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XS Financial Provides $5MM Equipment Lease Facility to Columbia Care

December 04, 2020, 07:15 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company providing scalable equipment leasing solutions to cannabis and hemp companies in the United States, announced it has entered into a lease agreement with Columbia Care, one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products. Columbia Care currently operates 100 facilities including 76 dispensaries and 24 cultivation and manufacturing facilities.

Columbia Care has been approved for an equipment lease facility of up to $5.0 million for new equipment, to be deployed in multiple tranches on a pro-rata basis and based on 36- and 48-month terms. Columbia Care has already begun to draw down on the lease facility.

David Kivitz, CEO of XS Financial, commented: "We are pleased to be working with an industry leading group like Columbia Care and commend their entire team for the professionalism they exhibited through this transaction. Columbia Care is operating in numerous growth markets with significant equipment needs and we are excited to support their growth through this initial, competitively priced facility."

Joshua Snyder, Vice President, Business Development of Columbia Care, added: "We are excited to partner with XS Financial for an equipment lease. Their consistent access to nondilutive capital provides Columbia Care the ability to continue to invest in our growth initiatives in strategic markets."

For more information on XS Financial, which changed its name from Xtraction Services, see Equipment Finance Advisor’s interview with Kenneth Senter.

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