XS Financial Inc. (CSE:XSF)(OTCQB:XSHLF), a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, has upsized its lease facility with Ayr Wellness (CSE:AYR)(OTCQX:AYRWF) up to $37.4 million including an immediate drawdown of $12 million, bringing the total usage to over $33.1 million.
"Working with the XS team has been a seamless process over the last two years," Brad Asher CFO of AYR Wellness stated. "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. 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. 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."
Price Action:
Ayr Wellness shares traded 8.41% lower at $5.12 per share at the time of writing Monday.
Photo: Courtesy of Avery Meeker on Unsplash
