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.
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Alan Oshiki and Sydney Gever