Springfield, Oregon--(Newsfile Corp. - March 4, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A), announces an update on the recent decision of the Ontario Securities Commission ("OSC") to reject the Company's application for a Management Cease Trade Order ("MCTO"). On Friday, March 4, 2023, the OSC stated the following:

Thank you for these additional submissions. We have been in discussions with our Management who remain of the view that an MCTO is not appropriate in these circumstances. While we recognize the potential burden that an FFCTO would place on Silo Wellness, we continue to believe that an MCTO is not an appropriate regulatory response to Silo's default. This is to confirm that the OSC will be proceeding with an FFCTO imminently.

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If the default is able to be remedied within two weeks [as Silo's auditor has estimated], (i.e. within 90 days of the date of the FFCTO), the filing of the documents constitutes the application to revoke the FFCTO and no application fee is required under Appendix C of OSC Rule 13-502 Fees.

As previously disclosed, Silo requested a MCTO last week due to its impending failure to file its annual financial statements and related documents within the prescribed timeframe due to the auditors requesting a three-week extension. The first business day after the Company was aware of the impending delay, the Company requested a MCTO.

On February 28, 2023, the OSC rejected Silo's MCTO application. In response, Silo filed a request for reconsideration which was denied on March 3, 2023. Prior to the market opening Monday, the Company will request reconsideration due to the OSC's decision Friday to proceed with an FFCTO being inconsistent with established statutory maxims of construction, including the plain and ordinary meaning of the statute, the rule against absurdity, and ejusdem generis, and expressio unius est exclusio alterius. Furthermore, Silo respectfully contends that the imposition of an FFCTO for a technical default that can be remedied within a short period of time is disproportionate to any potential harm and would cause unnecessary hardship to the company and its shareholders.

Silo continues to contend that it has exercised reasonable diligence in applying for the MCTO under section 7 of National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company contends to the OSC that it has taken all necessary steps to prepare and file the required documents within the prescribed time frame, and any delay or default was determined after "reasonable diligence" and any delay was beyond the Company's control, despite its reasonable efforts to comply. The Company also provided a detailed remediation plan with a realistic timetable for remedying the default, as required by section 6 of NP 12-203.