican psychedelic retreat, please visit www.silowellness.com. For more information about Silo's recent acquisition, Dyscovry Science, visit www.Dyscovry.com.

Silo Wellness Company Contact:

Mike Arnold, President
541-900-5871
IR at silo wellness dot com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking information may relate to anticipated events or results including, but not limited to the ability of the Company to finalize definitive documents and close on the potential retreat center property partnership; the Company's ability to satisfy the Oregon licensing requirements and achieve a license in Oregon; the Company's ability to successful launch an Oregon operation, including hiring of qualified staff and getting access to mushrooms to sustain operations; and the Company's ability to fund operations as well as the company's pre-existing capital requirements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, regulatory, political and social uncertainties and the potential impact of COVID-19. Such risks and uncertainties include, among others, the risk factors included in Silo Wellness's continuous disclosure documents available on www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142846

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