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XS Financial Announces 11th Drawdown by Ayr Wellness

April 06, 2021, 07:00 AM
Filed Under: Cannabis

XS Financial Inc., an equipment finance and leasing company serving cannabis and hemp companies in the United States, announced it recently advanced approximately $936,000 to Ayr Wellness (Ayr) for equipment to be deployed in Massachusetts. This represents the 11th drawdown by Ayr Wellness, now totaling approximately $3 million, on the previous approval for an equipment lease facility of up to $5 million, as announced on Nov. 2, 2020.

David Kivitz, CEO of XS Financial commented: "Our ability to deploy scalable equipment financing to multiple jurisdictions allows us to grow with large multi-state operators like Ayr Wellness. As previously announced, Ayr had drawn for equipment being deployed in Nevada, Pennsylvania and Massachusetts. While we were not able to name them back in November due to confidentiality, Ayr Wellness is a great fit for us strategically, and we are pleased to support them in their new growth markets".

Brad Asher, CFO of Ayr Strategies commented: "The XS team has done an outstanding job simplifying the process to acquire state-of-the-art equipment across our markets, allowing us to continue producing the highest quality products for our customers. Importantly, the flexibility of the attractive rates and pre-approved equipment lease facility from XS Financial provides us with on-demand, non-dilutive financing that we can draw on as needed with no commitments or fees associated with unused availability. We look forward to working with XS for our future equipment needs as we continue to expand our footprint."

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the company is focused on superior cultivation to grow superior branded cannabis products.

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