Oregon-based psychedelic cultivation and clinics company Silo Wellness has announced its intention to acquire Jamaica-based cannabis platform provider NUGL (also known as Kaya Group) for CAD 43.3 million (USD 31.9 million). The acquisition follows a recent partnership and share exchange agreement between both companies earlier this month to offer psychedelic wellness experiences in Jamaica. This transaction is subject to shareholder approval.

The terms of the transaction include a share exchange for 2 billion shares and a private placement of up to CAD 2 million (~USD 1.47 million). The transaction is expected to create synergies between Silo’s psychedelic wellness offerings and Kaya’s cannabis wellness ecosystem. The combined company will be listed on the Canadian Securities Exchange. 

NUGL is a platform that offers networking and advertising opportunities for cannabis companies to connect with consumers, and it acquired Jamaica's leading cannabis company Kaya in April 2023; the combined company was named Kaya Group. Kaya operates a licensed cultivation facility, processing facility, three retail herb houses, and one ganja franchise in Uruguay. It also targets the potential market for developing and distributing psilocybin mushrooms.