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

Silver Spike Investment Corp. 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

Related News

Silver Spike Investment Co-Leads Up To $170M Senior Secured Term Loan To Shryne Group

Silver Spike Investment Raises $83.3M Via Initial Public Offering

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CannabisEarningsNewsMarketsScott Gordon
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!


Loading...