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XS Financial Announces Third Tranche Drawdown with PharmaCann

July 10, 2020, 07:00 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company engaged in equipment leasing, announced PharmaCann Inc., one of the largest privately held and vertically integrated cannabis companies, based in Chicago, IL, continues to draw down on its lease amount.

PharmaCann was approved for an equipment lease of up to $3.4 million for new equipment purchases to be deployed in tranches on a pro-rata basis and based on 48-month terms. This drawdown brings the total drawn to date to approximately $2.8 million for new equipment, which allows PharmaCann to expand its manufacturing capabilities in multiple markets, including Ohio, Illinois, Massachusetts, Pennsylvania and New York. Over 90 pieces of various equipment were sourced from 36 vendors who are part of the company’s Preferred Vendor Program.

“It’s a pleasure working with XS. Their internal procurement team provides valuable support in addition to the capital provided, and XS continues to be a great partner,” said Brett Novey, Chief Executive Officer of PharmaCann. “This equipment allows PharmaCann to expand our production capabilities in high-growth, limited-license jurisdictions in a more capital-efficient manner.”

David Kivitz, Chief Executive Officer of XS, commented, “As our customers grow, XS will be there to support their needs and provide tailored and flexible equipment leasing solutions to mitigate large capital outlays, or excessive dilution. PharmaCann is one of the largest vertically-integrated cannabis companies in the United States, and we are very pleased to work with them.”

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 information on XS Financial, which recently changed its name from Xtraction Services, see Equipment Finance Advisor’s interview with Kenneth L. Senter, CLFP, Client Services Manager.

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