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XS Financial Adds $1.5MM in Financing to Support PharmaCann

December 30, 2020, 07:20 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, announce it has provided additional financing to PharmaCann Inc., increasing the $3.4 million lease facility announced May 12, by $1.5 million.

PharmaCann has fully drawn down the original $3.4 million facility and has made all contracted payments to date. The additional $1.5 million is XS Financial's sixth leasing schedule with PharmaCann, with approximately $1.3 million designated for equipment recently sourced through XS Financial's Preferred Vendors. This latest schedule has a term of 48 months.

David Kivitz, CEO of XS Financial, commented: "We are happy to continue to support PharmaCann - one of the largest vertically integrated cannabis companies in the country. The equipment recently purchased will be used in their operations in Pennsylvania and Illinois. Importantly, PharmaCann has a growing footprint in six states, including cultivation, manufacturing, distribution and retail locations, and we are well-positioned to grow alongside them as the partner of choice for all of their equipment financing needs."

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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