Shryne Group receives debt financing of up to $170 million
Shryne cultivates, manufactures, distributes and retails branded cannabis products at scale, and owns and operates award-winning brands, including Stiiizy, the #1 brand in California and the #3 brand nationally
Silver Spike Investment Corp. (NASDAQ: SSIC) (“Silver Spike”) today announced it has co-led a senior secured term loan of up to $170 million to Shryne Group Inc. (“Shryne”). Shryne cultivates, manufactures, distributes and retails branded cannabis products at 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 of bringing high quality and innovative products to cannabis consumers across multiple states,” said Frank Kotsen, Silver Spike Capital’s Head of Credit. “This substantial financial commitment from Silver Spike and other syndicate members, among the largest ever debt facilities provided to a private cannabis company, exemplifies our firm’s ability to provide customized financing solutions to support leaders in the cannabis sector, such as Shryne.”
“Shryne’s success to date is the result of world-class operational leadership with combined decades of experience in cannabis cultivation, production, branding and retail,” said Jon Avidor, Chief Executive Officer of Shryne. “It has certainly been a pleasure to work with the seasoned professionals at Silver Spike to strengthen Shryne’s capital position while we continue to execute on the company’s core mission of producing high quality cannabis products and remaining true to authentic cannabis culture.”
About Silver Spike Investment Corp.
Silver Spike Investment Corp. (“SSIC”) is a specialty finance company formed to invest across 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 Company Act of 1940, as amended. SSIC is managed by Silver Spike Capital, LLC, an investment manager focused on the cannabis and alternative health and wellness industries.