Silver Spike, others lend up to $170M to CA marijuana company Shryne Group

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Silver Spike Investment Corp. co-led a loan worth up to $170 million to privately held California marijuana grower, manufacturer and retailer Shryne Group.

The senior secured term loan is “among the largest ever debt facilities provided to a private cannabis company,” Silver Spike Capital Head of Credit Frank Kotesen said in a late Thursday news release.

New York-based Silver Spike Capital manages Silver Spike Investment Corp.

Other loan participants were not disclosed, nor were the terms of the loan.

It was not specified how the loan would be used, beyond a statement from CEO Jon Avidor that the capital would “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.”

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Silver Spike Investment Corp. went public in early 2022 with plans to lend to and invest in “middle-market’ cannabis companies.

The company’s shares trade on the Nasdaq as SSIC.