Silver Spike Investment Corp. co-leads up to $170 million

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NEW YORK, June 02, 2022 (GLOBE NEWSWIRE) — Silver Spike Investment Corp. (NASDAQ: SSIC) (“Silver Spike”) today announced that it has co-directed a senior secured term loan of up to $170 million to Shryne Group Inc. (“Shryne”). Shryne cultivates, manufactures, distributes and retails branded cannabis products on a large scale, and owns and operates award-winning brands, including Stiiizy, the #1 brand in California and the #3 brand nationally, according to BDS Analytics.

“We are excited to support Shryne’s growth plans and strategic vision to bring innovative, high-quality products to cannabis consumers in multiple states,” said Frank Kotsen, chief credit officer at Silver Spike Capital. “This substantial financial commitment from Silver Spike and other syndicate members, among the largest credit facilities ever granted to a private cannabis company, illustrates our company’s ability to provide tailored financing solutions to support leaders in the cannabis industry, such as Shryne.”

“Shryne’s success to date is the result of world-class operational leadership with decades of combined experience in cannabis cultivation, production, branding and retail,” said Jon. Avidor, CEO of Shryne. “It has certainly been a pleasure to work with the seasoned professionals at Silver Spike to strengthen Shryne’s capital position while continuing to execute on the company’s core mission of producing high quality cannabis products and staying true to authentic cannabis cultivation.”

About Silver Spike Investment Corp.

Silver Spike Investment Corp. (“SSIC”) is a specialty finance company created to invest in the cannabis ecosystem through investments in the form of direct loans to cannabis companies. SSIC has elected to be treated as a business development company under the Investment Companies Act 1940, as amended. SSIC is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries.

Forward-looking statements

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and should not be relied upon unduly. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections regarding SSIC, its current and potential portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “plans”, “expects”, “intends”, “plans”, “will”, “may”, “continues”, “believes”, “seeks”, “estimates” , “would”, “could”, “should”, “targets”, “projects”, “outlook”, “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond SSIC’s control and are difficult to predict and could cause actual results to differ materially from those expressed or anticipated. in forward-looking statements, including, without limitation, the risks, uncertainties and other factors identified in SSIC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date SSIC makes them. SSIC undertakes no obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

contacts

Investors:
Bill Healy
[email protected]
212-905-4933

Media:
Alan Oshiki and Sydney Gever
Abernathy MacGregor
[email protected]
212-371-5999

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