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Xtraction Services Inks Lease Agreements with Carolina Botanical

June 24, 2020, 07:11 AM
Filed Under: Cannabis

Xtraction Services Holding Corp. (XS), a specialty finance company engaged in equipment leasing, announced two new lease agreements with Carolina Botanical Development LLC (CBD LLC), a USDA organic certified cannabidiol extraction company based in South Carolina.

CBD LLC is an existing customer with two existing lease agreements entered into March and April 2019. The company has made all contracted payments from its existing leases and now requires additional equipment, which XS is pleased to support. The new leases are short-term for $66,000 with a 120-day term and $50,000 with a 90-day term. The equipment was sourced through XS’ Preferred Vendors and range from solvent recovery to remediation systems.

David Kivitz, Chief Executive Officer of XS, said, “We are very pleased to be able to provide additional leasing solutions for CBD LLC and executed on this transaction in a very short manner. The new leases will allow CBD to expand its production capabilities and increase manufacturing capacity and downstream capability. As our customers continue to grow, we will be there to support them with their equipment needs.”

Founded in 2017, XS specializes in providing equipment leasing solutions in the United States to owner/operators of cannabis and hemp companies, including cultivators, oil processors, manufacturers, testing laboratories, among others.

For more on XS see an Equipment Finance Advisor’s interview with Kenneth L. Senter, CLFP, Client Services Manager.

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