Silver Spike Investment co-led a senior secured term loan of up to $170 million to Shryne Group. Shryne cultivates, manufactures, distributes and retails branded cannabis products at scale, and owns and operates award-winning brands, including Stiiizy, the No. 1 brand in California and the No. 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,” Frank Kotsen, Silver Spike Capital’s head of credit, said. “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,” Jon Avidor, chief executive officer of Shryne, said. “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.”