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XS Financial Announces $3.2MM Drawdown by Columbia Care

February 02, 2021, 07:05 AM
Filed Under: Cannabis

XS Financial Inc., an equipment finance and leasing company serving cannabis and hemp companies in the United States, announced the company has advanced approximately $3.2 million to Columbia Care Inc. representing Columbia Care's first and second drawdowns against the $5.0 million leasing facility announced on Dec. 3, 2020. This second tranche has a term of 48 months.

David Kivitz, CEO of XS Financial commented: "Our advances to Columbia Care demonstrate XS Financial's ability to support industry leading companies by rapidly deploying capital for equipment and CAPEX. Columbia Care is one of the largest and most experienced multi-state operators in the cannabis industry, with licenses in 18 jurisdictions in the United States and the European Union. The amount announced today will finance equipment Columbia Care needs for its operations in New Jersey, Virginia, Florida and Massachusetts. We look forward to expanding our financing relationship with Columbia Care as they achieve significant growth and increase the depth of their nationwide footprint."

Joshua Snyder, Vice President, Business Development, of Columbia Care, commented: "This non-dilutive equipment financing from XS Financial provides us with increased flexibility and allows us to more quickly acquire and deploy cultivation and manufacturing hardware needed to increase our capacity in advance of market expansions and adult use transitions. XS Financial has been a terrific partner ensuring that funding is properly matched to equipment needs at attractive rates, while freeing up our cash for acquisitions and other growth initiatives."

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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