Silver Spike aims to raise $125 million for cannabis loans, investments

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Silver Spike Investment Corp. announced plans to raise $125 million through an initial public stock offering and use the proceeds to make loans or equity investments in “middle-market” cannabis companies.

The specialty finance company expects to list on the Nasdaq under the ticker symbol SSIC and be managed by New York-based Silver Spike Capital.

Silver Spike Capital, formed in 2019, is the sponsor of two special purpose acquisition companies (SPACs).

The company’s first SPAC merged with cannabis advertising giant Weedmaps in 2020.

A second SPAC, Silver Spike Acquisition II, raised $250 million in an IPO last year to make cannabis investments.

Silver Spike Investment said in a news release that it plans to sell 8,928,572 shares at $14 a share, with an option to sell an additional 1,339,286 shares.

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The company said the completion of the proposed IPO will depend on several factors, including market conditions.

Investment banking firms Stifel and Piper Sandler are acting as joint managers for the offering.

Canaccord Genuity and Cantor Fitzgerald are co-managers.