XS Financial Announces $37.4 Million Upsized CAPEX Facility for Ayr Wellness Including an Immediate Drawdown of $12 Million
LOS ANGELES, CA / ACCESSWIRE / May 9, 2022 / XS Financial Inc. (“XS Financial”, “XSF” or the “Company”) (CSE:XSF)(OTCQB:XSHLF), a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced today that it has upsized its lease facility with Ayr Wellness (“AYR”) (CSE:AYR.A)(OTCQX:AYRWF) up to $37.4 Million including an immediate drawdown of $12 Million, bringing the total usage to over $33.1 million. All amounts are in U.S. dollars.
Working with the XS team has been a seamless process over the last two years. They are fully integrated as an extension of our procurement and development teams, who have benefitted from their deep industry knowledge in state-of-the-art equipment.
Brad Asher CFO of AYR Wellness
We are proud of our long-standing partnership with the XS team and their commitment to achieving our mission of being the largest producer of high-quality cannabis at scale.
David Kivitz, CEO of XS Financial commented: “We are thrilled to expand our relationship with one of our longest-tenured customers as their needs have increased.”
We work with AYR to provide an equipment financing solution that has flexibility for their business while never charging non-utilization fees. AYR is one of the largest cannabis companies in the U.S., and as their facilities and footprint continue to grow and scale, so do their infrastructure requirements.
David Kivitz, CEO of XS Financial
We expect more requests for large-scale CAPEX from the industry, including cultivation, manufacturing, and processing equipment and will be financing more of these mission-critical items for qualified customers.
About Ayr Wellness
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.
Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.
About XS Financial
Founded in 2017, XS Financial specializes in providing CAPEX financing solutions to cannabis companies in the United States, including cultivators, processors, manufacturers and testing laboratories. In addition, XSF has partnered with over 250 original equipment manufacturers (OEM) through its network of Preferred Vendor partnerships. This powerful dynamic provides an end-to-end solution for customers which results in recurring revenues, strong profit margins, and a proven business model for XSF stakeholders. The Company’s subordinate voting shares are traded on the Canadian Securities Exchange under the symbol “XSF”. For more information, visit: www.xsfinancial.com.