Silver Spike Investment Corp. Expands Loan Portfolio with Senior Secured Credit Facility to Verano Holdings Corp.

Rhea-AI Summary

Silver Spike Investment Corp. (NASDAQ: SSIC) allocated $21 million to Verano Holdings Corp.'s $350 million senior secured credit facility. Verano is known as a leading vertically integrated cannabis operator in the U.S. This investment is part of SSIC's strategy to grow its loan portfolio amidst a volatile capital market. Frank Kotsen, Head of Credit at Silver Spike Capital, expressed optimism about the company's underwriting approach to capitalize on current market conditions.

SSIC is a specialty finance company focused on direct loans to cannabis firms.

Positive

• Allocated $21 million to a $350 million credit facility for a leading cannabis operator, enhancing loan portfolio diversification.
• Strategic investment in Verano demonstrates confidence in the cannabis industry's growth potential.

Negative

• The broader capital market remains volatile, which could impact future investment opportunities.
• The investment is subject to risks inherent in the cannabis industry and the broader market.

NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (NASDAQ: SSIC) (“SSIC”), allocated a total of $21 million to the recently announced Verano Holdings Corp. (“Verano”) $350 million senior secured credit facility. Verano is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products.

“We are excited to continue to grow SSIC’s loan portfolio, especially with top tier cannabis companies such as Verano. The broader capital markets have been volatile this year, yet we believe that our methodical approach to underwriting and expertise positions us well to capitalize on the supply-demand imbalance for debt capital in the marketplace,” said Frank Kotsen, Silver Spike Capital’s Head of Credit.

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.

Forward-Looking Statements

Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about SSIC, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond SSIC’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in SSIC’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which SSIC makes them. SSIC does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

Contacts

Investors:
Bill Healy
Bill@silverspikecap.com
212-905-4933

Media:
Alan Oshiki and Sydney Gever
Abernathy MacGregor
Silverspikecapital@abmac.com
212-371-5999

FAQ

What recent investment did Silver Spike Investment Corp. make?

Silver Spike Investment Corp. allocated $21 million to Verano Holdings Corp.'s $350 million senior secured credit facility.

What is the significance of the $21 million allocation by SSIC?

The $21 million allocation is part of SSIC's strategy to grow its loan portfolio, especially with reputable cannabis companies.

Who is Verano Holdings Corp.?

Verano Holdings Corp. is a leading vertically integrated multi-state cannabis operator in the U.S.

What does SSIC's investment in Verano indicate?

SSIC's investment reflects confidence in the cannabis industry's potential, despite market volatility.

What are the risks associated with SSIC's investment strategy?

SSIC's investment strategy is subject to risks from market volatility and uncertainties in the cannabis industry.