Investing In Cannabis: Silver Spike Q1 Total Investment Income Hits $800K

Silver Spike Investment Corp. (NASDAQ:SSIC) released its financial results for the quarter ended June 30, 2022, revealing total investment income of $800,000.

Q1 2023 Financial Highlights

• Net investment income of $221,245 or $0.04 per share, compared to net investment loss of $164,062 in Q1 2022.

• Funded $24.4 million of loans to 2 new portfolio companies

• Investment portfolio of $24.4 million at fair value

• Net asset value per share increased to $13.64 on June 30, 2022 from $13.61 on March 31, 2022

• At June 30, 2022, the company had $60.6 million in available liquidity, comprising $60.6 million in cash and cash equivalents.

Scott Gordon, chairman and CEO of Silver Spike Investment Corp., stated, “During the quarter, we deployed $24.4 million across two new portfolio companies. As we announced on June 2, 2022, during the quarter we co-led a term loan of up to $170 million to Shryne Group Inc., one of the largest private cannabis companies globally and the owner of Stiiizy, a leading cannabis brand. Subsequent to the Shryne transaction, we participated in a loan to one of the industry's largest US-based privately-owned multi-state cannabis companies.”

“We continue leveraging our platform’s direct origination engine to build a robust pipeline of attractive lending opportunities. Our rigorous underwriting standards and time-tested specialized structuring skills position Silver Spike as one of the leading providers of credit to a regulatorily complex and rapidly-growing industry with little access to traditional sources of capital," continued Gordon.

Photo by Giorgio Trovato on Unsplash

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