ORLANDO, Fla., Nov. 12, 2020 (GLOBE NEWSWIRE) — November 2020 will be recorded as a remarkable American history moment — amid the Pandemic and a historical U.S. presidential election, however, there were some news items that were perhaps under-seen, underappreciated even.
Peter Thiel has invested in Compass, a psilocybin sector company. The Silicon Valley billionaire Thiel is a co-founder of PayPal, Facebook’s first major investor, and Chairman of Palantir Technologies. Looking at Thiel’s track record along with Palantir Technologies he may be onto something by investing in the psilocybin sector. That said, we must understand this is a highly speculative sector.
For investors of Silo Pharma, Inc. (OTCQB: SILO), a developmental stage biopharmaceutical company focused on the use of psilocybin as a therapeutic, and general supporters of the psilocybin and ‘magic mushroom’ market, the passage of a ballot measure in Oregon last week to allow licensed providers to administer the hallucinogenic substance found in magic mushrooms is a significant development. As some may recall, Oregon was the first state to decriminalize the possession of small amounts of cannabis, and among the first to authorize its use for medical purposes.
Pioneering Oregon then proved a safe and regulated commercial market for cannabis and state after state continues to follow. It is worth noting that Washington D.C. passed a similar measure for mushroom based psychedelics.
And what is also of interest is that as these seminal legislative changes occur, Silo Pharma seeks to develop its own standing in the markets, having recently announced its transition from the OTC Pink Market to the OTCQB® Venture Market.
It’s a significant move through the transparency required of OTCQB companies, being quoted on a more senior quotation medium, and introducing the Company to a possible greater pool of retail investors and institutions.
Legalized psilocybin is in its infancy, and Silo Pharma appears to be in a nascent phase of its business plan despite a partnership with a major university already in place.
As these new markets open up in Oregon and D.C., Silo is preparing to meet the moment.
About Silo Pharma
Silo Pharma is a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, PTSD, Parkinson’s, and other rare neurological disorders. Silo’s mission is to identify assets to license and fund the research, which we believe will be transformative to the well-being of patients and the health care industry. For more information, visit www.silopharma.com.
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