SSIC - Stiiizy Gets $170 Million Loan From Silver Spike
Silver Spike Investment Corp. (NASDAQ: SSIC) announced it has co-led a senior secured term loan of up to $170 million to Shryne Group Inc . 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.” Silver Spike went public earlier this year and its SPAC is known for bringing WeedMaps public.
Shryne is a private company and according to its website has 18 operating retail locations in California with 13 more in the development stage. It has three distribution centers and two in the development stage. One outdoor cultivation facility in Humboldt County, two indoor grows and facilities in development. It has three manufacturing sites in operation and one in development.
“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.” Avidor is an attorney, founder, and investor. He co-founded World Trade Ventures, an early-stage VC firm and is licensed to practice law in New York and California.
James Kim is the Co-founder and Managing Director of Shryne. He is the co-creator of Stiiizy. He is also an Army veteran and served a 13-month combat tour in Iraq.