Silver Spike Archives - Green Market Report

Debra BorchardtJune 3, 2022
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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.


Debra BorchardtJanuary 21, 2022
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Silver Spike Acquisition Corp. II (NASDAQ: SPKB/SPKBU/SPKBW), a publicly-traded special purpose acquisition company or SPAC sponsored by an affiliate of Silver Spike Capital announced on Thursday that it has signed an agreement expected to make Eleusis a public company. Eleusis is a clinical-stage life science company that aims to unlock the therapeutic potential of psychedelics. The combined company will be operated through Eleusis Inc., a new holding company, and will apply to have its common stock listed on Nasdaq under the symbol “ELEU.” Eleusis said it expects to use the proceeds received from SPKB’s trust account in the transaction to support clinical development of ELE-Psilo, early stage drug discovery and translational research, and the nationwide expansion of Andala-managed clinics.

“This is an ideal moment for Eleusis to go public with a partner like Silver Spike,” said Shlomi Raz, CEO and founder of Eleusis. “We are thrilled to work with the Silver Spike team, whose extensive financial and industry experience complement our expertise. We believe access to public capital markets will accelerate our efforts to transform psychedelics into modern medicines, and ultimately offers the potential to improve millions of patients’ lives while creating long-term value for our shareholders.”

Eleusis was founded in 2013 and is dedicated to transforming psychedelics into medicines. ELE-Psilo, Eleusis’s lead drug candidate, is being developed to treat depression and is expected to enter Phase I trials in 2022, subject to regulatory authorization. Eleusis designed ELE-Psilo, if FDA-approved, to be compatible with existing U.S. healthcare infrastructure and insurance coverage and reimbursement requirements. Eleusis formulated ELE-Psilo to deliver psilocin, the active ingredient in psilocybin, via IV infusion. IV-administered psilocin has the potential to offer more consistent therapeutic effects to patients, more controllable therapies to clinicians, and shorter treatment times – planned to be two hours or less – than orally-administered psilocybin exhibited in third-party clinical studies.

Scott Gordon, CEO and Chairman of SPKB, and CEO and Founder of Silver Spike, added, “At Silver Spike, we believe that realizing the vast therapeutic potential of psychedelics will require companies like Eleusis to develop practical solutions to accelerate mainstream adoption and spur innovation that leads to approved psychedelic therapies that are both accessible and affordable. In addition, Andala’s groundbreaking work managing clinics to address the ‘last mile’ challenge of psychedelics is consistent with our investment thesis in alternative health and wellness categories – find the companies that enable an entire market to scale. We believe Eleusis has identified the ‘end game’ of developing psychedelic drug therapies, and we are excited to be playing a role in potentially realizing its inspiring vision.”

Silver Spike Acquisition Corp. II is a $287.5 million SPAC sponsored by Silver Spike, an asset manager with deep expertise in health, wellness, and cannabis investments. The team’s experience includes the completed merger of Silver Spike’s first SPAC, Silver Spike Acquisition Corp., with WM Holding Company better known as WeedMaps.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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